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Debt settlement involves negotiating with a creditor directly to establish a settlement of the debt or payment plan. This direct settlement reduces the total amount owed to that creditor and in return the creditor agrees to cancel the remaining outstanding debt. An unsecured creditor may be willing to enter into a debt settlement if the debtor can pay a lump sum amount (typically 40% to 60% of the total debt) within a short time period.
Debt Consolidation Loans combine multiple debts into a single loan. Monthly payments are reduced moving higher interest rate accounts to the consolidation loan, and a schedule is set to pay the debts in full over a specific period. Consolidation loans can get rid of outrageous default credit card interest rates, and consolidate other debts you may be only making minimum payments and paying higher interest rates on. Consolidation loans can also be used as a means to simply reduce the number of creditors that you are required to make payment to each month. Consolidation loans may be taken as unsecured or secured utilizing a fully owned property such as a vehicle, or added as an additional mortgage against a home.
Loan modification is an agreement between the lender and borrower to change the terms of a loan. This agreement typically benefits to both parties. As a debtor you may receive a reduced payment, lower interest rate, removal of penalties and late fees, a forbearance period, or other benefits to help keep your home, vehicle, or other property, and bring the loan back to or keep it in current standing. This modification benefits the creditor because a performing loan is more valuable to the lender than possible revenue from the sale of the property.
Ohio is a Judicial Foreclosure State, therefore home foreclosures are handled through the courts. There are numerous procedural and substantive foreclosure defenses that may be argued in court to save your home from being foreclosed upon by the lender. If you have received a foreclosure notification, it is important that you contact a Canton, Ohio foreclosure defense attorney as soon as possible, since failure to respond to the foreclosure complaint in time will result in the lender asking for a default judgment, which means that your case will be lost.
Filing chapter 7 or chapter 13 bankruptcy in Ohio provides immediate relief from creditor harassment, and financial relief so that you can build a successful future, without carrying the weight of high debts. Upon the filing of bankruptcy with the courts, the Automatic Stay provision prohibits creditors by law from pursuing any collection activities.
Chapter 7 Bankruptcy
Filing for chapter 7 bankruptcy in Ohio provides for a "fresh start" through the liquidation of most all unsecured debts to creditors such as Hospitals, Credit Card Companies, Judgment Holders from Lawsuits and more.
Chapter 13 Bankruptcy
Filing for chapter 13 bankruptcy in Ohio reorganizes debt through an affordable repayment plan that lasts between 36-60 months, at the end of which most all remaining unsecured debt is discharged.
The Canton, Ohio Bankruptcy, Debt, and Tax Relief law firm of Sheppard Law Offices offers a free initial consultation with a bankruptcy attorney. Sheppard Law helps individuals, families, and small business owners who are seeking a debt or tax settlement, looking to consolidate or modify a loan or mortgage, or want to file for chapter 7 or chapter 13 consumer bankruptcy, or are trying to determine what the best form of debt settlement for their specific situation. Get the financial help you need today by calling (330) 409-2876.
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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