Bills can get out of hand very easily through divorce, death of a spouse, a serious illness, or many other reasons. Whenever someone’s bills have become too much to pay, they should speak with a bankruptcy lawyer in Hamilton OH. They offer the legal help clients need to achieve relief from their financial problems. Chapter 7 and Chapter 13 bankruptcies are options to restructure or eliminate their debt. One form of bankruptcy is utilized when an individual doesn’t have a source to repay the debt and the other is used for repayment of the debt over a period of time.
For either type of bankruptcy, the individual must receive credit counseling from an accredited agency. A petition with the court must be filed and include all of the supporting documentation that details assets, debts, income, and expenses. A creditor’s meeting will take place, and the petitioner will be put under oath and asked questions about their financial situation. There are allowances that the bankruptcy court will permit an individual to use on their application. Bankruptcy can stop foreclosure on a home as well as prevent harassing telephone calls and wage garnishments. Child support, student loans, and taxes cannot be eliminated through a bankruptcy filing.
The rules and regulations to eliminate excessive debt can be incredibly confusing to understand without the legal advice of a Bankruptcy Lawyer in Hamilton OH. Chapter 13 bankruptcy requires a repayment plan to be submitted with a bankruptcy petition that was created during the mandatory credit counseling. The repayment plan requires an individual to make regular monthly payments for a period of time. After the payments have been completed, the remaining debt will be forgiven through the bankruptcy court. This type of bankruptcy allows filers to retain their assets.
Chapter 7 is a complete liquidation of assets that are owned less the exemptions permitted under the law. Individuals with a lot of unsecured debt, especially credit card debt, and no source of income can find this type of bankruptcy very helpful. A bankruptcy lawyer does not judge someone that needs help getting their finances under control. Please click here to find out how a lawyer can help you today.
