Bankruptcy lawyers serving Akron, Canton and Summit County, Ohio.


As head of our Bankruptcy Law practice group, Joe Kacyon has been representing clients during their Bankruptcy proceedings since the beginning of admittance to practice law. Joe received his Juris Doctorate from the University of Akron, in addition to his MBA. He has a vast understanding of the law, finances and business organization that can help in cases where bankruptcy may be necessary. If you believe you need to talk to an attorney regarding a potential bankruptcy, contact our Akron Bankruptcy attorneys at 330-922-4491 or through our contact page to schedule a free, initial consultation.

STOP GARNISHMENTS AND CREDITOR HARASSMENT


Wage garnishments and endless phone calls from creditors can add unnecessary stress to your life. When you file bankruptcy, we can stop garnishments and creditor phone calls.

How can we help:

We represent you through all phases of the bankruptcy process, from initial consultation through discharge.
We will deal with your creditors so you don’t have to.
The phone calls and garnishments will stop!
We’ll help you learn what actions you can take against them.
You don’t have to live in endless debt and deal with constant threats and intimidation from your creditors and bill collectors. Please call us at 330-922-4491 or contact us online to make an appointment for a free bankruptcy consultation.

Bankruptcy is our society’s solution to the problem of what to do when a person cannot pay their debts. Throughout history, different cultures have tried debtor’s prisons, slavery, and other harsh solutions to this problem. In the United States, the Founding Fathers allowed for bankruptcy in the Constitution. Congress then passed the Bankruptcy code which governs how we file for bankruptcy today.

Bankruptcy in the United States is filed under one of several different Chapters. Each Chapter is different and has different rules for who can file, what property they can keep, and what debts they can discharge. For individuals, Chapter 7 and Chapter 13 apply. These chapters allow an individual to discharge their debts while keeping some of their property.

CHAPTER 7 OVERVIEW


Chapter 7 offers individuals making under a certain amount a chance to discharge their debts through liquidation bankruptcy. Essentially, Chapter 7 bankruptcy sums up the debtor’s assets and liabilities, then subtracts the assets that the debtor is allowed to keep. The creditors are then paid from the surplus if any. After that, all of the debts are discharged forever.

We can usually help you keep your house and car and most other property even though you file for bankruptcy. We will not file bankruptcy without informing you of the risks or potential for losing assets. Our debtor’s usually keep their houses and cars while discharging the rest of their debts.

A Chapter 7 bankruptcy can take several months to complete. The relief from creditor harassment and wage garnishment, however, is immediate!

IS CHAPTER 7 RIGHT FOR YOU


Chapter 7 offers an excellent way for many debtors to discharge their debt forever. This chapter, however, is not for everyone. Some people may only file a Chapter 13 because of the income they make. Other people may wish to file a Chapter 13 because of the equity in their house or other significant assets.

Only you and your attorney can decide if Chapter 7 is right for you. In our free consultation, we will analyze your specific situation and help you make the right decision.

CHAPTER 13 OVERVIEW


Chapter 13 allows a consumer debtor to “reorganize” his debt. In a Chapter 13 case, we will help you create a “plan” under which you’ll create a sustainable budget. As part of that budget plan, you will make a monthly payment which will be used to pay your debts for three to five years. Chapter 13 is usually best suited for people you are behind in their mortgage or car loans but still want to keep those items.

A Chapter 13 plan will try to ensure that the creditors are paid at least as much as they would receive if the debtor had filed Chapter 7.

IS CHAPTER 13 RIGHT FOR YOU


Like Chapter 7 , Chapter 13offers a way for debtors to discharge their debts. However, unlike Chapter 7 , the Chapter 13 case takes years to complete and the debtor pays back a portion of the debts before they are discharged. If you have a lot of assets or income, or your house is in foreclosure or car could be repossessed, Chapter 13 may be the path for you. Only you and your attorney can decide if Chapter 13 is right for you. In our free consultation, we will analyze your specific situation and help you make the right decision.

CREDIT REPORT / CREDIT SCORE


Your credit report and credit score are two different things and each is affected differently by a bankruptcy. First, in order to know what you owe and to whom, you should check your credit report periodically. Your credit report shows your debt history, who you owe, who you’ve paid, when you’ve missed payments and when you’ve filed bankruptcy. You should also check your credit report for errors. Every person has three credit reports, kept by the three credit reporting companies. The information on each may be different so it’s important to check all three. You may check your credit reports once per year for free.

We will ask you to obtain a copy of your credit reports prior to filing bankruptcy, so that we may see it. You can obtain your credit reports from:

Annual Credit Report.com
Transunion
Experian
Equifax

Your credit score is a number based on your credit report. Your credit score is help creditors or potential creditors get an idea of whether or not to lend you money. When you miss payments, or don’t pay debts, your credit score decreases. When you make payments on time and pay bills, your score increases. A good score can save you thousands of dollars over time by getting you better interest rates.

DEFINITIONS


Here are some important terms used in Bankruptcy:

Debtor:
The person filing bankruptcy, the person who owes the money.

Discharge:
This is the goal of most bankruptcies. When a debt is discharged in bankruptcy, the debtor no longer has to pay it.

Creditor:
The person or company that wants the debtor to pay them.

Credit Counseling Course:
The class that the debtor must take prior to filing most cases.

Credit Score:
The number assigned to a person to indicate whether a creditor should lend money to that person.

Credit Report:
A person’s history with repayment of monetary obligations, including missed payments, money owed, bankruptcies filed, lawsuits, etc.

Chapter 7:
Liquidation bankruptcy – see our page on Chapter 7 for more details.

Chapter 13:
Repayment plan bankruptcy see our page on Chapter 13 for more details.

Financial Management Course:
The class that a debtor must take after filing bankruptcy but before discharge.

Petition:
The series of papers that the debtor files to open a bankruptcy case.

Trustee:
The person in charge of managing the bankruptcy, collecting the property of the debtor, and paying the creditors.