We are bankruptcy attorneys located in Middletown, Ohio. Our primary practice is focused on Chapter 7 and Chapter 13 bankruptcy filings.
Are you struggling with debt, looking for a way out of debt. The feeling can be overwhelming.
Worry to check the mail box or answer the phone. Looking for a way out of debt! You are not alone most Americans struggle with debt and the struggle is real! There is no reason to be ashamed, medical debt, divorce, job loss or just bad judgment no matter the reason debt can happen and it does every day to millions of people. Things can happen to cause debt to get out of control that are usually out of your control but then you must find a way out debt.
SHOULD I CASH IN MY RETIREMENT TO PAY MY DEBT?
The straight up answer here is NO! This is a bad idea! You have worked hard and saved up your retirement for your whole life. Your retirement is just for that, your retirement. Funds you will need as you grow older and will no longer be able to run the race everyday like you do now. Most likely you are currently employed which provides funds for your needs just as your retirement funds will provide for your needs in the future. If you are already retired then you needs these funds now, these are your funds to provide for your needs, you need these funds, do not cash them in to pay debts.
Bankruptcy may be available for you. Under the federal code your retirement funds are protected. You can file for bankruptcy protection and keep your retirement accounts for when they will be needed..when you retire.
WHAT IS BANKRUPTCY?
A federal code set up which will allow a debtor to discharge all of their unsecured debts. Once a discharge is issued creditors can no longer collect on debts included in the bankruptcy. You do not have to pay any of these debts and you do not need to report the filing to the IRS as income. There are two main chapters filed by most consumers which are Chapter 7 and Chapter 13.
Chapter 7 is the most common bankruptcy filing. It goes by many names, Chapter 7, straight bankruptcy, simple bankruptcy, liquidation bankruptcy and so forth. In a Chapter 7 you will be able to discharge all of your unsecured debts. If you have secured items you would like to keep such as a home or vehicle you will be able to reaffirm on these debts through your case. Chapter 7 is sometimes referred to as a liquidation bankruptcy because the trustee in a case may liquidate some of your assets, however, most assets are protected under the state exemption levels.
Chapter 13 is designed for those who are over income for Chapter 7 or who are behind on their homes or vehicles. Chapter 13 is a repayment plan. Under Chapter 13 you will have three to five years to make up payments you are behind on your home or vehicle. The trustee will make these payments for your. You will pay back a percentage of your debts to your unsecured creditors. You will receive a discharge at the end of your case.
For more information check out our website at www.middletown-bankruptcy.com.
Contact your Middletown, Ohio bankruptcy attorney to see is bankruptcy is the right decision for your.