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(216) 241-2628
Call Us Today!
(216) 241-2628

BANKRUPTCY PROCESS

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THE BANKRUPTCY PROCESS IN A NUTSHELL:


A Bankruptcy case is commenced by filing a petition with the Bankruptcy Court. In that petition, you must disclose your creditors and all assets you own or have an interest in. In most cases, your assets will be fully exempt under applicable exemption laws, meaning you may keep what you own and still discharge your debts. However, your exemptions must be properly claimed to be allowed. 
Unsecured debts, consisting of credit cards, medical bills, utility bills and personal loans are typically dischargeable. Secured debts are discharged if you elect to return the merchandise or collateral. If you are making car payments on a “lemon” or for a vehicle that is worth considerably less than what you still owe against it, you may elect to return that vehicle and not be obligated to pay a penny more. To the extent you owe “secured” debts, such as a real estate mortgage or auto loan, you have the opportunity to either agree to surrender the collateral and relieve yourself of the obligation to pay on it, or you may “reaffirm” that obligation and thereby keep the collateral. It is possible in some cases to change the terms of payment to help you make future payments. 
Within approximately one month after filing your petition, you will be questioned at a “341 examination” by the bankruptcy trustee assigned to your case. If the trustee determines that all of your assets are fully exempt, he/she will file a “no asset report” certifying that conclusion.
The “automatic stay” under bankruptcy law goes into effect the moment you file your petition and typically remains in effect while your case is pending. It protects you against collection action by creditors, including repossession, foreclosure and garnishment, and remains in effect until the discharge order is entered or unless a creditor obtains a formal court order authorizing it to obtain possession of collateral for a secured loan.
A discharge order is typically entered after three months has gone by from the filing of your petition. The entry of a discharge formally relieves you of the obligation to pay all discharged unsecured debts and secured debts that have not been reaffirmed. It replaces the temporary automatic stay and serves as a permanent injunction against continued creditor collection action.
The determination of whether or not you wish to keep a secured asset, to reaffirm a secured debt, or to negotiate a “retain and pay” option with a secured creditor on a home mortgage or car loan, needs to be made while your case is pending. Thus, you will have time to discuss and evaluate your options with me and to negotiate terms for payment. 
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. 11 USC Section 528(a).

A Bankruptcy case is commenced by filing a petition with the Bankruptcy Court. In that petition, you must disclose your creditors and all assets you own or have an interest in. In most cases, your assets will be fully exempt under applicable exemption laws, meaning you may keep what you own and still discharge your debts. However, your exemptions must be properly claimed to be allowed. 
Unsecured debts, consisting of credit cards, medical bills, utility bills and personal loans are typically dischargeable. Secured debts are discharged if you elect to return the merchandise or collateral. If you are making car payments on a “lemon” or for a vehicle that is worth considerably less than what you still owe against it, you may elect to return that vehicle and not be obligated to pay a penny more. To the extent you owe “secured” debts, such as a real estate mortgage or auto loan, you have the opportunity to either agree to surrender the collateral and relieve yourself of the obligation to pay on it, or you may “reaffirm” that obligation and thereby keep the collateral. It is possible in some cases to change the terms of payment to help you make future payments. 
Within approximately one month after filing your petition, you will be questioned at a “341 examination” by the bankruptcy trustee assigned to your case. If the trustee determines that all of your assets are fully exempt, he/she will file a “no asset report” certifying that conclusion.
The “automatic stay” under bankruptcy law goes into effect the moment you file your petition and typically remains in effect while your case is pending. It protects you against collection action by creditors, including repossession, foreclosure and garnishment, and remains in effect until the discharge order is entered or unless a creditor obtains a formal court order authorizing it to obtain possession of collateral for a secured loan.
A discharge order is typically entered after three months have gone by from the filing of your petition. The entry of a discharge formally relieves you of the obligation to pay all discharged unsecured debts and secured debts that have not been reaffirmed. It replaces the temporary automatic stay and serves as a permanent injunction against continued creditor collection action.
The determination of whether or not you wish to keep a secured asset, to reaffirm a secured debt, or to negotiate a “retain and pay” option with a secured creditor on a home mortgage or car loan, needs to be made while your case is pending. Thus, you will have time to discuss and evaluate your options with me and to negotiate terms for payment. 
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. 11 USC Section 528(a).
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    Waldemar Wojcik Co, LPA
    The Leader Building, Suite 211
    526 Superior Ave.East
    Cleveland OH 44114

    Phone: (216) 241-2628
    Fax: (216) 373-2392
    Email: wwojcik@wojciklpa.com
    In Business Since 1980

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    Mon - Fri:       09:00 AM - 05:00 PM
    Sat:                 By Appointment
    Sun:                Closed

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