We are bankruptcy attorneys located in Middletown, Ohio. We specialize in Chapter 7 and Chapter 13 Bankruptcy filings.
WHAT IS BANKRUPTCY
Bankruptcy if a federal code which will allow you to discharge all of your unsecured debts. Discharge means that your debts will be wiped out, you will get a clean financial slate. This is for real. Bankruptcy really does exist and it is not the end of your financial world. It is not like the board game where you lose everything you own. Bankruptcy is actually designed to help you get a fresh financial start and usually all of your assets are protected under the exemptions provided under the bankruptcy code.
There are two basic chapters of bankruptcy available to the general consumer. The most common and most sought after is a Chapter 7. Under a Chapter 7 Bankruptcy you would be able to discharge all of your unsecured debts. These debts include credit card debts, medical debts, utilities you may be behind on. In the State of Ohio you can even file on your drivers reinstatement fees (once in your lifetime). So there are many benefits to filing for Chapter 7.
In Chapter 7 if you want to keep your home or vehicle this is possible. You must be current on your payments to keep these secured debts. It will be up to the creditor to send documentation for you to re-sign your debt called a reaffirmation agreement. Once you sign this reaffirmation agreement and it is filed with the court, this debt would not be discharged through your case and as you continue to make your payments these will be reported to the credit reporting bureaus, therefore, rebuilding your credit.
Chapter 7 can stay on your credit report for up to 10 years. But the important thing to remember after bankruptcy is to make all payments that you reaffirmed on time and not let anything go into collections. You will be surprised at how fast your credit rating will improve just by following these steps.
Chapter 13 Bankruptcy is a repayment plan. Chapter 13 is designed to help you save your home from foreclosure or your vehicle from repossession. If you are behind on your home or vehicle, Chapter 13 can save them. Under the bankruptcy code for Chapter 13, all collection efforts must stop. You would then make your current and the payments you were behind on through your case. You will have a three to five year period to complete this Chapter 13.
Under Chapter 13 you will pay back a small percentage to your unsecured creditors. This percentage will vary based on your individual case. When you complete your case and receive your discharge any remaining balance owed to your unsecured creditors will be discharged just like in a Chapter 7.
HOW TO GET STARTED
Getting started on the bankruptcy process is easy. Just call us at 513-422-2994 and we will be able to set up your free consultation with one of your attorneys. At this consultation the attorney will review with you your situation and advise which bankruptcy chapter would benefit you most.
For more information check out our website at www.middletown-bankruptcy.com
Call our Middletown, Ohio bankruptcy attorney today to see if bankruptcy is the way to your clean financial slate.