Though bankruptcy should not be considered lightly, it is a viable option for those who truly need help for their debts. If you have contacted your creditors to make arrangements and have done all you can to overcome your debts with no positive results, you may want to consider Bankruptcy in Hamilton OH. Through the help of an attorney, you can learn more about your options for filing so you can make an informed choice for your financial needs.
Individuals and married couples have two options for filing bankruptcy. Your first option is chapter 7. Chapter 7 bankruptcy is for those who are in over their heads with consumer debts. In this type, there are some requirements you will need to meet. You will first need to go through the means test. This test will take your income into account, to make sure it is low enough for you to be considered worthy of filing. In chapter 7, any non-essential property is sold to pay off your debt. The vast majority of people have their debts absolved because all of their assets are exempt from liquidation.
If chapter 7 is not right for you, your attorney may decide to file chapter 13. In this type, there are no income requirements. You simply list all of the debts you owe, no matter the size. Each debt listed protects you from being pursued by the creditor. You will pay a payment to the court each month that will be dispersed among those creditors you owe. This type of bankruptcy can take between two and five years to be accomplished, depending on the amount of debt you owe. With chapter 13, you will not be required to sell any property.
If you are tired of being stressed about debts you cannot pay, consider Bankruptcy in Hamilton OH. Visit Dean Snyder Attorney At Law and allow him to help you with your debts. He can speak with you about your financial situation and help you decide which bankruptcy option will be best for you. This can empower you with knowledge so you can make the best decision for your needs.
