Ohio Personal Bankruptcy Attorney
Restoring hope amid piles of debt
A bankruptcy attorney in Ohio from the QuickJD Legal Portal can help individuals file personal bankruptcy in Ohio and emerge from seemingly endless debt. Trying to climb your way out of debt can be very frustrating. As the phone calls from creditors and collections agencies reach a cacophony, people in debt may have to acknowledge that their financial situation is heading too far in the wrong direction and that legal intervention is necessary.
There are many reasons why individuals consider personal bankruptcy in Ohio:
- Recent loss of employment
- High medical bills
- Receive "automatic stay" protection against creditors and collections agencies
- Prevent repossession of certain property
The featured bankruptcy attorneys in Ohio intervene on behalf of debtors to reverse their financial woes. If you are losing hope, contact a bankruptcy attorney in Ohio, to learn about obtaining a fresh start. Filing bankruptcy in Ohio may be right for you.
Deciding between types of bankruptcy
As an individual, you have two main bankruptcy options.
Chapter 7 bankruptcy
Chapter 7 bankruptcy is the most common type filed by individuals in debt. Also known as liquidation, a successful Chapter 7 bankruptcy results in the discharge of your debts and liquidation of all non-exempt assets, which are distributed to creditors by a Trustee. Importantly, exempt assets can include your home up to a certain value in equity. Chapter 7 can be viewed as providing a "fresh start"; however, your Chapter 7 bankruptcy case will remain in your credit history up to ten years.
In 2005, the U.S. Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which made it more difficult for debtors to qualify for Chapter 7. Now, individuals must pass a "means test", which compares your average monthly income with the median income of your state. If your income is more than the median, then you may be ineligible.
Chapter 13 bankruptcy
Chapter 13 bankruptcy is reserved for individuals who have sustainable incomes. When debtors file for this type of personal bankruptcy in Ohio, they must formulate a schedule to pay back creditors, which has to be approved by creditors. Chapter 13 is for those people who could be able to pay back their loans over time or those who do not qualify for Chapter 7. Chapter 13 can enable you to avoid losing nonexempt assets that would be liquidated in Chapter 7 and it can provide a chance to repair delinquent mortgage payments.
