Chapter 13 Bankruptcy, Toledo, Ohio


Debt Relief - Bankruptcy Lawyer Toledo, Ohio

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy Attorney, Toledo, OhioChapter 13 is not your parent's bankruptcy.  In contrast to a Chapter 7 bankruptcy which features liquidation of assets and elimination of most unsecured debts, Chapter 13 bankruptcy is similar to a lower interest debt consolidation plan.  While Chapter 13 bankruptcy and a conventional debt consolidation plan have some similarities, Chapter 13 bankruptcy offers some very effective relief against creditors and their collection efforts.

A Chapter 13 bankruptcy typically allows you to consolidate your debts and repay them over a 3-5 year period.  Ohio debtors who have filed for Chapter 13 bankruptcy relief are able to keep their home and vehicles while they make regular monthly payments to the Chapter 13 Trustee.  These payments from the debtor to the Chapter 13 Trustee are subsequently prioritized by debt category and payments are made to those creditors who have taken the opportunity to file a Proof of Claim.  Creditors who fail to file a timely Proof of Claim may be barred from receiving Chapter 13 bankruptcy funds and ultimately risk being discharged. 

Debtors who have fallen behind on mortgage or vehicle payments may find Chapter 13 bankruptcy particularly helpful.  Among its many interesting features, a Chapter 13 bankruptcy can bring your loan current and incorporate the arrears into the monthly repayment plan.  This is a special aspect of Chapter 13 bankruptcy as most creditors and mortgage companies will not directly offer this feature to their clients.  Also, debtors with high interest vehicle loans may be in a position to benefit from a reduced interest rate, otherwise known in the bankruptcy industry as 'Till Rate."   This special provision of Chapter 13 bankruptcy allows debtors to adjust their car loan interest rate to 3% over the listed prime rate.  Not all vehicle loans are eligible to take advantage of this less known benefit of Chapter 13 bankruptcy.  You should consult with a qualified Chapter 13 bankruptcy attorney for specific details.  For example, car loans less than 910 days of age typically are not eligible for this Chapter 13 bankruptcy strategy. 

Not all bankruptcies are created equal.  While many experienced attorneys offer Chapter 7 bankruptcy services, a smaller number of these bankruptcy attorneys also offer Chapter 13 bankruptcy services.  In a Chapter 13 bankruptcy, a debtor is typically committing to a 3-5 year relationship with their bankruptcy attorney.  During your free initial consultation, take the time to decide whether that bankruptcy attorney is a good fit for your needs. 

Many Chapter 13 bankruptcy debtors are surprised to find themselves in Chapter 13 bankruptcy, while others qualify for the more common Chapter 7 bankruptcy.  Your bankruptcy attorney will perform two key screenings to determine which bankruptcy chapter(s) may be available to you.  Even if the preliminary bankruptcy screenings permit Chapter 7 bankruptcy eligibility, some debtors still choose to file for Chapter 13 bankruptcy relief in order to protect certain assets, which might be at risk in a Chapter 7 bankruptcy.  Your bankruptcy attorney can explain all the nuances of both Chapter 7 bankruptcy and Chapter 13 bankruptcy. Choosing the best type of bankruptcy relief to meet your needs is an important decision. 


More On This Page:

Below: Bankruptcy "must reads"

  1. Chapter 13 bankruptcy highlights
  2. Video explaining jurisdiction (where to file)
  3. Chapter 13 bankruptcy in the news






Cut your debt. Chapter 13 bankruptcy

  • 3-5 year debt repayment plan
  • 1 consolidated monthly payment
  • Stop foreclosure attempts
  • Stop collection /creditor lawsuits
  • Stop utility shut offs
  • Catch up on car loan arrears
  • Catch up on mortgage arrears
  • Restructure debt, including taxes
  • Coordinate with student loan debt




VIDEO:   Where Should I File My Bankruptcy?






Chapter 13 Bankruptcy News:  "Top 5 Must Reads"

  1. "The Other Personal Bankruptcy Option: Chapter 13" 
    1.  Source: Investopedia, Daniel Kurt;  December 5, 2018
  2. "Here's How To Survive Bankruptcy"  
    1.  Source:  US News and World Report, Steven Abrams; April 17, 2018
  3. "What Is Chapter 13 Bankruptcy"  
    1.  Source: Experian, Carla Fried; April 4, 2018
  4. "13 Facts You Need To Know....Chapter 13 Bankruptcy....Debt Free" 
    1.  Source:  Symmes Law Group, Seattle WA; April 9, 2016
  5. "Beyond Bankruptcy: What Happens When You Fail Chapter 13?" 
    1.  Source: Credit Card News, Tony Mecia; October 29 2015




NOTICE:  We are a debt relief agency.  We help individuals file for relief under the United States Bankruptcy Code.  Choosing a Toledo, Ohio bankruptcy attorney is an important decision.  All content contained within the pages of this website are for educational purposes only and are not intended to be construed as legal advice..  



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