We are bankruptcy attorneys located in Middletown, Ohio.
Are you struggling with debt and do not know where to turn or what to do? What you should do is contact our Middletown, Ohio Bankruptcy attorney for a free consultation to see if bankruptcy can help you out of your current situation.
Bankruptcy laws are designed to help people get out of debt and protect them from the collection practices of creditors. Just because you file for bankruptcy does not mean that you are a bad person, just that you are in a bad financial situation. It does not even mean that you are a financial failure. Before the law change in 2005 even Donald Trump has filed for bankruptcy in the past. The law change of 2005 added more due diligence for attorneys and also implemented income guidelines to file for Chapter 7 Bankruptcy. But even still today some people do not know that you can still file for bankruptcy. Yes, you can receive a discharge in a Chapter 7 or Chapter 13 Bankruptcy.
What is the difference between the Chapters of Bankruptcy. There are several chapters, but the main ones for most consumers is a Chapter 7 Bankruptcy or Chapter 13 Bankruptcy.
Chapter 7 is a bankruptcy designed to discharge all of your unsecured debts and give you a fresh financial start. Chapter 7 is sometimes referred to as a liquidation bankruptcy because the Chapter 7 Trustee may liquidate some of your assets. However, there are exemptions available to protect your assets and most people who file for Chapter 7 are happy to find out that they are able to keep all of their assets while clearing off all of their unsecured debt. If you have secured debt, such as a home or vehicle that you would like to keep, you will just keep making your payments on these items and will most likely sign a reaffirmation agreement. A reaffirmation agreement is a bankruptcy document that you sign which declares the debt non-discharged and guarantees everything stays the same as before you filed for bankruptcy and that the creditor will also report your payments to the credit reporting agencies.
Once you file for bankruptcy protection all collection proceedings must stop. This includes but is not limited to phone calls, mailings, court proceedings and garnishments. You will receive your discharge in approximately 4 months after you file for bankruptcy protection.
If you are over income or behind on a secured debt which you would like to keep, then Chapter 13 Bankruptcy is available for you. Chapter 13 is ofter referred to as a wage earner plan as you must have reliable income to qualify for a Chapter 13 as you will be making monthly payments to the Chapter 13 Trustee and they will be disbursing your monthly payments to your creditors. Chapter 13 will last for 3-5 years. Chapter 13 Bankruptcy will stop a foreclosure or repossesion and allow you to make the payments you are behind over the 3-5 year process.
To find out if bankruptcy is the answer for you contact our Middletown, Ohio Bankruptcy Attorney today for your free consultation.