Debt problems have increased over the last 20 years, and finding a solution to them begins with a visit to a bankruptcy lawyer in Hamilton, OH. Someone is not a failure in life because their debt became out of control. Sometimes these things occur due to job loss, illness, injury, or death of a spouse or loved one. It is a debt solution to solve the financial crisis someone is in and it is legal. There are a variety of steps that will need to be followed before someone can complete the bankruptcy process.
For chapter 7 or chapter 13 bankruptcy filings, everyone has to receive credit counseling from an accredited agency. A bankruptcy lawyer in Hamilton, OH will file the petition, supporting documentation that details the assets, debts, income and expenses. A creditor’s meeting will be held and the debtor will be put under oath and asked financial questions by the trustee and creditors that are at the meeting. When the bankruptcy is approved, any non-exempt assets that can be sold to pay the debt will begin. There are many exemptions available to someone that is filing for bankruptcy. An attorney will determine which ones they qualify for before filing their paperwork.
Chapter 7 bankruptcy is a complete liquidation of assets after the personal exemptions have been applied. A means test will measure someone’s income against other people in Ohio and the level of disposable income someone has available. A chapter 13 bankruptcy requires someone to submit the proposed repayment plan they received at the completion of their credit counseling session. This must be filed with the bankruptcy petition or the process will not proceed. Once the bankruptcy process begins and someone is represented by a lawyer, the harassing telephone calls will stop. Certain items cannot be discharged by a bankruptcy such as a child support, spousal support, student loans and certain taxes.
If you’ve found yourself over your head in debt with no relief in sight, schedule an appointment with an experienced bankruptcy attorney today. There are several solutions to the problem and in some cases, foreclosure on a home will be stopped and you can find out more about life after bankruptcy.