{"id":547,"date":"2020-09-14T17:33:37","date_gmt":"2020-09-14T17:33:37","guid":{"rendered":"https:\/\/www.clevelandsbankruptcyattorney.com\/?page_id=547"},"modified":"2022-09-10T10:20:52","modified_gmt":"2022-09-10T10:20:52","slug":"chapter-7-bankruptcy","status":"publish","type":"page","link":"https:\/\/www.clevelandsbankruptcyattorney.com\/chapter-7-bankruptcy\/","title":{"rendered":"Chapter 7 Bankruptcy"},"content":{"rendered":"
<\/span><\/p>\n The two most common types of bankruptcies filed in Cleveland are Chapter 7 and Chapter 13 bankruptcy. Chapter 7 wipes out most of your debts in 120 days, while Chapter 13 is a 3-year to 5-year payment plan where you pay back part of your debt and the rest is eliminated. Chapter 7 is a better fit for most people who are looking for a Cleveland bankruptcy lawyer<\/a>.<\/p>\n Chapter 7 is a 120-day process that eliminates all debts except for student loans, child support, alimony, recent taxes, debts incurred by violence, fraud or drunk driving, speeding tickets, parking tickets, court costs, and certain other debts. Credit card debt, bank loans, medical bills, auto loans, home loans, payday loans, debts to landlords, and most other types of debts are eliminated by Chapter 7. <\/p>\n Chapter 7 bankruptcy is the most powerful debt relief tool that exists for individuals, period. That is why most people who have the option of filing a Chapter 7 bankruptcy choose to do that rather than filing a Chapter 13 bankruptcy<\/a>.<\/p>\n Filing a Chapter 7 bankruptcy is similar to filing your income taxes, except with a lot more paperwork and one court hearing. The process consists of seven steps, which are explained below.<\/p>\n I sit down with you, listen to your story, and ask you a standard set of questions designed to give me a comprehensive snapshot of your financial life. This process usually lasts between 45 minutes and an hour. <\/p>\n At the conclusion of the interview, I can usually tell you whether you qualify for chapter 7 bankruptcy, identify any issues in your case, and advise you whether chapter 7 would be a wise solution to your problem. Sometimes it is necessary for us to gather some follow-up info before I can give an opinion about whether chapter 7 is a good idea.<\/p>\nBankruptcy Process for Chapter 7<\/h2>\n
How-To: Filing Chapter 7 Bankruptcy<\/h2>\n
1. Initial Consultation<\/h3>\n
2. Information Gathering<\/h3>\n