Filing for bankruptcy of any kind is something you should seriously consider only as a last resort for debt relief. Various chapters of bankruptcy offer forms of debt relief to suit the needs of the individual. It is designed to help an individual or business start over with little to no debt or to pay off debt in a short time. A bankruptcy attorney in Kent, Ohio can help with getting the paperwork filled out properly and advising you on your specific options for bankruptcy. The following bankruptcy information will discuss Chapter 7 and Chapter 13 options for individuals.
Chapter 7
Chapter 7 may also be referred to as a liquidation bankruptcy. This does not mean you lose everything. Your house, clothing, cars, and certain other assets are exempt. Your initial consultation with a bankruptcy attorney in Kent, Ohio should be free. You will find out if you are eligible for Chapter 7 and what assets are exempt and what you may have to give up to discharge your debt. Some of the paperwork you will need when filing includes the deed to your house (if applicable), title to your car, proof of income, copy of your Social Security card, and a copy of your valid driver’s license.
Chapter 13
Chapter 13 bankruptcy is also known as the wage earner’s bankruptcy. It offers the individual a way to voluntarily pay off debt in a three to five year period of time. You can customize to some extent which debt you want to pay off in this time period. Most people who file for this form of debt relief have a stable income and can make payments in a timely manner. It helps people who are behind on their mortgages or vehicle payments and can improve their financial situation to help with living expenses. Debt is not discharged with this form of bankruptcy until it is paid.
Both Chapter 7 and 13 stop collection calls and correspondence, allow you to improve your credit over time, and allows you start over with your finances. A bankruptcy attorney in Kent, Ohio will be able to tell you which bankruptcy is best suited to your needs. A lawyer will also advise you against bankruptcy and help you with alternatives to your finances when possible. Perduk, Hamey, & Associates Co., L.P.A. Attorneys at Law offer bankruptcy help for individuals and businesses.
