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  • Medina County Bankruptcy Attorney

    Medina County Bankruptcy Attorney

    Everyone qualifies for some form of bankruptcy ( Chapter 7, Chapter 11, Chapter 13, etc.) but not everyone needs to file. We find that we recommend filing bankruptcy to about fifty percent of the people with whom we meet.

Medina County Bankruptcy

  • Do I Qualify?

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    The question is not "Do I Qualify?" Instead, the question is "Do I Need to File?"

    Everyone qualifies for some form of bankruptcy ( Chapter 7, Chapter 11, Chapter 13, etc.) but not everyone needs to file. We find that we recommend filing bankruptcy to about fifty percent of the people with whom we meet.

    The "New" bankruptcy law that was passed in October of 2005 was intended by Congress to make it more difficult for individuals to file bankruptcy. However, in our experience, about 95% of people who qualified for Chapter 7 bankruptcy before the new law was passed, still qualify for Chapter 7 bankruptcy. Those that no longer qualify for a Chapter 7 filing still qualify for Chapter 13 bankruptcy. The question of which bankruptcy chapter is right for you, of course, depends on many factors specific to your case and can only be answered after a full, free consultation with me.

    Factors in Qualifying for Chapter 7 or Chapter 13 in Medina County

    There are specific differences between the two types of filings. Chapter 7 is normally filed by individuals who have overwhelming debt and no means of paying it back. Most assets owned by the person will be sold or liquidated to pay off the debts as much as possible and the rest will be discharged. However, if you have a steady income and can afford to be making payments, Chapter 13 is a restructuring of your debt through negotiating settlement or outright discharge of certain debts in order to be able to repay creditors within 3 to 5 years. Assets can normally be kept in a Chapter 13.

    With my help, we will comprehensively review your financial position and help you determine which course of action is best for you. With over 10 years experience in helping residents of Medina County, I am highly skilled in providing you the best advice and solutions possible.

    Determine if you qualify, contact my office today.

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  • Finding Alternatives to Bankruptcy

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    Medina County Bankruptcy Lawyer

    Bankruptcy is not for everyone. Whether you just don't feel you can commit to making that decision to file, or I determine that other options would work better for you, when you meet with me I can review your specific situation to determine the best strategy to tackle your debt problems. With an experienced and caring Medina County bankruptcy attorney working with you, you will be able to tackle your debt problems and get them under control.

    Some of the alternatives we can utilize to reduce your debt without bankruptcy include the following:

    • Credit card and personal loan debt - If you have any type of unsecured debt and find you can no longer meet the monthly payments, our office can negotiate with your lenders to either reduce your interest rate, obtain a lower flat monthly rate for you, or settle the entire debt for a fraction of the total owed.
    • Auto Loans - We can negotiate these as well, again either by lowering the interest rate, the length of the loan to decrease your payments, or the total amount owed.
    • Short Sale - When you can no longer keep up payments on your home, a short sale allows you to sell your home for less than the remaining balance, with an approved agreement with your lender to accept the lesser amount and not pursue you for the balance.
    • Foreclosure - If you have been threatened with foreclosure due to a mortgage default, we can help stop that process and get you onto some type of payment option that you can live with through a forbearance or loan modification.
    • Deed in Lieu - Some lenders will accept the deed to your home and take possession of it and forgive the loan. You will lose any equity in your home, but can avoid the negative impact to your credit that a foreclosure would have, in addition to having the bank agree to take the property as full satisfaction of your debt.
    • Loan Modification - When you can no longer afford your mortgage payment due to an increase in the interest rate which raised your mortgage payment, because of a job loss, or various other reasons, our office can negotiate a modification of your loan. This can result in either a lower interest rate, lower principal amount owing, or an extension of the length of the note. All of these will result in a lower monthly payment that will enable you to remain in your home.

    Bankruptcy Attorney for Medina

    I have many options to help you with in order to avoid bankruptcy and yet still handle you debt situation. I am committed to helping my clients get back on their feet financially and be able to move forward with their lives. I have over 10 years of experience in bankruptcy and debt negotiation law and have the know-how you need to get you out of debt. Contact me today for your free consultation

  • Bankruptcy Exemptions

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    Medina Bankruptcy Attorney

    When you decided to declare bankruptcy, you will have to determine whether Chapter 7 or Chapter 13 is right for you. With both of these types of consumer bankruptcy, some of your assets will be seized and liquidated in order to collect some money to pay off your outstanding debts. Contrary to bankruptcy myth, however, this does not mean that all of your possessions and savings will be seized. Federal and state laws protect certain assets from this portion of the bankruptcy proceedings. If you are concerned about what you will lose, schedule an appointment with me. During a free consultation, we can review your finances and walk you through the bankruptcy process. Life after bankruptcy is not as bare as you might be imagining.

    Types of Bankruptcy Exemptions

    • Homestead: home; land 10 acres for people living in a city, town, or village 100 acres for individuals living elsewhere 200 acres for families living elsewhere 6 month exemption for proceeds from sold homestead
    • Personal Property: food; furniture; upholstery; apparel; jewelry (up to 25% of the value limit); family heirlooms; tools of the trade; sporting goods; health aids such as rehabilitative equipment, walkers, wheelchairs, eye glasses, and hearing aids (not included in the value limit); religious texts (not included in the value limit); some life insurance policies; bicycles; 2 guns
    • Motor Vehicles: 1 automobile for each adult with a license; 1 automobile for each minor with a license who provides transportation for a non-licensed adult; farming and ranching vehicles Animals: household pets (exotic pets may not be exempt); 2 horses or mules or donkeys; 12 head cattle; 60 other livestock; 120 fowl; livestock food; 2 blankets; 2 bridles
    • Wages: for personal services; not exempt from child support payments; self-employed not exempt; up to 25% of the value limit
    • Intangibles: social security payments; tax-deferred retirement plans such as IRAs, 401(k)s, profit-sharing and money purchase plans, 403(b)s; education savings; child support payments; unemployment benefits; health savings accounts; alimony payments; welfare; social security payments.
    • Military: military survivor's benefits; military life insurance; active, permanent, overseas duty wages in savings accounts; active duty seaman's wages; active duty seaman's clothing; veteran's benefits.

    Note: There is a value limit on personal property exemptions; for individuals, this amount is $30,000, and for families this amount is $60,000.

    Contact a Medina County Bankruptcy Lawyer to schedule a complimentary consultation.

  • Bankruptcy Mistakes

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    What Can Be Done to Avoid Them

    Filing for bankruptcy is a complex and emotional decision. Due to the vast financial stress that can be placed on a person, it is important to realize that it is vastly important to have an experienced bankruptcy attorney on your side to help navigate you through the process towards your best outcome. By working with a knowledgeable lawyer, you can work towards helping avoid some of the most common mistakes that are made in a bankruptcy. These mistakes include the following:

    • Running up credit cards because you think your debts will simply be discharged
    • Transferring property out of your name to avoid losing them during bankruptcy
    • Cashing in retirement funds to help reduce assets
    • Ignoring pending lawsuits thinking that the bankruptcy will stop them
    • Paying back money owed to family and friends and ignoring creditors
    • Withholding information from a lawyer and hiding assets

    All of these mistakes can make filing for bankruptcy even more complicated than it needs to be. They, however, are easy to make - especially if you don't know any better. For this reason, it is highly encouraged that you do not hesitate to seek legal representation from a high-quality lawyer to help protect your best interests by helping you avoid these common pitfalls.

    Knowledgeable Medina County Attorney for Bankruptcy

    When you are considering filing for bankruptcy, it is important that you take the necessary steps to make sure that the process is as painless and effective as possible. I know how stressful it can be to deal with bankruptcy and we know how easily it can be mishandled. For this reason, I am fully devoted to ensuring that our clients receive the care and support that will be best suited towards helping them to reach their desirable outcome.

    Bankruptcy can be an effective tool for finding financial stability once more, but only if it is handled correctly. For this reason, I encourage you to contact me as quickly as you can. I know the intricate complexities that surround this process and I am fully devoted towards helping my clients reach their desirable result. By working with a bankruptcy lawyer, you will be given the best possible chance of success as we work to evaluate your case and come up with the strongest solution towards helping you achieve financial stability. Regardless of the scenario that you are facing, you can trust that I will be there every step of the way to protect your legal rights.

    Contact me for help in avoiding the most common bankruptcy mistakes.

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  • The Bankruptcy Process

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    Anyone considering filing for bankruptcy has many questions and concerns when deciding whether filing is the right choice for them. I can explain any part of the bankruptcy process to you in easy to understand terms, and answer all of your questions. For a brief overview on what is involved in a bankruptcy filing, I provide you with the following information, different for a Chapter 7 and Chapter 13.

    CHAPTER 7

    Prior to filing you must gather all of your income and expenses to provide to your attorney in order to have us prepare the Petition, Schedules and Statement of Financial Affairs. All assets and liabilities must be noted. You must also participate in a mandatory Credit Counseling course prior to the filing. Once your petition is filed, creditors will no longer be able to contact you. About 30 days after filing, a Trustee meeting will occur to meet with your creditors and liquidate your non-exempt assets to help pay your creditors. Creditors may object to any discharge of your debt, but this rarely occurs. A financial management course must be completed prior to your final discharge being granted by the court. Following a 60 day period when anyone can object to the discharge - with all other requirements completed - your Notice of Discharge will be mailed to you within 4-6 weeks. This formal discharge will eliminate all of your non-exempt debts.

    CHAPTER 13

    As with Chapter 7, mandatory Credit Counseling must be completed prior to filing, and all of your income and expense information must be obtained for your Petition and other documents. As Chapter 13 involves restructuring your debt and paying it back within 3-5 years, a Statement of Financial Affairs and Plan must be filed with the Court. The plan must outline how each debt is going to be handled within the time frame allowed by Chapter 13. Your disposable income must all go to pay for these debts. This amount is determined by IRS allowed expenses and can sometimes be a hardship to live within the allowed means. Certain creditors must be fully paid back, while other debts can be negotiated. About one month after your filing, a meeting with the Trustee is held to review your paperwork and your repayment plan. As with Chapter 7, your creditors will have a certain amount of time to object to the plan. At a later date a Plan Confirmation Hearing will be held to discuss any objection or changes to the plan. Once your Plan is approved, the first payments to your creditors are due within 30 days. All payments must be made timely or you risk falling out of bankruptcy protection, allowing creditors to once again pursue you for full payment. At the end of your Plan, the Trustee will process your discharge, however a financial management course must be completed prior to the final filing.

    Guiding You Through the Bankruptcy Process

    Filing for bankruptcy is complex and involves much legal paperwork, timelines and coordination with the Trustee and the Court. Attempting to file without the benefit of an experienced bankruptcy lawyer could result in delays and debt left out of the bankruptcy protection. When you retain my services, you can feel confident that all the necessary actions have been taken care of. I strive to provide you with sound financial advice and a quick resolution to your debt handling.

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  • Bankruptcy Myths

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    There are many misconceptions regarding bankruptcy that affect a person's decisions on whether they should file for bankruptcy protection or not. When considering bankruptcy, it is best to obtain advice from a professional lawyer who has the legal expertise to answer all your questions.

    I have the knowledge you will need to fully discuss your options when it comes to dealing with your debt and finding out if bankruptcy is right for you. There are common myths abounding, which we will answer for you briefly.

    All my debts can be eliminated with bankruptcy.

    Although you can discharge quite a few types of debt, certain ones such as child support, alimony, taxes and student loans are still owed and cannot be discharged through any type of bankruptcy.

    My credit will be ruined for 10 years.

    Although a bankruptcy will appear on your credit history for 10 years, your credit rating will begin to improve as time goes by and you re-establish your credit. Your credit was probably already affected considerably if you had late payments or any wage garnishments or lawsuits.

    Bankruptcy is hard to get through and qualify for.

    When you have an experienced bankruptcy lawyer working with you, the most difficult part of it will be in making your own personal decision as to whether to file or not. I will help you with determining which filing is right for you and will take care of all the legal paperwork.

    I will lose everything I own.

    Most bankruptcies do not affect your being able to keep all of your assets. Many assets are protected by bankruptcy exemption laws. In fact, the majority of people who file for bankruptcy give up none of their assets.

    I will not be able to get credit again.

    Not so. Although you will pay higher interest rates for a time, you will begin getting credit offers shortly after your filing. Don't fall for bankruptcy myths.

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  • Chapter 11 Bankruptcy

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    Helping Individuals and Corporations with Chapter 11 Bankruptcy

    Chapter 11 bankruptcy is a type of bankruptcy available to both individuals and businesses. Similar to a Chapter 13 bankruptcy, Chapter 11 involves a reorganization of debt but has no limit to the amount of debt that can be restructured, unlike a Chapter 13 case. For debtors who have large amounts of debt that need to be restructured, Chapter 11 may be the right option. If you would like to learn more about this form of bankruptcy and how it may benefit your company or you as an individual, please contact me today.

    In discussing your particular financial options with an attorney experienced in handling Chapter 11 cases in the Medina County area, you can get information that is pertinent to your particular needs, concerns and financial situation. After all, this is an extremely important decision to make, and the outcome will affect you now and for years into the future.

    About Chapter 11 Bankruptcy in Medina County & Surrounding Areas

    A Chapter 11 bankruptcy case may proceed in slightly different ways, but it will typically involve a debtor remaining in possession of assets. A business filing a Chapter 11 bankruptcy will generally be able to remain open, under the supervision of the court and for the benefit of creditors. A trustee may be appointed to help operate the business in some situations, if the debtor is considered to be dishonest or ineffective for some reason. In successfully completing the payment plan laid out by a Chapter 11 bankruptcy filing, the debtor would be able to discharge remaining eligible debt.

    This may be complicated and expensive to carry out, and as such it is advised that you involve an attorney to help with your case. For the legal guidance you need and the assistance to properly carry out your filing, contact me today!

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  • Chapter 13 Bankruptcy

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    Congress understood that there are many people who want to repay their creditors, but due to unforeseen hardships such as divorce, high medical bills, loss of a job, etc., they simply cannot repay them in a timely manner.

    In short, filing Chapter 13 may allow you immediately Stop Home Foreclosure, Stop Auto Repossession, Stop Wage Garnishment, and Consolidate your debt into one monthly payment that you can afford. Filing your petition imposes an automatic stay (similar to a restraining order) and thereby stops any home foreclosure or automobile repossession action. In most cases, filing Chapter 13 will allow you to consolidate the following debts (thereby reducing your total monthly debt expenses) into one monthly payment:

    • Mortgage Arrears or Home Equity (amount you are behind on your mortgage or home equity loan due to missed payments or escrow shortages)
    • Your entire automobile payments (not only are we usually able to lower your monthly car payments and possibly interest, but we may be able to get you title to your automobile once the VALUE is paid, not what is owed - depending on when you purchased the automobile
    • Past due property taxes
    • Past due home owner association (HOA) dues
    • IRS debt owed (may be wiped away depending how old it is)
    • Credit card debt Department store debt Pay day loan, lines of credit, etc.
    • Medical Bills
    • Debt obligations ordered by a Marital Agreement subject to a Divorce
    • Child Support arrears
    • Student loans (will stop a wage garnishment and pay all or some of the student loan debt during the length of the Plan but any student loan debt not paid through the Plan will survive the bankruptcy, with accumulated interest)
    • And most other types of debts

    Contact an Attorney for Chapter 13 Bankruptcy in Ohio

    If you file Chapter 13, you will see that the law is usually much more powerful and gives you greater relief than do other alternatives such as Debt Negotiation, Debt Settlement, and Credit Consolidation. Why continue to suffer the day-to-day stress by trying one of these alternatives when filing Chapter 13 bankruptcy may finally give you the relief that you need to once again enjoy life?

    Contact a Chapter 13 Bankruptcy today.

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  • Chapter 7 Bankruptcy

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    Chapter 7 Bankruptcy is a Federal Law (11USC) created for the sole purpose of giving debt relief to individuals who need it. Congress recognized that many people many people will run into financial difficulty throughout their life time so it created bankruptcy laws to protect them from their creditors.Congress understood that there will be many people who want to repay their creditors, but due to unforeseen hardships such as job losses, divorces and medical bills, they simply cannot repay their creditors.

    In short, filing Chapter 7, with only a few exceptions, may allow you wipe away (discharge) all of your unsecured debt such as credit cards, unsecured loans, medical bills, broken leases, etc. without having to repay any of it. The creditors in your Chapter 7 bankruptcy are automatically stayed (subject to a restraining order) from calling you, harassing you, writing you nasty letters, suing you, or, basically, doing anything from collecting that money. Once you receive your discharge order (order that states that all of your debts are formally wiped away), this restraining order becomes permanent and your creditors are forever prohibited from contacting you. You need an experienced Ohio bankruptcy attorney to walk you through the process of filing Chapter 7.

    When might be a good time for you to File Chapter 7?

    • You've fallen behind on some of your credit card payments
    • Creditors are calling you at your home or work
    • Your interest rates on your credit cards have increased because you were late on some of your payments
    • The balance on your credit cards keeps increasing each month Your credit card companies increased your minimum monthly payment and you can't afford it.
    • You've had to borrow money from "pay day" loan companies
    • You've reached or exceeded the limit on some of your credit cards
    • You've had to juggle credit card payments by using some credit cards to pay off other credit cards
    • Although I have enough monthly income to pay my normal monthly living expenses, I don't have enough left over to get caught up or get ahead
    • You have trouble sleeping at night because you stress about making ends meet
    • Your unable to save any money for retirement because you don't have any money left over at the end of the month
    • You need money to pay your creditors so you're thinking about borrowing from your 401k retirement account or worse, taking out a home equity loan!
    • You are having marital problems because you and your spouse argue about finances

    If any of the above sound familiar, it is time for you to consult with an experienced lawyer who can give you sound advice about whether you should file Chapter 7 or whether Chapter 13 might be better for you. Filing Chapter 7 may finally give you the relief that you need to once again enjoy life.

    Experienced Legal Help For Your Chapter 7 Case

    When you are ready to make your debt problems go away, call an experienced lawyer. I know how to file a Chapter 7 bankruptcy and I know how to do it right! Chapter 7 may be the right bankruptcy option for you. Find out by contacting me for a free initial consultation.

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  • Discharging Debt

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    Discharging debts is the final step and goal of any bankruptcy proceeding. When debts are discharged, you are no longer legally obligated to pay them, and creditors are no longer allowed to try and collect. For Chapter 7, usually all debts are discharged within 4 months of the filing, although this can be longer if your creditors, a trustee, or the U.S. Senate file an objection and accuse you of bankruptcy fraud. For Chapter 11 or Chapter 13, debts are discharged when you have finished the repayment plan.

    I have over 10 years of combined experience with bankruptcy law. I understand the difficult situation that you are in and will do our best to relieve your burden and make your life easier. I may be able to help you get your finances back on track.

    Non-Dischargeable Debts

    Not all debts are able to be discharged. Regardless of whether you file for bankruptcy, there will be some payments that you will be required to make. Most non-dischargeable debts are the same for Chapter 7 and 13, although there are a few exceptions. Some non-dischargeable debts are:

    • Unlisted Debts in the Bankruptcy Claim
    • Alimony
    • Child Support
    • Certain Taxes
    • Long Term Secured Debts, e.g. Mortgages
    • Educational/Student Loans
    • Debts Acquired Paying Non-Dischargeable Debts
    • Debts from DUI Accidents Resulting in Injuries or Death
    • Costs of Criminal Proceedings
    • Restitution for Willful or Malicious Injuries
    • Fraudulent Debts
    • Valuable Items Exceeding the Personal Property Value Limit, i.e. Important Things You Don't Want Liquidated

    Some debts that are dischargeable under Chapter 13 that are non-dischargeable under Chapter 7 are:

    • Restitution for Willful or Malicious Property Damage
    • Property Settlements from a Divorce or Legal Separation

    There are also some exceptions to dischargeable and non-dischargeable debts. These are:

    • Creditors Can Collect the Lien on a Secured Debt
    • Reaffirmation of Debt, i.e. Choosing Not to Discharge
    • Voluntary Repayment, Usually for Loans by Family Members or Friends

    Hardship Discharge

    It sometimes happens that people who file for bankruptcy and have a repayment plan are unable to keep up with those payments. In this situation, the person can file for a hardship discharge, which will discharge debts that are part of a repayment plan, although it does not apply to Chapter 7 non-dischargeable debts. Courts only grant hardship discharges if the individual meets the following three conditions:

    1. Inability to pay is beyond the control of the individual and is not the fault of the individual.
    2. The hardship discharge cannot occur before the individual has paid creditors the amount that they would have received from a Chapter 7 bankruptcy.
    3. It is not possibly to modify the repayment plan to fit the new economic circumstances.

    Contact me for a free consultation regarding your financial situation.

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  • Life After Bankruptcy

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    Getting past your bankruptcy filing and through to its finalization is a rewarding experience. Although a difficult thing to confront, once it is completed, your life can begin to improve. Once your bankruptcy has been finalized, your debts will either be discharged if you filed Chapter 7 protection, or you will be on a repayment plan on your Chapter 13. There will no longer be any harassing phone calls or pending lawsuits. You will either be free of your debts or on a solid payment plan. You can now begin to think about starting anew with a fresh financial outlook.

    A bankruptcy filing will initially affect your credit record, so you can expect to have limited access to credit initially, at higher than normal interest rates. But if you carefully establish a reasonable amount of credit and pay it off regularly, your credit history will slowly improve with time. As part of your bankruptcy you are required to attend a financial management class. It is wise to pay close attention and use the tools you learned to budget now that you have been able to eliminate your debts. By always spending less than you make and keeping track of your expenditures, you should be able to keep your finances in good order. Any new credit you do establish should be used as little as possible.

    For advice and assistance following your bankruptcy, consult with me for help with keeping your finances in order once your bankruptcy is finalized. You can count on me to answer any of your financial questions.

    Helping You to Succeed after a Ohio Bankruptcy

    To succeed financially after a bankruptcy requires hard work and taking responsibility for your income and expenses. One of the most important aspects to financial freedom is a steady source of income. Locate and keep a good job, or if you are an entrepreneur, create a business that will provide you with more than enough income for your expenses. Use your credit as little as possible, if at all. If you use it only for the purpose of establishing credit, and repay it every month, you will soon be on your way to being able to responsibly handle your finances. If you wish to purchase something, earn it before you buy it. Establish a budget to track where your money is going. It makes it easier to cut back expenses when necessary if you can see where you money is going. Lastly, establish a savings account to have an emergency fund in case you have an unexpected expense.

    I am happy to assist you in any budget planning and advice in establishing a firm financial footing. I am dedicated to ensuring my clients are satisfied with the legal help they have gotten from me. Contact us for help with life after bankruptcy.

    There IS life after bankruptcy and I can help you get there. Contact me to see how I can assist you.

    Contact Me Now About Your Bankruptcy Case

Andrew M. Korduba - Medina County Bankruptcy Attorney

Medina County Bankruptcy Law

There are specific differences between the two types of filings. Chapter 7 is normally filed by individuals who have overwhelming debt and no means of paying it back. Most assets owned by the person will be sold or liquidated to pay off the debts as much as possible and the rest will be discharged. However, if you have a steady income and can afford to be making payments, Chapter 13 is a restructuring of your debt through negotiating settlement or outright discharge of certain debts in order to be able to repay creditors within 3 to 5 years. Assets can normally be kept in a Chapter 13.

With my help, we will comprehensively review your financial position and help you determine which course of action is best for you. With over 10 years experience in helping residents of Medina County, I am highly skilled in providing you the best advice and solutions possible.

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