Vance P. Truman, Attorney at Law
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chapter 13 Archives

Debt settlement may be worse than bankruptcy

Bankruptcy is often a misunderstood concept, especially since those who face it are likely to be frightened and confused by the situation they are in. A lack of understanding about the details of types of bankruptcy can lead people to make rash decisions and end up spending more time and money on the road to financial health.

Bankruptcy filings on the rise in northern Ohio

Bankruptcy filings in northern Ohio are on the rise this year after seven years in decline. Individuals and families looking for a fresh financial start in the region have increased in four of the last seven months, with June and July 2017 showing troubling double-digit increases on previous year-on-year periods.

Can you invest money while making Chapter 13 payments?

You file for Chapter 13 bankruptcy and get a five-year repayment plan. It's based around your current income and your budget basically allocates everything that you have toward paying your necessary expenses or paying into that repayment plan. You don't worry about investing because you just want to eliminate that debt.

Chapter 13 bankruptcy's key benefits

Chapter 7 bankruptcy discharges your debt, while Chapter 13 bankruptcy creates a repayment plan. So, if you're weighing your two options -- assuming you're eligible, as some people are only eligible for one and not the other -- why would you choose Chapter 13?

Do you have to pay all credit card debt with Chapter 13?

If you're thinking of filing for Chapter 13 bankruptcy, you may have a high amount of credit card debt. Perhaps you lost your job and you were forced to put everything on the cards just to get by. Now you have a new job and a regular income, which is why you're interested in using the repayment plan, rather than liquidation. The credit card debt is too much to pay all at once, but do you have to pay all of it eventually under the new plan?

Get the debt relief you need, the personal attention you deserve.

Call us today for a free consultation at 330-591-4729, or fill out the form below, and we will contact you.

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