Ohio Chapter 13 Bankruptcy Attorney
Ohio's QuickJd.com Legal Portal
Also known as wage earner bankruptcy, Chapter 13 bankruptcy in Ohio is the most common choice when you are earning an income and meet other requirements. Under Chapter 13, you create a formal plan to repay all or part of your debt over a period of three to five years.
This is unlike Chapter 7 Bankruptcy, where most debts are eliminated without repayment. But, under Chapter 13, you can keep more of your property and assets. In addition, filing Chapter 13 is a more complex process than Chapter 7. However, as you work through your plan, you move closer to the fresh start you need for a secure life.
What Ohio Chapter 13 Bankruptcy can do for you
Chapter 7 may be a quick approach, but when you file Chapter 13 bankruptcy, you look forward to a brighter future. Chapter 13 is a good option for you if you have regular income to cover your monthly expenses, but you cannot keep up with your scheduled payments. It offers these benefits:
- You can avoid foreclosure on your home.
- You can keep your car.
- You can keep your home or other property when you have significant equity.
- You can protect co-signers.
- You can satisfy your moral desire to pay off your debts.
Dayton Ohio Chapter 13 bankruptcy lawyer, Adrian King understands the details of Ohio’s bankruptcy laws and knows how to make the strongest filing to help you retain your valued possessions and rebuild your life.
Determining If Chapter 13 in Ohio is right for you
Chapter 13 bankruptcy in Ohio might be the right option for you if, after reasonable monthly expenses, your income will permit you to apply additional money toward outstanding bills. Your repayment schedule must be arranged so you will eventually be able to fully pay off priority claims such as back taxes and child support.
Determining whether you qualify for Chapter 13 in Ohio can be a daunting process, so you need a Chapter 13 attorney in Dayton who knows how to look at your financial situation and make this determination. The Chapter 13 lawyer, Adrian King is experienced in handling both Chapter 7 and Chapter 13 bankruptcy. He will help you determine which bankruptcy process is the right choice for you.
Establishing a repayment plan
When you qualify for Chapter 13, your repayment plan must meet numerous requirements. Just a few of the Chapter 13 requirements include these:
- Secured and unsecured debt must fall within the law’s specific limitations, which change to adjust to the change in the consumer price index.
- Your repayment plan cannot exceed five years if your monthly income is greater than your state's median income, y.
- Your plan must pay off certain priority claims first. Examples include those claims that are required to be paid in full, like past due child support or tax bills.
- The plan must divide the funds remaining after the priority claims have been satisfied and apply those funds to unsecured creditors. Those unsecured debts can be potentially paid off for as little as 10 percent of the total balances.
As soon as you file your paperwork with the bankruptcy court, an automatic stay goes into effect. This means that creditors can no longer contact you directly, and they cannot stake a claim on any of your property.
Adrian King is a Chapter 13 bankruptcy attorney in Dayton who knows the details of Ohio’s complex bankruptcy laws. His repayment plan will meet all requirements and set you up for success.
Understanding the court process
The court defines the processes that need to occur as part of a Chapter 13 filing, including the following:
- A trustee is appointed. The trustee’s job is to review your paperwork and ensure that your creditors are paid fairly and to the greatest degree possible.
- A meeting is set up between you and your creditors. The creditors’ attendance may be optional, depending on the status of negotiations with them
- A plan confirmation hearing is held before a judge. The judge must decide if all requirements have been met before deciding whether to confirm or deny the repayment plan
The Quickjd.com Legal portal can present a Chapter 13 bankruptcy attorney in Dayton Ohio who knows the details of Ohio’s complex bankruptcy laws. We can create a repayment plan that meets all requirements and set you up for success.
