Most individuals struggling with heavy debt loads will be able to find relief in bankruptcy. Bankruptcy moves quickly to get rid of most and sometimes all of your unsecured debt so that you can have a clean start and get back to growth.
At Klein & Sheridan, we know that this is a difficult time for you and your family. However, we will work with you to make sure you understand your rights and we will fight hard, by your side, to make sure that your rights are fully protected in the bankruptcy system.
Klein & Sheridan will help you make the right choice, even if that means not filing a bankruptcy. However, if a bankruptcy is necessary, we will carefully select the right chapter and educate you on the risks and benefits of each chapter.
Bankruptcy is designed to give you relief from your creditors. While bankruptcy may turn out to be the best solution for your financial situation, we encourage you to sit down for a free consultation with one of our attorneys to determine if bankruptcy is right for you your family’s financial situation. Sometimes, if we catch things at the right moment, a bankruptcy may not be necessary, or it may turn out that another form of relief is better suited for your individual situation.
A Chapter 7 bankruptcy will stop a foreclosure or repossession immediately. It wipes out all of your unsecured debts such as credit cards. It gives you the “fresh start” you deserve. Further, West Virginia, Ohio, and Kentucky offer exemptions for real and personal property up to certain amounts in a Chapter 7 Bankruptcy. In most cases, individuals will not lose any property in a Chapter 7, and your attorney will help you use these exemptions to your benefit.
A Chapter 13 bankruptcy will stop a foreclosure or repossession immediately and spread your missed payments out over 60 months. If you have a monthly income, a Chapter 13 will help you “catch your breath” and allow for repayment of your debts based upon your income. You can keep your home and car in Chapter 13. For additional general information on a Chapter 13 bankruptcy, click here.
What to Bring When You Meet with Us
It is always helpful if you can bring a few documents with you. These records help us get a better picture of your current financial situation.
- Mortgage Statement (If behind)
- Pay stubs for You and Your Spouse
- Last Year’s Tax Return
- Any Lawsuits Filed Against You
- Any Repossession or Foreclosure Letters