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Chapter 13 Bankruptcy is a three to five year structured debt repayment plan that provides the debtor an affordable payment, then discharges the remaining unsecured non-priority debts at the end of that period. Chapter 13 bankruptcy may be the best option for clients who have too much income to pass the Chapter 7 means test, or for those who wish to keep assets that would be liquidated if electing to file for Chapter 7 bankruptcy. For example; if a debtor wishes to keep their primary residence, they need to be current on the mortgage as one of the qualifications of the Chapter 7 filing. If the debtor is behind on their mortgage, and want to keep their home then filing a Chapter 13 bankruptcy may be their best option. Due to many of the home mortgage loan modifications in recent years, this has more frequently been a deciding factor in whether a Chapter 7 or Chapter 13 bankruptcy is the better option. The Canton Ohio bankruptcy lawyer at Sheppard Law Offices can help inform you about your options for filing for bankruptcy.
Chapter 13 bankruptcy, is often referred to as “debt reorganization”, provides a structured repayment plan for a set length of time (a typical plan is for three to five years). After the completion of the plan, the debtor can expect discharge of most unsecured debts that remain.
In the Northern District of Ohio the cost to file chapter 13 bankruptcy requires $500 up front attorney fees, while allowing the remaining attorney fees to be rolled into the Chapter 13 Bankruptcy Plan.
The court costs of $310.00 may be paid up front or can be paid directly to the court in 4 equal installments AFTER the case is filed. Additionally, each debtor will pay $40 to download credit reports from the 3 Major Credit Bureaus.
The $500 up front attorney fees and credit reports download charge must be paid in full prior to having the chapter 13 case filed.
For both Chapter 13 debt reorganization and Chapter 7 debt liquidation bankruptcy filings, a Section 341 Meeting of Creditors will be held. During the meeting of creditors, which the debtor must attend, the Trustee will inquire into the debtor’s intentions, as well as his or her assets and expenses. Additionally, the Trustee in Chapter 13 bankruptcy cases closely examines the income of the debtor to ensure that the proposed debt repayment plan for is feasible. Creditors are also afforded an opportunity to ask questions at this meeting, but in most cases, creditors do not attend the meeting.
The repayment amount a debtor will be responsible for under a Chapter 13 structured repayment plan depends on individual circumstances. However, in every case, the debtor is responsible for repaying some (at least 1%) of unsecured debt. Factors including the amount of priority debt, secured debt, and living expenses are also taken into consideration to equate the repayment amounts.
Sheppard Law Offices
Canton, Ohio Office
Belden Village Tower, 200
Canton, Ohio 44718
Tel: (330) 409-2876
Columbus Ohio Office
2600 Tiller Lane, Suite A
Columbus, Ohio 43231
Tel: (614) 523-3106
Newark, Ohio Office
843 N. 21st Street, Suite 108
Newark, Ohio 43055
Tel: (740) 345-7138
Mt. Vernon, Ohio Office
11 West Gambier Street
Mt. Vernon, Ohio 43050
Tel: (740) 392-0404
We are a debt relief agency. We help people file for protection under the U.S. Bankruptcy Code.
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Sheppard Law Offices, LPA is conveniently located and serving chapter 7 and chapter 13 bankruptcy clients in Canton, Ohio. Our office is a short drive from throughout Stark, Tuscarawas, and Summit Counties. We regularly provide debt relief solutions to clients from Akron, Canton, North Canton, Massillon, Dover, New Philadelphia, Alliance, Navarre, Strasburg, Ballivor, Jackson Township, Canal Fulton, Barberton, Greenlawn, Medina, Wooster, Orrville, Dalton, Minerva, Ashland, Wadsworth, Carrollton, Dundee, Millersburg, Hartville, Doylestown, Green, Uniontown, Salem, Columbiana, Uniontown, and throughout Ohio.
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