Columbus Ohio Bankruptcy Lawyer
Since cash flow problems and insolvency issues are inevitable in any economy, legal mechanisms such as bankruptcy laws, are needed to allow individuals and organizations to pay off debt balances, transfer a percentage of available resources to creditors, and provide a fresh financial start. In fact, in order to reduce the effects that insolvency has upon people and their families, bankruptcy law even allows many items of property to be exempt from liquidation including homes, older vehicles, clothes, household goods and, often, pension accounts.
At the law office of Michael E. Benson, Attorney at Law, we focus almost exclusively on bankruptcy law. Our primary objective is always to help you return to a position where you can live well, pursue your goals and live without fear of losing property. We primarily assist clients with filing for three types of bankruptcy:
- Chapter 7: Chapter 7 consumer bankruptcy arranges for the sale of non-exempt property, the proceeds of which are used to pay creditors and satisfy the debts they are owed. The individual filing for Chapter 7 is often able to keep their car, house and other essential belongings. This type of bankruptcy allows people to free themselves of past encumbrances and move forward with their lives.
- Chapter 13: Chapter 13 consumer bankruptcy protection differs from Chapter 7 in that the individual keeps all of their assets. Repayment of debt is accomplished by working with the court to develop a payment plan over a delineated period of time, which in turn will legally settle the creditors' claims and free you of your debt without undue hardship. These court-arranged payment plans usually span three to five years.
- Business Bankruptcy: Businesses considering bankruptcy must decide if they desire to continue operating. If they decide to terminate the business, liquidation is the most common choice, and Chapter 7 allows for the disposal of all assets and the feasible payment of debts. Chapter 11 allows a company to reorganize under a court-arranged debt repayment plan and remain in business.
Contact Us for Advice on Debt Relief
Whatever your financial circumstances, we can help determine your best course of action, represent you at legal proceedings and assist you in handling your assets and debts. Together, we can try and stop creditor harassment and end wage garnishment. Please note we can also address your concerns regarding real estate, estate planning, and probate.
We are conveniently located in the Sanctuary Community Center, near Old Bag of Nails and Gahanna Grill restaurants. Please contact our bankruptcy law office at 614-428-0095 to discuss your bankruptcy options with an experienced Columbus Ohio attorney.