If you are being buried in debt and harassed by debt collectors, it may be time to consider bankruptcy. Ignoring the issue will not make it go away and the longer you wait could put your home, property, vehicle, and income at risk. The decision to file is not a simple or easy one, and you will need support and guidance to decide if it is right for you. Don’t let an illness, divorce, loss of employment, or even bad decisions keep you from finding debt relief. Find Bankruptcy Attorneys in Dayton Ohio who can explain the process and answer any questions you may have.
When filing for personal bankruptcy you can choose between a chapter 7 or chapter 13. They are very different and care must be taken to choose the one that best fits your situation and long term goals. You may be able to stop a foreclosure on your home and keep your property.
Chapter 7
A chapter 7 bankruptcy allows for the discharge of the majority of your debt with no extended payment plans to complete. Unsecured debt such as credit cards and medical obligations are eliminated. In a many cases you can keep your home and personal property. Any civil actions that are currently pending are put on hold or dismissed. Filing immediately stops garnishments of your wages, restoring needed income. In most cases student loan responsibility, back child support, or tax liens are not dischargeable.
Chapter 13
Chapter 13 bankruptcy allows those who don’t qualify for a chapter 7 or those who have a large amount of equity in property to reorganize their payment structure over a period of 3 to 5 years. You may be able to keep your home and car. In some cases your unsecured debt may be erased and your attorney fees added into your monthly payments, reducing the need for upfront payment. You can add your student loan payments or tax debt into the restructured plan. Your current debt payments may be reduced or extended for a longer period of time allowing you to better handle your debt and regain stability.
Whether you are just looking into filing or have made the decision to move forward find Bankruptcy Attorneys in Dayton Ohio to answer your questions and guide you through the process.
