Portage County Bankruptcy Attorney
Troy A. ReevesRepresenting clients throughout Northeast Ohio
Keep Your Property
Bankruptcy without losing your house, car, and possessions
Stop Garnishments & Creditor Harassment
We can end creditors’ relentless pursuit of your income
The path to a brighter financial future
Bankruptcy may be the way to financial stability
Answers to your Bankrupcy Questions
Know what to expect
We help individuals in Portage County Ohio, Summit County, and surrounding counties, find Chapter 7 & Chapter 13 Bankruptcy relief
Please contact us today to schedule a no obligation free consultation with a Bankruptcy Attorney in Kent, Ohio. During your consultation we will examine your particular situation in order to determine whether filing Bankruptcy is the right solution to your financial problems. If Bankruptcy is the answer, Attorney Reeves will help you better understand the Bankruptcy process as well as the various State and Federal Bankruptcy exemptions available under the law so that you can make an informed decision on whether to file for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy.
Chapter 7 Bankruptcy
- Chapter 7 bankruptcy results in a fresh start. After the bankruptcy is discharged you will only be responsible for debt owned on secured assets that you choose to sign a “Reaffirmation Agreement.”
- You have immediate protection against creditor’s collection efforts and wage garnishment on the date of filing.
- Wages you earn and property you acquire (except for inheritances) after the bankruptcy filing date are yours, not the creditors or bankruptcy court.
- There is no minimum amount of debt required.
- Your case is often over and completely discharged in about 3-6 months.
- You lose all property that is not exempted by law. If you want to keep a secured asset, such as a car or home, and it is not completely covered by an exemption then Chapter 7 is not an option.
- If facing foreclosure on your home, the automatic stay created by your Chapter 7 filing only serves as a temporary defense against foreclosure.
- Co-signors of a loan will likely still be responsible for your debt unless they also file for bankruptcy protection.
- If you filed a prior case and received a discharge of your debts, you can only file a second Chapter 7 bankruptcy case eight years after you filed the first case.
Chapter 13 Bankruptcy
- You can keep all your property, exempt and non-exempt.
- While debts are not canceled as in a Chapter 7 discharge they can be reduced under a Chapter 13 payment plan.
- Immediate protection against creditor’s collection efforts and wage garnishment.
- If the Chapter 13 plan provides for full payment, any co-signers are immune from the creditor’s efforts.
- Protection against foreclosure on your home
- More time to pay debts that cannot be discharged (like taxes or back child support).
- File at any time and repeat filing is possible
- You debt is not discharged immediately. You will be required to comply with a payment plan to payoff your debt.
- Chapter 13 filing is more complex and thus more costly.
- Your debt will remain for 3-5 years while you comply with the payment plan
- You are involved in the bankruptcy court process for the term of the 3-5 year plan.