If your debt has gotten out of hand, it might be time to look at filing for bankruptcy to get a fresh start. If you are having a hard time keeping up with bills and other payments, facing a possible foreclosure or vehicle repossession, creditor harassment, and other financial hardships then it may be time to contact an Ohio bankruptcy lawyer in order to discuss your options.
Do I Need an Ohio Bankruptcy Lawyer?
Financial hardship can quickly overwhelm a person. Here at DannLaw, we have experienced Ohio bankruptcy lawyers that are prepared to work with you on finding the best solution to your current issues. Bankruptcy is often a viable course of action when you dealing with the following:
- You cannot keep up with bills, credit cards, loans and other payments
- You have pending lawsuits for unpaid bills
- You are receiving constant harassment from creditors
- You are facing foreclosure
- Your car or other property is under the threat of being repossessed
- You have delinquent taxes
- Your wages are being garnished
- You are facing bank levies that are freezing your accounts
Your problems might even be a combination of the above and this is by no means an exhaustive list. Whatever the case may be, filing for bankruptcy can be the most practical solution. However it should not be made lightly, and it is important to speak to an attorney to discuss whether it is the best option for you.
The two most common forms of bankruptcy are Chapter 7 and Chapter 13.
Chapter 7 Bankruptcy
For those that want a fresh start, the most likely choice is Chapter 7 bankruptcy. This is the most common form of bankruptcy in the United States and it is way to deal with most if not all dischargeable debt, including credit card bills, medical bills, personal loans and other unsecured debt. Keep in mind that this is a liquidation of your assets used to pay off creditors and as such any assets that are not exempt by Ohio state law can be sold. Certain debts also cannot be discharged in most circumstances, such as child support, alimony, student loans and certain taxes.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy, on the other hand, does not immediately discharge you of the debts that you owe. Chapter 13 Bankruptcy is a way to consolidate your debts into a repayment plan that can last between 3 to 5 years. The most common reason people file Chapter 13 is because they are behind on their mortgage and cannot afford reinstatement; Chapter 13 generally allows you to “cure” the payment arrearages within the 3 to 5 year repayment plan. In addition to allowing you to keep an asset you may be delinquent in payments, Chapter 13 will allow you to retain non-exempt assets that would have to be liquidated in a Chapter 7. In a Chapter 13 rather than losing the asset, you repay your creditors the same amount as if they would receive if the debtor filed for Chapter 7 bankruptcy.
If you have any other questions regarding bankruptcy, please see our Bankruptcy FAQ.
Get in Touch With an Ohio Bankruptcy Lawyer Today
Filing for bankruptcy is not a decision to make lightly. It is important to seek legal counsel from an experienced Ohio bankruptcy lawyer. Someone who can lay all your options on the table and help you make the right choice on which to pursue. At DannLaw, we have the expertise to enable you to make an informed decision. Contact us today to discuss your debt situation and whether bankruptcy is the right choice.