Chapter 7 Fresh Start Bankruptcy

Helping you find debt relief

Filing for bankruptcy is an important decision that has significant implications for your life. But when mounting debt begins to feel unmanageable, bankruptcy can provide relief. At Fredric M. Boyk, Attorney at Law in Toledo, Ohio, we help you decide whether filing for bankruptcy is the most effective way for you to take control of your debt.

Negotiators of debt relief options

Bankruptcy is not your only option. Fredric M. Boyk, Attorney at Law is an experienced negotiator who can often work with creditors to develop out-of-court solutions that avoid bankruptcy. Frequently, we can negotiate a settlement amount payable in manageable monthly installments.

Experts in debt analysis

At Fredric M. Boyk, Attorney at Law, we have been assisting people with overwhelming debts for more than 20 years. We analyze your case to determine if bankruptcy will advance your immediate and long-term financial goals. We review your debts, income and expenses, and explain the full effects of bankruptcy on your family, business, home ownership and access to credit. If bankruptcy is the right choice, we provide detailed information about the bankruptcy process and a complete picture of the outcome you should expect. Our upfront approach to bankruptcy gives you confidence in your financial future.

Reprieve through automatic stay

Filing a bankruptcy petition automatically triggers a stay, meaning creditors must immediately stop collections letters and phone calls. At Fredric M. Boyk, Attorney at Law, we correspond with your creditors from the moment you retain us for a bankruptcy filing and act entirely on your behalf.

Your bankruptcy options:

  • Chapter 7 Bankruptcy— For individuals and their spouses who own fewer assets and earn smaller incomes, Chapter 7 bankruptcy grants you relief from debts through liquidation of your assets. This is known as a “fresh start” bankruptcy. We often find that our clients can afford to keep their home and car once their unsecured debt is eliminated.
  • Chapter 11 bankruptcy— For corporations, partnerships and sole proprietorships, Chapter 11 bankruptcy permits your business to continue operating while you pay creditors under a reorganization plan.
  • Chapter 13 bankruptcy— An option for families facing foreclosure or whose incomes are higher, Chapter 13 bankruptcy permits you to pay off debts under a court-ordered installment plan extending three to five years. This option provides numerous advantages, including the possibility of keeping your home.

Bankruptcy in Ohio 

Bankruptcy is based on federal law. Therefore, it would be logical to assume that it makes no difference in what state an individual actually files his or her bankruptcy petition. In reality, there is often a big difference between states as to what you may lose or what you get to keep when
filing bankruptcy.

Ohio is known as an “opt out” state. This means that Ohio does not use the federal exemptions. Exemptions are what assets a debtor filing bankruptcy gets to keep. Ohio has its own exemption statute. As a Toledo, Ohio based bankruptcy law firm, we make sure that we are abreast of all relevant Ohio bankruptcy exemptions. In recent years Ohio has greatly enhanced its homestead exemption. This means that more people can potentially keep their home after a bankruptcy filing.

For instance, all of a person’s home equity may not be protected under federal exemptions but could be protected under Ohio’s higher homestead exemption statute.

There are many other differences between Ohio and federal exemptions. Only an experienced bankruptcy lawyer can explain how these differences affect your personal situation.

Our office is located in Toledo. Northwest  Ohio counties covered by the Toledo bankruptcy court include: Defiance, Erie, Fulton, Hancock, Henry, Huron, Lucas, Ottawa, Sandusky, Seneca, Williams, and Wood.

Over the years we have attended many bankruptcy hearings at which a debtor told the bankruptcy trustee that their attorney never told them they might lose something in their bankruptcy proceeding. You do not want surprises when you choose to file bankruptcy. That is why an experienced bankruptcy attorney is needed. Our Toledo office has handled over 2,500 successful bankruptcy cases for our clients in Northwestern Ohio.

Contact an experienced bankruptcy attorney

We offer free in person consultation at our Toledo office or you can call Fredric M. Boyk, Attorney at Law at 419-327-6160 today for a free initial telephone consultation, or contact us online.