What You Need To Know About Chapter 13 Bankruptcy Ohio

By Judy Sullivan


When considering filing for chapter 13 bankruptcy Ohio dwellers must first acquaint themselves with the facts involved. The majority of people who find themselves drowning in debt prefer this chapter over Chapter 7. One of the major advantages is that your assets would not have to be sold off. You can keep what you own under the agreement that you follow the repayment plan that will be proposed.

Before you begin the process of filing for bankruptcy, it is important that you seek the expertise of a lawyer who specializes in this field. Take note of the fact that the entire process could be overwhelming and complicated, especially if you are not well conversant with matters of the law. Usually a person who opts for this instead of chapter 7 is bound to pay more in terms of attorney fees.

Chapter 13 is both sophisticated and time consuming. The entire process could go on for three to five years. During this period, a lot of analyzing and negotiating with creditors would take place in order to shape your future financial freedom. This is what makes the attorney fees to be steep. In clause 7, things are not very complicated. The process takes a few months before it winds up.

This arrangement gives one a chance to start afresh. You would have to reorganize your finances and repay your creditors over a certain proposed period. Normally, your income would be analyzed in order to know what could be used towards debt settlement. Depending on the calculations that will be made, some unsecured debts may be scraped off.

Since not everyone with money issues qualifies to file for bankruptcy, it will be vital to seek the views of a competent attorney. Let the expert analyze your situation and advise you on the best way forward. Take note of the fact that there are requirements that must be met. The key requirement is that you should be genuinely willing to settle things out with the people you owe money.

Once you are declared bankrupt, you will be appointed a trustee. The expert will handle all the queries and concerns of creditors. No one would have the rights to confront you directly even if you owe him or her millions of dollars. In case the trustee realizes that your plan arrangement is not suitable, he or she can decide to raise these concerns in a bankruptcy court. The intermediary will also manage the monthly payments you make and determine the manner in which payments would be made to creditors.

Talking to a financial advisor would be important. Let the expert analyze your debts and income and advise you whether bankruptcy would be the best resort. Before you present your petition in court, you would need to be sure that this is what is best for you.

Before filing for Chapter 13 bankruptcy Ohio residents should think carefully. Usually this should come as a last alternative. Remember that there are certain records that would reflect on your credit score. This would make it hard for you to get loans from other credit companies. The worst part is that the process would be federal. In this respect, your assets, liabilities and income would be made public




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