FAQ

Preparation of a Bankruptcy case is time-consuming, and necessitates the organization and analyzation of what is usually hundreds of pages of client documentation, and then the preparation of the Petition which is usually around 45-50 pages in length.  While the actual duration invested in a case...

Bankruptcy is not a positive event as it pertains to your credit.  However, that consideration should not be a determinative factor as whether you should seek such relief.  If you can reasonably afford to pay your creditors that is always the best option.  Nonetheless, if you lack those means the...

Eligibility for Bankruptcy relief is predicated upon numerous criteria, including the measure of income in the household.  Therefore, if you are married and cohabitating with your spouse, and they have an income source, those details must be disclosed to your legal counsel so they can determine h...

The purpose of a co-signer is to provide the lender an alternative source from which to collect if the borrower defaults. That is referred to as "Joint and Several Liability".  So if default does occur the lender can then pursue either party in collections, regardless of whether they are the prim...

The law does not require you to hire a lawyer to assist with your pending suit.  However, anyone opting to represent themselves are then held to the same standards as a licensed practicing attorney.  That entails understanding the applicable Rules of Civil Procedure, Evidence, Local Court Rules, ...

Extended family members can qualify as dependents and therefore impact your eligibility for Bankruptcy relief.  

When you purchase a used motor vehicle with financing, the lender has no involvement with determining the condition of the vehicle.  That is your solitary responsibility.  Therefore, if it subsequently develops mechanical issues that you believe are not worth repairing this does not serve negate ...

Lines of credit serve to limit the amount you can spend on a credit or charge account.  However, that does not serve as a cap on the value you could ultimately owe to that creditor.  So as interest accrues and fees are applied to the balance due, the sum outstanding may ultimately exceed the valu...

After your Bankruptcy is filed you will be scheduled for a Hearing about one (1) month later.  At that juncture you will be examined by a Trustee.  That proceeding is usually concluded within about 15-20 minutes, or sometimes even sooner depending upon the particulars of your financial circumstan...

Shamberg & Associates provides payment plans in for most case proceedings.  Please contact our office to more fully discuss those availble options.

The documentation typically required in order to proceed with a Chapter 7 Bankruptcy may include all of the following as may be applicable to your particular circumstances: (1)   The last two (2) years of Federal and State Tax Returns; (2)   The last two (2) years of W-2s and/or 1099s;  (3)   ...

A list of authorized Consumer Credit Counselors can be found via this link: https://www.justice.gov/ust/eo/bapcpa/ccde/CC_Files/CC_Approved_Agencies_HTML/cc_ohio/cc_ohio.htm

In most instances we will require around 4-5 hours of our office time to review and analyze your financial documentation and prepare your Petition.  However, that process cannot be completed until you remit all of the required materials.  Additionally, you must satisfy the initial Consumer Credit...

Yes, Bankruptcy is not your only available solution.  If your debts are financially manageable, there may be an opportunity to work-out monthly payment plans and/or lump-sum settlements with your various creditors and avoid having to seek Bankruptcy protection.  Should you wish to further explore...

The law does not require you to have an attorney.  However, it is nonetheless recommended.  Bankruptcy law is complex, and so having competent legal advice and guidance through the process will ensure your interests are protected, and that you subsequently secure an optimal case result. 

In most instances, our office will file your case before the attorney's fees are paid in full, with the remaining balance satisfied via an agreed monthly payment plan.  Please contact our office at (216) 691-7800 to fully discuss those available payment options.

To receive a Discharge of your debts you will have to participate in a 341 Meeting of Creditors where you will be examined by the Trustee assigned to administer your case.  That is usually scheduled about 3-5 weeks after your Petition is filed.  Then, by law, the Judge has to wait a minimum of tw...

Yes, Federal Law requires you to fully disclose all of your creditors in your Petition.  That includes obligations like your student loans that may not be Dischargeable, as well as those such as your mortgage and auto loans that you may intend to continue paying.  

While some individuals do mismanage their finances, the most common reasons people seek Bankruptcy protection is due to illness, relationship failure, job loss and/or income reduction.   

A Bankruptcy does not disqualify you from obtaining a mortgage.  However, you must still meet all other qualifications with a prospective lender to secure financing.  That includes rebuilding your credit to an appropriate level and equally demonstrating sufficient income to qualify for the loan.

Bankruptcy may result in your credit score improving, as your successful completion of the case will result in a Discharge of your debts.  That means your creditors will be barred from collecting the balances due on those accounts.  However, a Bankruptcy filing does not erase your past credit hi...

Yes, once the Bankruptcy case is filed your employer will be under a Court Order to suspend any further debt-related wage deductions.  However, the Bankruptcy will not preclude deductions related to child or spousal support, nor your repayment of any loans due to your 401k.

If the suspension was administrative, issued by the Ohio Bureau of Motor Vehicles due to your failure to maintain appropriate insurance coverage at the time of the accident, and you were not convicted of driving under the influence (OVI) as a result, then the obligation can be Discharged in the B...

If you are filing a Chapter 7, the case will likely be concluded within roughly 5-6 months.  In comparison, a Chapter 13 will usually extend for around 3-5 years. 

That depends upon your intentions.  An auto loan and mortgage are secured debts.  So if you would like to retain your motor vehicle and real property then you must continue satisfying your required payments.  Should you not want to preserve  your ownership, then you are not obligated to pay the l...