We are bankruptcy attorneys located in Middletown, Ohio.
As we look forward to a new year, there are many uncertain financial factors that lie before us in the new year. Many Americans will be facing increased health insurance premiums, increased prices at the grocery store and the continued confusion of prices which occurs at our gas pumps. Many Americans are already struggling to get by and with the new expenses it will just be a matter of time before the credit card companies see an increase in the amount of debt Americans are carrying and then soon they will be paying their debts less on time. We had been in a period where Americans were paying down their debts and also paying their debts on time. But with the coming changes I foresee that things are going to get very bad again. We are supposedly in a recovery from the recession, but these factors will once again put people in hole and looking for answers.
Bankruptcy may be the answer to this situation. No one really wants to file for bankruptcy protection, but sometimes it is the only answer. Bankruptcy is a federal program which discharges your debt through the issuance of a discharge. Once you receive this discharge no creditor can legally collect on debts included in your bankruptcy. Bankruptcy is not like wheel-of-fortune bankruptcy, you do not loose everything you own. There are many chapters of Bankruptcy but the most common are Chapter 7 and Chapter 13.
Chapter 7 Bankruptcy will wipe out all of your unsecured debt and give you a fresh financial start. What is unsecured debt? This includes debts such as credit card debt, medical debt, utilities and even reinstatement fees. Chapter 7 will allow you to get rid of all your unsecured debt and a fresh financial start. Under Chapter 7 Bankruptcy you will be able to keep your home and your vehicle, as long as you are current on your payments. The creditor will want you to sign a reaffirmation agreement which deems this debt non-discharged through your bankruptcy, you continue to make your payments and the creditor will continue to report your payments and you retain the collateral just as if you did not file bankruptcy on this debt.
Chapter 13 Bankruptcy is designed to help you retain your home or your car if your are behind on payments. Under a Chapter 13 Bankruptcy you will repay a percentage of your unsecured debts. You can retain your home, even if a foreclosure has been filed. Chapter 13 will stop a foreclosure, it will allow you to make up the payments you are behind over a three to five year period. It will also stop a car from repossession and allow you to make the missed payments over the same time period. Chapter 13 can help you get back on your feet and also give you a fresh financial start.
Bankruptcy is not the end of the world! It can be a great help. It does not hold the old stigma as in the past, in the economy today it is very common. If you want to have credit you will be surprised at the amount of credit offers you will receive once you file for bankruptcy protection. Creditors know you cannot file a full bankruptcy for eight years, so you are low risk to them.
For more information check out our website at www.middletown-bankrutpcy.com
At our Middletown, Ohio office we offer a free consultation. Call today to find out if bankruptcy is the answer for you to create a fresh financial start in the new year.
Call our Middletown, Ohio Bankruptcy Attorney today for your free consultation.