Bankruptcy

Are You Experiencing Financial Hardship & Problems with Debt in Ohio?

There are many life occurrences that can lead to financial hardship and the need to file for bankruptcy. Rising interest rates and inflation, job loss, and illness are just a few reasons why you may be facing problems financially.

We’re here to let you know you’re not alone in this experience.  Sadly, hundreds of people are having problems paying their bills or facing foreclosure. The attorneys at Cozmyk Law Offices, LLC are passionate about helping people find their financial footing again and filing for bankruptcy is one way to do that. We can help you to determine the best path forward for you.  As an individual, you can file a Chapter 7 or 13 bankruptcy.  If you’re a business, we can assist you through the Chapter 11 bankruptcy process. There are differences between the three types of bankruptcies.

Chapter 7 Bankruptcy in Ohio

Chapter 7 bankruptcy can be filed if you meet certain income criteria.  If your annual income is less than the median of your state’s population, you may qualify for a Chapter 7.

In a Chapter 7 bankruptcy, your assets will be liquidated (given to the lender) in order to pay off the debt that you owe. Any remaining debt will be dismissed. Some assets are exempt from liquidation.  An attorney can review your financial situation and assets to help show you which are exempt.

Chapter 13 Bankruptcy in Ohio

If you don’t quality for a chapter 7 bankruptcy, you can opt to file for a chapter 13. In a chapter 13 bankruptcy, a person can keep their assets by creating a plan to pay back their lenders. Our attorneys propose a repayment plan that spans between 3-5 years.  A huge benefit of this type of bankruptcy is that you’re able to keep your assets, meaning that you could potentially stop a foreclosure proceeding. An experienced attorney can help you navigate the Chapter 13 process.

Chapter 11 Bankruptcy in Ohio

Chapter 11 bankruptcy is similar to chapter 13.  The major difference being that it’s geared toward incorporated businesses. In a chapter 11, a business creates and presents a reorganization plan to its creditors. The creditors then vote on the plan, and if all agree, the plan will be submitted to the court to approve it.

During the process, the business can keep assets and continue operation while repaying their debt. Depending on the complexity of the business, the chapter 11 bankruptcy process can last a long time. An experienced bankruptcy attorney, like Cozmyk Law, can help you start the process.

Reach Out to the Attorneys at Cozmyk Law Offices, LLC to See How We Can Help You Get Back On Your Feet!

Facing economic hardship and/or foreclosure is stressful and can be intimidating. Cozmyk Law is here to provide the knowledge and support needed to move you forward.  We’ve had years of experience handling a variety of different bankruptcy filings and foreclosure cases, and we know how overwhelming it can feel.  We want to help alleviate your stress and efficiently bring you back to financial freedom.

Don’t wait to contact an attorney–-the sooner you reach out the more help we can provide! Call us today at (877) 570-4440 with any questions you may have regarding your bankruptcy options.