Youngstown Bankruptcy Lawyer ● Chapters 7, 11, and 13

Serving Warren, Boardman, Poland, Canfield, Girard, and Niles, Ohio

If you are feeling overwhelmed by debt and do not know where to turn to release the financial stress, our bankruptcy lawyer in Youngstown, Ohio, can help you relieve the pressure and get a new start in life. When you contact the Law Offices of Bruce R. Epstein, with offices in Boardman and Warren, Ohio, you can count on receiving a free initial consultation and legal advice that is polite and non-judgmental. Attorney Epstein is one of a few in the state of Ohio to be certified as a Specialist in Consumer Bankruptcy Law by the American Board of Certification. During the past 25 years, he has personally handled more than 10,000 bankruptcy cases, including Chapter 7, Chapter 11, and Chapter 13, and he can help you also.

For a free consultation to discuss your financial situation, contact our experienced Ohio bankruptcy attorney at the Law Offices of Bruce R. Epstein in Youngstown, Ohio. We look forward to giving you hope and a fresh chance at a brighter financial future. For more detailed information on bankruptcy, please read our accompanying articles. Make a phone call today to get started on a fresh financial future tomorrow.

"We are a debt relief agency.
We help people file for bankruptcy relief under the Bankruptcy Code."

Law Offices of Bruce R. Epstein

 

 

 

 

5500 Market Street Suite 101 Youngstown, OH 44512 Phone: (330) 782-7000 Fax: (330) 782-0483

106 East Market Street Chase Tower Warren, OH 44483 Phone: (330) 544-4464 Fax: (330) 782-0483

Representing clients in the Youngstown, Warren, and Boardman, Ohio, areas, including the neighboring cities of Poland, Canfield, Girard, Niles, Hubbard, and Salem, and throughout the counties of Mahoning, Trumbull, and Columbiana.

Bankruptcy - An Overview

Bankruptcy is a legal vehicle that provides relief to individuals and businesses in serious financial trouble and protects their creditors to the extent possible. Generally, the bankruptcy process assesses the debtor's assets and liabilities and provides a structure within which the debtor is allowed to keep some property and ordered to satisfy as many eligible debts as possible, according to an order of priority established by law. Remaining debts are discharged, except those of certain types, like domestic support orders, debt obtained by fraud and most tax debt.

The traditional stigma of bankruptcy has faded and been replaced by the view that it is a fresh start after a time of trouble. Most bankruptcy debtors have experienced unexpected and extreme financial shock, such as that caused by sudden events such as job loss, business failure, death, divorce or illness.

In such cases, filing bankruptcy may be the right answer. If you are facing serious financial challenges, it is very important to seek the counsel of an experienced bankruptcy attorney to help you to assess your legal options.

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Consumer Bankruptcy

When an individual falls desperately behind in his or her debt payments, one option may be to declare bankruptcy, a legal proceeding in a federal bankruptcy court that relieves the debtor of some or all of his or her debts. Although in many ways bankruptcy can give a person a fresh start, it is important to remember that bankruptcy can also negatively affect his or her credit rating and make it hard to obtain credit in the future. A lawyer experienced in bankruptcy law can advise you as to whether bankruptcy may be the right move for you.

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Commercial Bankruptcy

Like a consumer, a business sometimes finds itself in the uncomfortable position of being unable to pay its debts. One solution is to file for bankruptcy, a legal process in federal bankruptcy court that releases the business from the obligation to pay all or some of its debts. Although bankruptcy provides a fresh start, bankruptcy can also have harmful credit consequences. Sometimes the bankrupt business even ceases to exist at the end of the court proceedings. A lawyer experienced in bankruptcy can advise business owners about whether bankruptcy is right for them.

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Credit Counseling Requirement in Bankruptcy

In 2005, Congress passed and the president signed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), a bankruptcy reform law. One of the new requirements BAPCPA imposes on a new bankruptcy debtor is to receive credit counseling from an approved credit counseling agency before the bankruptcy filing. A lawyer experienced in consumer credit and bankruptcy law can help educate debtors about these new counseling requirements.

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Surviving the Emotional Effects of Bankruptcy

No matter what circumstances ultimately led to filing bankruptcy, both the practical and the emotional impact on the debtor will be enormous. Confronting the emotional and psychological issues surrounding bankruptcy and reaching an understanding and acceptance of the situation are essential to rebuilding and maintaining a successful financial life. An experienced bankruptcy attorney can guide a debtor through the complicated legal, financial and emotional maze of bankruptcy and steer him or her in the right direction for the future.

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Bankruptcy Resource Links

American Bankruptcy Institute Consumer Corner
General information regarding consumer debt and bankruptcy.

Legal Information Institute
A bankruptcy overview from Cornell Law School, including links to state, federal and other sources.

FindLaw Guide - U.S. Bankruptcy Courts
Links to US Bankruptcy Court Web sites.

Official Bankruptcy Forms
From the Administrative Office of the US Courts.

AnnualCreditReport.com®
Official Web site where consumers can obtain free credit reports from the three national credit-reporting companies.

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Frequently Asked Questions about Bankruptcy

Q: Why are so many consumers filing bankruptcy?

A: Americans generally have overextended themselves by using too much easily accessible credit to finance overspending, combined with lack of savings. With no financial safety net, sudden crises such as medical emergencies, job losses or failed businesses, death or disability of spouses, or divorce can result in insurmountable debt. On average, a typical bankruptcy debtor is employed and middle-aged with a high school education and relatively low income.

Q: What alternative courses of action are there to filing bankruptcy when facing overwhelming debt?

A: Short of bankruptcy, a debtor may enter into mediation with creditors or negotiate workout agreements to extend due dates, lower interest rates, partially forgive debt or alter other terms. A debtor may execute an assignment of property for the benefit of creditors (ABC), wherein the debtor puts assets in the trust of a neutral third party to pay creditors. A business debtor can sell the business, negotiating the satisfaction of debt as part of the deal. Other creative options to bankruptcy exist.

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