Learning about the benefits of bankruptcy may not seem like an easy step to take. Speaking to a lawyer can seem overwhelming, particularly if you are in financial distress. It is important to know that you do have options to choose from for debt relief, and a lawyer at Edward Lake & Associates, LLC, can help you get the information you need about bankruptcy to make a smart decision.
At Edward Lake & Associates, LLC, you will get the responsive, assertive and knowledgeable legal advice that you are seeking. The firm serves clients in Canton, Ohio, and throughout the surrounding areas in consumer bankruptcy law matters. Led by Edward Lake, a Canton Chapter 7 bankruptcy attorney, the firm offers experienced and committed legal services. He and the legal staff are supportive and offer honest legal advice tailored to meet your needs.
What Should I Know About Chapter 7 Bankruptcy?
Bankruptcy is designed to give individuals who are struggling the opportunity to get back on their feet. One of the primary purposes of Chapter 7 bankruptcy is to discharge certain debts to give an honest individual debtor a fresh start. This means that you have no liability for your discharged debts. Dischargeable debts can include credit cards, medical bills and other personal debts.
Unlike in a Chapter 13 bankruptcy, payments are not made to the trustee. In a Chapter 7 bankruptcy, the trustee gathers and sells the debtor's property (your property) and the proceeds of the assets go to the creditors. The good news is that most people actually don't lose any property in a Chapter 7 bankruptcy. Once the bankruptcy petition is filed, an automatic stay is triggered, which stops lawsuits, collection calls and wage garnishments. You can get the breathing room that you need.
Discharge Debts With Bankruptcy
There are certain exempt properties that you are able to keep in a bankruptcy, and your attorney can help explain the differences between exempt and nonexempt property. While in many situations you are able to keep many personal belongings, it is important to know that in a bankruptcy there may be some loss of property.
Serving Massillon, Akron, Wooster, Alliance, Dover, Uhrichsville and New Philadelphia: Personal Bankruptcy Attorney
Learn about your options for filing a Chapter 7 bankruptcy. Contact the firm at 234-207-4578 or 800-590-3610 to schedule a free initial consultation. Attorney Edward Lake is available to schedule consultations to meet your convenience.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.