When an individual feels as though they’re never getting ahead because of the mounting bills they face every month, a Bankruptcy Attorney in Cincinnati OH can offer the relief an individual needs to eliminate this worry from their daily lives. When bills become overwhelming, there are financial solutions that offer the freedom an individual needs from this burden. A bankruptcy attorney will help an individual decide if they should proceed with financial counseling or file bankruptcy to protect their assets. The two popular types of bankruptcy could allow an individual to retain their house and car or restructure their debt.
What Is Bankruptcy?
Bankruptcy is a legal process to provide individuals with the financial free they need from mounting debt. It can stop foreclosure on a home, repossession of an automobile, taxes and other types of debt. In some cases, individuals will be able to keep their home, car and many other assets.
Chapter 7 Bankruptcy
In this type of bankruptcy, a trustee will be appointed to liquidate the non-exempt assets of a filer. Chapter 7 is ideal for individuals who do not have many assets and who have a lot of unsecured debt like credit cards. This type of bankruptcy will completely erase all of an individual’s debt except for child support, certain taxes, and spousal support or alimony.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy differs from Chapter 7 because it allows a partial repayment of the debt over a three to five year period. The payments will be based on what money an individual has left after paying for their living expenses. In addition, it can cancel the second mortgage if there’s negative equipment, stop IRS collection, lowers car payments or loans that are older than two and a half years and much more.
A Bankruptcy Attorney in Cincinnati OH with 28 years of experience provides a free consultation to review which type of bankruptcy an individual may be eligible for. You will also have to receive certification of the credit counseling program before a bankruptcy can be filed. You can get a fresh start and eliminate the debt that’s become a burden. Visit our website to find out more.
