Chapter 7 and Chapter 13 Bankruptcy Attorneys
When you contact Marshall D. Cohen Company, L.L.C., you can expect to meet with an attorney. Unlike some firms that push their clients' work onto paralegals or inexperienced staff members, our lawyers - Marshall Cohen, Jim Park and Molly Hartnell - work closely with our clients throughout the bankruptcy process.
When we meet with clients, our first goal is to determine what is most important to you. We offer the appropriate advice to help you meet your goals. For some clients, filing for bankruptcy is not the best option. We will work with you within the bounds of the law and ethics to help you achieve financial the stability you are seeking.
| Take the first step towards being financially free. Contact us today to schedule your free initial consultation. Call 614-294-5040. |
Meeting with Your Lawyer
To help us understand your situation, it is helpful to bring all of your bills, credit reports and recent pay stubs to your first appointment. This includes tax returns, court orders for child support or divorce and copies of any complaints that have been filed against you. If you are self-employed, it is also helpful to bring your business's profit and loss statement.
Discharging Debts Under Bankruptcy
When you file for bankruptcy, you are approaching the bankruptcy court and handing over all of your financial affairs. This includes your income, expenses, who you owe and what you owe them.
- In chapter 7 bankruptcy, you are essentially saying that you are not able to pay your debts and don't think you will ever be able to pay them. You are seeking a discharge of all eligible debt.
- In chapter 13 bankruptcy, you are essentially saying that you can't pay all of your debts today, but you will be able to pay a portion of the debts in the future. You are usually given 3-5 years, and after the agreed upon portion is paid, creditors cannot come after the remainder.
Which is best for me?
Deciding whether or not to file for bankruptcy and what kind, is an important legal and financial decision that should be made with the advice of property qualified legal counsel. In general, people may choose to do a chapter 7 or 13 under the following scenarios.
Chapter 7 may be appropriate if you have not had a bankruptcy discharge within the last 8 years, have little to no equity in the assets you own and your income is not sufficient to make payments on little if any of the debt. In addition, all or most of your debt is the type that can be discharged in a chapter 7 bankruptcy.
You may choose chapter 13 if you have not received a chapter 13 discharge in the last four years, your income is more than what is needed to pay for the basic necessities in life, or if you have equity in assets that is not otherwise exempt or protected in chapter 7. It is a good option if you have certain debts that must be paid even if you file for bankruptcy, or if you are trying to protect assets like a home or a car and have fallen behind in the payments.
Contact our lawyers to schedule your free initial consultation. Call 614-294-5040.
Marshall D. Cohen Company, L.L.C.
1299 Olentangy River Rd Ste 2C
Columbus, OH 43212
Telephone: 614-294-5040 | Fax: 614-291-5006
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