Filing chapter 7 bankruptcy in Hamilton, OH is one of the options for people who are facing debt in Ohio. Before proceeding with bankruptcy, people will naturally want to know if it is the right choice for them. Understand that every debt situation is different. In order to decide if bankruptcy is the right move for a person, a consultation with a lawyer or some type of debt professional is usually recommended. Prior to a consultation, an individual should try to learn as much about bankruptcy as possible because it’s important to ask informed questions during the meeting.
When filing chapter 7 bankruptcy in Hamilton, OH, people are often concerned about what creditors can take from them. They want to know if creditors have the ability to go after their assets or wages. In most cases, unsecured debts need to go through a court process before any wages can be garnished or assets seized. Some unsecured debts don’t need judgments in court. These debts include tax debts, debts related to child support, and money owed for any student loans. It’s also important for people who get their support from Social Security to know that debt collectors can’t take any of that money. People who are confused about what can be taken from them should meet R. Dean Snyder Attorney or another attorney to get some clarification.
So what can people keep if they file bankruptcy? If a person uses tools for their job, the tools can usually be kept as long as they don’t exceed a certain dollar amount. People in debt are also allowed to keep their pensions. Life insurance may also be protected up to a certain value. Creditors won’t be able to seize any public benefits that a person receives. Those who are going through bankruptcy shouldn’t try to hide any of their assets during the bankruptcy process. This could come back to haunt them if they are caught doing so.
Although bankruptcy isn’t for everyone who is in debt, it can help people under the right circumstances. People who are in debt need to act fast so that things don’t get any worse for them.