Bankruptcy Attorneys in Elyria Ohio

Declaring bankruptcy is a legal means to petition for relief from companies and individuals seeking compensation. Bankruptcy has many different effects on the person petitioning and the entities seeking payment.

By declaring bankruptcy, you are granted a financial "time-out" that keeps the bill collectors at bay. During this time, the court gives you time to inventory your financial obligations, contact all your creditors, quantify your financial means, and plot a course to getting yourself into a position to start over.

Bankruptcy code is complex, and during bankruptcy procedings, all your assets may be placed under the control of the court. The court will determine which and how creditors will be repaid.

There are many different ways that individuals can file for bankruptcy, each referenced by the volume or chapter of bankruptcy code. Two popular forms of bankruptcy for individuals are

• Chapter 7: basic liquidation of all assets + debt relief
• Chapter 13: wage earner bankruptcy with repayment plans for creditors

Each form of bankruptcy declaration has its own merits and pitfalls, and each individual's financial situation is unique. An experienced bankruptcy lawyer will review each situation before deciding what type of bankruptcy filing is appropriate.