Knowing About Bankruptcy in Ohio
Before you file for chapter 7 or chapter 13 bankruptcy, be sure to take the time to learn the ins and outs of each option. While one filing may seem ideal under certain circumstances, there are certain differences and limitations of each that help debtors determine which is a best fit for their situation.
Work with debt legal professionals to sort through options available to ensure the right choice is made and financial stability is eventually regained.
Chapter 7 bankruptcy In Ohio can help debtors wipe out money owed so a fresh start can be made financially. Debtors must agree to liquidate their assets to pay off creditors with a property that is not exempt under Ohio rules.
In Ohio, certain debts cannot be discharged under chapter 7 bankruptcy such as alimony, fraudulent debts, specific taxes, and student loans. However, most people who choose to file chapter 7 bankruptcy are more interested in getting rid of filer debts so as to make it easier to manage the exempt debts in the future.
While chapter 7 does not protect property as chapter 13 does, debtors can maintain certain secured debts such as a car loan by reaffirming them. Debtors will sign a reaffirmation agreement, but those owes cannot be discharged until six years down the road.
Debtors must continue to pay off these debts for the next six years until they are able to wipe the debt away through bankruptcy. Reaffirmation agreements can be put on hold within 60 days of filing for bankruptcy and does not change the plan for paying off filer debts.
If you choose to file for chapter 7 bankruptcy, you will acquire a fresh start once the bankruptcy discharging is complete. After those are eliminated, the only remaining debts will be for secured assets which were protected by the reaffirmation agreement.
Debtors will have immediate protections against collection efforts and wage garnishment once they file. All wages earned and property acquired after bankruptcy is filed is protected and not liquidated, and there is no minimum amount of debt required to file. Most chapter 7 processes are completed within six months of filing.
There are some drawbacks to filing chapter 7 bankruptcy, however, debtors should be aware of. For example, once filed, a debtor will lose non-exempt property unless it is covered by Ohio bankruptcy exemptions.
If the debtor’s home is being foreclosed upon, chapter 7 only provides a temporary halt on the repossession. Chapter 13 bankruptcy, on the other hand, can protect homes from being foreclosed upon through a more drawn out repayment method.
If there are co-signors on any of the debts, these individuals may be stuck with amounts owed unless they too file for bankruptcy, and chapter 7 can only be filed once every six years.
Bankruptcy Advice For You in Indianapolis
If you are struggling to keep up with your debt, it can be difficult to know where to turn for help. You will need to search for an attorney who can help you to get out of the financial hole you’re in and back on solid ground. They know that every case is different, and the right debt relief option is not the same for everyone.
That’s why some attorney firms are offering clients with a free initial consultation. They can gather the details of your personal situation and advise you on what the best path is to get you on the road to financial recovery.
What Kind of Bankruptcy is Best for You?
Most people struggle to determine what type of bankruptcy is best for their situation. Some law firms can give you advice on this during your initial consultation, also they will give you an idea of which bankruptcy you might want to consider. Some basic guidelines are listed below.
A Chapter 7 bankruptcy may be best for you if the following are true:
- The majority of your debt is unsecured
- You have little steady income to support restructured payment
A Chapter 13 bankruptcy may be the better option if the following are true:
- The majority of your debt is secured
- You wish to keep your home and vehicles you owe on
- You have enough income to support restructured payment
Engage with An Honest Debt Relief Lawyer in Indianapolis
Bankruptcy is not for everyone. Some people simply will not qualify for bankruptcy, while others may be better off exploring other debt relief options. You can trust the debt relief attorney like Lynch & Belch P.C. Attorneys at Law in Indianapolis to point you in the direction that is best for your individual situation.
That’s part of the reason they offer free initial consultations. At Lynch & Belch P.C., they are willing to do what’s best for every person that walks through their doors, whether it’s with a Chapter 13 bankruptcy, Chapter 7 bankruptcy, or another debt relief option. If you don’t qualify for bankruptcy, they can help you find other options that can help.
Get Help from a Chapter 7 Attorney in Indianapolis
The crisis in the job market and the nationwide economic downturn have been in the news for several years. Though things have gotten better for many people, others still struggle to make ends meet.
Whether you are suffering under crushing credit card debt, have towering medical bills that you just can’t pay, or are out of work and just can’t make ends meet, Lynch & Belch P.C. Attorneys at Law can help you get a fresh financial start.
How an Indianapolis Chapter 7 Attorney Can Help?
If you have large amounts of unsecured debt—debt that does not have any collateral to protect it—then Chapter 7 bankruptcy can completely absolve these debts, relieving you of overwhelming payments, late fees, and collection calls. Unsecured debt can include the following kinds of debt:
- Credit card debt
- Medical bills
- Most personal loans
- Collection agency accounts
- Past due utility bills
- Past due rent
If the majority of your debt is based in any of these categories, then contact Lynch & Belch P.C. Attorneys at Law today. They can help you through the process of filing for bankruptcy and help you better understand what to expect from the process.
Stop Collection Calls and Wage Garnishments
One of the most stressful parts of being in debt is the continuous, harassing phone calls from creditors. Every time your phone rings, you hesitate to answer, afraid it will be yet another call from your credit card company or a collection agency demanding payment.
When debts like utility payments are far enough overdue, companies can begin to garnish your wages, taking the money you may need to put food on your table. Our Chapter 7 attorney in Indianapolis can put an end to this harassment.
Let Attorney Handle the Paperwork
Many people attempt to file for Chapter 7 bankruptcy on their own, and the process is frequently delayed due to incorrect or insufficient paperwork.
The right attorney can help you get everything together quickly so that your bankruptcy can be filed and collection calls and wage garnishments will come to an end. The forms for filing a Chapter 7 ask for many details that they can help you with:
- Description of property
- Current income
- Monthly living expenses
- Property exempt from the bankruptcy
- Property owned or large expenses in the last two years
- Property sold or given away in the last two years
Do You Need an Indianapolis Chapter 13 Attorney?
If you are drowning in debt, you are probably desperate for options to get out of it. Many people view declaring bankruptcy as admitting defeat and refuse to file for Chapter 13 bankruptcy no matter how desperate their situation becomes.
Declaring bankruptcy is not the equivalent of throwing in the towel; it is a viable option to reorganize your debt, establish payments you can afford, and get back on the road to financial security.
What Chapter 13 Lawyers in Indianapolis Can Do?
Unlike with a Chapter 7 bankruptcy, a Chapter 13 attorney in Indianapolis cannot completely absolve your debts. You need to get an attorney at your state to assist you.
They can consult with you to determine which type of bankruptcy is right for your individual situation, and they can help you through the process of filing whichever type of bankruptcy you choose. Here’s what a Chapter 13 bankruptcy can do for you:
- Keep your home and car
- Create an affordable repayment plan
- Stop collection calls immediately
- Get you started on rebuilding your credit
If you owe money on your car or home, a Chapter 7 bankruptcy may cause you to lose this property. With a Chapter 13 bankruptcy, your debt is reorganized so that you can once again make monthly payments on what you owe and keep the car or home that you owe money on.
Perhaps one of the most stressful situations you can experience is the moment that a sale date is assigned to your home. Fear and anxiety can make you lie awake at night, wondering what you will do and where you will go if your home is taken from you.
Home loan modifications can be difficult to qualify for and can take months or even years to be processed. They can put an immediate stay on any foreclose sale by filing a Chapter 13 bankruptcy.
If you are facing bankruptcy, you can contact your attorney at law in Indianapolis to help you out. They will guide you through the bankruptcy filing process so that you can stay in your home and sleep better at night, knowing that your family will continue to have a roof over their heads and you are on your way to a fresh financial start.
Understand Foreclosure and Bankruptcy in Tampa
Foreclosure occurs when a person has not made timely payments on his or her mortgage. As a result, the lender files a petition with the court to take the property.
Are you under the Threat of a Foreclosure?
If you have been threatened with a foreclosure in the Tampa state or think that you may be in the future, then you may want to seek for consultation from the bankruptcy law attorneys in Tampa. There are many highly experienced foreclosure attorneys who can provide the quality foreclosure defense that you need and deserve.
This is a difficult time for you and your family and they will do what they can to ensure the optimal outcome for you.
There May Be Options Available to You
Your home is one of the largest investments you will ever make. If you have hit a bad streak financially, the bankruptcy law attorney can help to protect your investment. For instance, if you recently suffered an accident or job loss, then you should not lose your home due to your current financial hardships that are no fault of your own.
Rest assured that there are a variety of options that may be available to you. For instance, mortgage modification or short sale may be able to help you forestall or even stop foreclosure altogether.
They can provide you with information on the options available to you and can even walk you through the associated process to ensure that you file correctly and according to the court’s set guidelines.
Request a Free Initial Consultation
Most of the attorney firms will be happy to provide you with a free initial consultation on your case. This will provide them with time to address any questions or concerns you may have and provide you with the information you need to make informed decisions regarding your financial future.
Keep in mind that time is of the essence, so you should not wait to contact them. In fact, you only have 20 days to respond to a foreclosure notice, so the sooner you schedule a consultation, the better!
How Chapter 7 Can Help You in Tampa
If you are facing overwhelming financial debt, then filing for bankruptcy may be the right step for your situation.
While a successful bankruptcy petition can help you achieve a fresh financial start, there are also risks and negative side effects associated with bankruptcy, so it is important to carefully weigh your options before making a decision.
The best thing to do is speak with a knowledgeable bankruptcy law attorney firm in Tampa regarding your case and whether bankruptcy is the ideal option for you.
Filing for Chapter 7
Filing for bankruptcy under Chapter 7 is ideal for individuals, families, and businesses seeking reduced debt or elimination of debt through a partial liquidation of property. This can help provide you with a clean financial slate and put an end to harassing creditor phone calls in no time.
Most debts will be discharged after a successful filing, but certain debts are exempt, such as student loans, taxes, child and spousal support, and divorce settlements. The bankruptcy attorney firm will be able to provide you with a better idea of what to expect during your free initial consultation either in their office or via the phone or Internet.
Filing Correctly is Crucial for a Good Outcome
Bankruptcy law can be very confusing for most people to get through on their own. This is why it is so important to have a knowledgeable legal expert on your side who can guide you through the process and ensure that you file correctly and according to the court’s guidelines.
There is a bankruptcy firm who can help people with their financial problems. And they know what it takes to successfully file a bankruptcy petition. They can guide you through what information is required and how to file the paperwork correctly.
Provision of Information that You Need
You likely have a number of questions during this time, and you can rest assured that they are here to help you every step of the way. They can provide the information and guidance you need to make informed decisions and get through your financial woes successfully.
Once they have a better understanding of your financial situation, they will be able to advise you on which bankruptcy or debt relief solutions may be right for your needs.
Considering Chapter 13 as a Solution?
If you can no longer keep up with your mortgage, utilities, vehicle payments, and the other costs of daily living in Tampa, then filing for bankruptcy under Chapter 13 may be the right solution for you.
There are many attorney firms that offer trusted bankruptcy legal services. They can provide aggressive legal representation and sound advice to get you through this process in as little time and with as little stress as possible.
Chapter 13 can eliminate most debt, although some items are excluded, such as taxes, spousal or child support, and student loans.
Is Chapter 13 Right for You?
The best way to determine if Chapter 13 is right for you is to speak with an experienced attorney in Tampa about your situation. However, as a general rule, Chapter 13 may be ideal if the following situations hold true:
- Your home is in foreclosure and you want to keep it.
- You have assets you would like to keep, including a business.
- You cannot qualify for Chapter 7.
How Does Chapter 13 Work?
This form of reorganization allows an individual or family to negotiate more reasonable payments every month. It can even reduce the total amount you owe. Typically, the debtor can pay off the debt over three to five years.
Rather than paying various bills every month, you need to make only one payment, to your trustee. He or she then distributes the funds to your creditors, based on the prearranged agreement. This form of bankruptcy allows you to keep all of your property and can put an end to foreclosures or repossessions right away.