Are you struggling with debt that you can’t pay back? Chapter 7 bankruptcy may be the solution you’re looking for. Experienced Toledo Bankruptcy attorney Scott Ciolek can help you eliminate debt through liquidation of assets, while allowing you to keep most of your property. Don’t let overwhelming debt control your life – contact us to learn more about Chapter 7 bankruptcy and how it can help you get back on track.
How Does It Work?
When you file for Chapter 7 bankruptcy, a trustee is assigned to oversee the process. Their job is to sell any non-exempt assets and distribute the proceeds to your creditors. Experienced Bankruptcy attorney Scott Ciolek will carefully review your assets and the law to exempt as much property as possible. In most cases, people who qualify for Chapter 7 bankruptcy are able to keep all of their property.
Chapter 7 is the most common Bankruptcy filed but not everyone qualifies. The bankruptcy “means test” will determine if you are eligible to file for Chapter 7 Bankruptcy. This test aims to determine whether your income exceeds a certain amount, making you ineligible for this type of Bankruptcy.
A big benefit to our clients who file a Chapter 7 is that, unlike in a Chapter 13, there is not a repayment plan lasting 3 to 5 years. Instead, all debt dischargeable is wiped out at the end of this process. This allows you to get a fresh financial start as soon as the Bankruptcy is complete.
Schedule a Free Consultation
Toledo bankruptcy attorney Scott Ciolek offers guidance on the road to debt relief. With a focus on getting the details right, our team can help you navigate the complex and confusing process of filing for bankruptcy. Contact the law firm today to schedule a consultation and learn more about how we can help. Your initial consultation is free – 419-740-5935.