Krainess Law Firm

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Introduction to Bankruptcy
Bankruptcy is a legal process of dealing with debts when the debtor has no reasonable ability to repay. The majority who file for bankruptcy relief are able to keep most, if not all, of their property and discharge many kinds of debts. A married person can file alone or jointly with a spouse. Alternatives to bankruptcy include credit counseling or selling property to reduce debt.
When you have reached a point where you are relying on credit to make up the income shortfall each month, you need help now. Attorney Krainess is not only a bankruptcy lawyer, but he is also a legal and financial professional. He will help you understand whether your monthly income is enough to support your current lifestyle and whether you need to consult a reputable credit counselor or explore the protections afforded under Federal and Ohio bankruptcy law. After an initial consultation, you will know the best way to handle your debt situation. Do not delay, make your appointment today!
Types of Bankruptcy
There are three types of bankruptcy: CHAPTER 7, 11, and 13. The bankruptcy process is a matter of Federal law, not state law, and is filed in the US Bankruptcy Court. The most common forms are CHAPTER 7 (liquidation) and CHAPTER 13 (repayment plans). In a CHAPTER 7 case, a debtor may be required to turn over certain types of property. The trustee would then sell the property and distribute the proceeds to the creditors. In most cases, however, a debtors property is usually exempt (protected) and nothing is surrendered. This type of case is considered a no-asset case and can be completed in approximately 90 days. With a CHAPTER 7 case, the debtor has no future obligations on the discharged debt. In a CHAPTER 13 bankruptcy, no property is surrendered. Instead, a 5 year repayment plan is used to help regular wage earners get current on delinquent debt. This form of bankruptcy is often used to prevent mortgage foreclosure or car repossession.
A typical CHAPTER 7 case takes 90 days or so to complete. One qualifies for a CHAPTER 7 case based on the property being protected and the gross household income earned in the prior 6 months. Sometimes a debtors income is temporarily too high to qualify for a CHAPTER 7 case. Attorney Krainess can advise if it makes sense to wait a few months in order to pass the means test in Ohio.
CHAPTER 11 BANKRUPTCY: CHAPTER 11bankruptcy is a federal court procedure for businesses to reorganize their affairs. The CHAPTER 11 plan will outline how the business will repay its creditors either partially or in full.

Krainess Law Firm LLC proudly services the cities of: Aquilla, Auburn Corners, Auburn Twp., Bainbridge, Beachwood, Burton, Burton Twp., Chardon, Chardon Twp., Chesterland, Chester Twp., Claridon Twp., Concord Twp., East Claridon, Eastlake, Fairport, Gates Mills, Grand River, Hambden Twp., Highland Hills, Huntsburg Twp., Kirtland, Kirtland Hills, Lakeline, Leroy Twp., Madison, Madison Twp., Mentor, Mentoronthe-Lake, Middlefield Twp., Montville, Munson Twp., Newbury Twp., N. Perry, Painesville, Painesville Twp., Parkman, Perry, Perry Twp. Russell, Shaker Heights, Thompson, Timberlake, Troy Twp., University Heights, Waite Hill, Warrensville Heights, Welshfield, Willoughby, Willoughby Hills, Bainbridge Twp., Bay Village, Bedford, Bedford Hts., Bentleyville, Berea, Bratenahl, Brecksville, Broadview Hts., Brook Park, Brooklyn, Brooklyn Hts., Chagrin Falls, Chagrin Falls Twp., Cleveland, Cleveland Hts., Columbia Twp., East Cleveland, Euclid, Fairview Park, Garfield Hts., Gates Mills, Glenwillow, Highland Hts., Highland Hills, Hunting Valley, Independence, Lakewood, Linndale, Lydhurst, Maple Hts., Mayfield, Mayfield Hts., Middleburg Hts., Moreland Hills, Newburgh Hts., North Olmsted, North Randall, North Royalton, Oakwood, Olmsted Falls, Olmsted Twp., Orange, Parma, Parma Hts., Pepper Pike, Richmond Hts., Rocky River, Russell Twp., Seven Hills, Shaker Hts., Solon, South Euclid, South Russell, Strongsville, Universty Hts., Valley View, Walton Hills, Warrensville Twp., Westlake, Wickliffe, Willowick, and Woodmere
We are sure you have many questions. For a FREE DEBT CONSULTATION, please call us at 440-331-8888 or 216-320-4357 and we will be more than glad to offer you our advice.