Debt Options

Too Many Debts? Not Enough Options? What Can I do?

People get behind on bills, or experience financial trouble for many reasons: decrease in or loss of income, divorce, layoffs, bad loans, ridiculously-high interest loans, the never-ending check cashing cycle, etc. The goal of this firm is to provide you with the most information possible, to assist you in developing a plan to get your finances under control, and to take your life back from strangling debt.

What Exactly Can I Do to Help Myself?

A. CREDITOR NEGOTIATIONS / ACCOUNT COMPROMISE: Often times it is possible to persuade your creditors to work with you to satisfy a debt. Successful account compromise, however, generally requires the assistance of an experienced attorney, or other qualified debt resolution expert. It is also possible to get a creditor to forgive back interest and penalties, reduce the rate of interest or amount of monthly payments, or to accept a lump sum in total satisfaction of a debt.

B. CHAPTER 13 BANKRUPTCY– DEBT REORGANIZATION: The laws of our country and the State of Ohio give a person the right to be protected from the unrelenting harassment and collection efforts of creditors. Generally, Chapter 13 allows a person to obtain immediate relief from continued creditor collection actions. Once all creditor harassment has stopped, a person has the right to propose his/her own personal plan of repayment to creditors. This schedule of repayment can be as short as one desires, but under the law, must be no longer than five (5) years. The rights and benefits of a person seeking protection under Chapter 13 Bankruptcy are far-reaching, and quite powerful. Because Chapter 13 contemplates the repayment of one’s debts over time, and not the total avoidance of debt, a person almost always keeps his/her home, auto and other personal property.

C. CHAPTER 7 BANKRUPTCY– DEBT DISCHARGE: The current laws of our country and the state give a person the legal right to discharge, or totally avoid, most debts. Generally, a person may seek total discharge of his/her debts every six (6) years. Certain debts however, under most circumstances, are not able to be discharged. These include, but are not limited to, most taxes, student loans, child support, spousal support, governmental and court fines, etc. In exchange for the total forgiveness of one’s debts, the law generally requires that a person may have to surrender some real or personal property. However, it is usually possible to persuade creditors to allow you to keep your property if payment arrangements can be worked out.

For more information on your debt options, call Spiroff Law at 614/224.2104.

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