If you have run in to financial difficulty and the creditors are now calling you night and day, you may need to consider filing for bankruptcy protection. There are two bankruptcy options that are available to individuals, and those are chapter 7 and chapter 13 bankruptcies. Each one has its own specific requirements that must be met before they can be utilized by an individual. A Bankruptcy Lawyer Tipp City OH will explain the bankruptcy laws to you and will determine which option will work best for you.
Chapter 7 bankruptcy is the most common type of bankruptcy for individuals. It is also the easiest to qualify for. Chapter 7 is for individuals who have a limited income and limited debt. You will be required to liquidate all of your non-exempt property, including cars, homes, and most personal property. The proceeds from the liquidation will be used to pay off as much of your debt as possible. Any debt that is left owing will be forgiven when the bankruptcy is discharged. Your creditors will not be allowed to attempt further collection efforts.
Chapter 13 bankruptcy is for individuals and some businesses that have a reliable source of income and an increased amount of debt and assets. The benefit of filing for chapter 13 bankruptcy protection is that you will keep all of your assets, including all personal and real property. You will, however, be required to enter into a repayment agreement with your creditors. During the repayment period, which is usually about three to five years, you will be required to make court ordered payments to a bankruptcy trustee who will ensure that those payments are directed to your creditors. Once the repayment period is over the remaining debt will be forgiven and your bankruptcy will be forgiven. Shipman, Dixon & Livingston Co. L.P.A. will work with you throughout the entire process.
As soon as you realize that you cannot get out of debt you should sit down with a bankruptcy attorney. Your attorney will make sure that the harassing phone calls end and that you receive the help you need to get back on your feet. Visit us website for more information.
