Phone: 419-227-9595
Fax: 419-227-3177
Andrew Bucher's Websites:
www.limaohiolawyer.com
Counties Served:
| Allen | Auglaize |
| Van Wert | Putnam |
| Hancock | Henry |
| Logan | Lucas |
| Mercer | Fulton |
| Wood | Sandusky |
| Seneca | |
Areas of Practice:
Bankruptcy
Dui / Dwi
Family Law
Personal Injury
Chapter 7 & 13 Consumer Bankruptcy
Filing Bankruptcy stops wage garnishments, calls from creditors, foreclosure and other lawsuits to collect debts. This process, called the “automatic stay” happens as soon as your case is filed with the court.
Chapter 7 “Fresh Start” Bankruptcy
Chapter 7 Bankruptcy is the most common Bankruptcy proceeding that individuals utilize. Referred to as “liquidation bankruptcy” or “fresh-start bankruptcy” the purpose is to discharge you from MOST, if not ALL debts by liquidating all “non-exempt” assets and distributing the proceeds of that liquidation to your creditors. Implementation of Exemptions, set by the State of Ohio, are very important in these proceedings because exempt assets and monies cannot be seized and/or liquidated by creditors. Exemptions apply to your automobile, home, cash on hand, household items, necessary tools you need for work, and other “asset classification” areas.
Proper planning with a Bankruptcy Attorney is essential in a Chapter 7 Bankruptcy. With that planning it is common for the Bankruptcy Courts to NOT take, garnish, seize, or sell ANYTHING while still discharging / canceling / forgiving your debts so you can have a Fresh Start.
Some debts are not dischargeable in bankruptcy like child support, alimony, most student loans, and some tax debt. Contact Attorney Bucher to find out what you can have discharged.
Chapter 13 “Repayment” Bankruptcy
Chapter 13 Bankruptcy involves creating a 3 to 5 year repayment plan where your secured creditors (commonly home mortgage holders and auto loans, amongst others) receive full payments and all of your unsecured creditors (most other creditors, including credit cards) are paid a reduced percentage of the amounts they are owed. After completing this repayment period, a discharge is granted by the court.
Chapter 13 Bankruptcy is entered into to protect assets with significant equity that you want to protect (like the equity in your home above the Chapter 7 exemption amount) that could be seized and liquidated in a Chapter 7. Also, Chapter 13 allows different debts to be discharged (like additional home mortgages commonly referred to as second or third mortgages) than in a Chapter 7.
You may be forced to enter a Chapter 13 due to income above a certain level; proper planning, characterization, and proper valuation of assets can be the difference between a Chapter 7 Discharge and a Chapter 13 repayment plan.
Call Today for Your Free Consultation.
Don’t wait another minute. Contact Lima Ohio Lawyer, Attorney Andrew Bucher at 419–227–9595 for your FREE CONSULTATION today.
Federal law demands that Bankruptcy Attorneys disclose that their practice constitutes that of a debt relief agency. Attorney Bucher is an Attorney licensed to practice in the State of Ohio and in United States Federal Court. He helps his clients with debt relief by planning, preparing, and filing bankruptcy on their behalf.
Creditors are subject to state law provisions incorporated into bankruptcy cases. If a bankruptcy court lifts the automatic stay and permits a specific creditor to seize and liquidate property subject to a lien, creditors must obey all state law limitations on collection practices. For more information, see legal assistance for debtors. Also, all statutory provisions depend on conformity with the prohibition against fraudulent conversions creating exempt property.
