Trusted Toledo Attorneys Here For You In Difficult Times

  1. Home
  2.  — Bankruptcy

We Provide Serious Solutions For Serious Debt – Get Answers To Your Bankruptcy Questions Today

Debt is a fact of life. These days, the majority of people in the U.S. are carrying at least a small amount of debt, if not a significant amount, from month to month. The problem is when the debt every month is more than you are able to pay.

Many people in this situation begin liquidating their retirement accounts, taking out payday loans and putting essential expenses onto their credit cards, where they will incur interest at an exponential rate. These stopgap solutions might slow the bleeding, but ultimately, they cannot heal the wound, and they will leave you even worse off in the long run.

Our Toledo bankruptcy attorneys understand what you are going through, and we can help. We help clients throughout northwest Ohio and southeast Michigan find solutions for debt, garnishment, foreclosure defense and bankruptcy:

  • Chapter 7 bankruptcy: Chapter 7 is a bankruptcy option for individuals. The most commonly used of all the bankruptcy options, Chapter 7 provides debt elimination.
  • Chapter 13 bankruptcy: Chapter 13 is a debt reorganization plan. A great option for those who do not qualify for Chapter 7 bankruptcy and have the assets to stay current on some of the existing debt, Chapter 13 involves a three- to five-year repayment plan, after which time the remaining debt is eliminated.
  • Chapter 11 bankruptcy for businesses: We also help businesses with the complications of filing for bankruptcy, including the difficult determination of whether to file for Chapter 7 business bankruptcy or some form of personal bankruptcy.

Stop Creditor Harassment

With any of these bankruptcy options, an automatic stay will go into effect upon filing, and it will prohibit creditors or their collection agents from calling you for the entire time that your bankruptcy matter is pending.

Do You Have Questions About Bankruptcy? We Have Answers.

The bankruptcy process is filled with red tape, bureaucracy and regulations. You must cope with not only the emotional strain of filing for bankruptcy but also the many complicated steps.

The team of attorneys at Mahaffey & Associates wants to help you. With years of experience under their belts, they have helped numerous clients find financial relief through bankruptcy solutions.

Here, we have answered some of our clients’ most frequently asked questions about bankruptcy.

What are the steps to filing for bankruptcy?

  1. First, you must file a petition for bankruptcy with your local bankruptcy court.
  2. Then, the court will impose a stay that prevents creditors from harassing you and also stops any foreclosure actions.
  3. You and your lawyer will meet with a bankruptcy trustee to discuss your debts.
  4. Before the court grants your petition, you must take credit counseling courses.
  5. Finally, the court will grant your petition to discharge or rearrange your debts.

What are the most common reasons for filing for bankruptcy?

It is a common misconception that bankruptcy results from irresponsible spending. While consumer debt is indeed one cause of bankruptcy, there are also several others. These include medical bills, the loss of a job, a failed business, a divorce and other crises.

What is the difference between Chapter 7, Chapter 11 and Chapter 13?

  • In Chapter 7 bankruptcy, consumers must liquidate their assets and then the court will discharge their eligible debt.
  • Chapter 11 allows businesses to reorganize their debts and assets.
  • Finally, Chapter 13 allows debtors to create a repayment plan to repay creditors within three to five years.

How long does it take to file bankruptcy?

Every case is different and depends on many factors. Generally, a Chapter 7 case takes four to six months to finalize, but it can stretch on for several more months. Chapter 11 and Chapter 13 cases can take even longer.

What debts can be eliminated?

Whether you need to file for bankruptcy as an individual or as a business, bankruptcy can help eliminate the debt holding you back. When you file for bankruptcy, you can eliminate or discharge personal loans, credit card debt, medical bills and overdue utility bills.

What debts cannot be eliminated?

Bankruptcy does not discharge all your debts, including alimony or spousal support, child support, most income tax debt, student loans, debt obtained through fraud, debts due to a wrongful death or injury case and unpaid taxes.

What are the costs of filing for bankruptcy?

When you file for bankruptcy, the cost may be one of your largest concerns. The costs for filing for bankruptcy are dependent on the complexity of your case and are usually worth getting out of your overwhelming debt.

Contact A Toledo Debt Relief Lawyer

We welcome the opportunity to sit down with you, examine your financial situation and help you determine the best debt relief option. Call 419-741-0111 or contact us online to schedule a free initial consultation with an attorney from our firm.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.