A Bankruptcy Attorney In Cincinnati OH Can Put You On A Path To Financial Freedom

When an individual has no money to pay their medical, car, or credit card debt after paying their rent or living expenses, they should consider speaking with a Bankruptcy Attorney in Cincinnati OH. The amount of income an individual has each month will determine what type of bankruptcy they are eligible to use. If an individual’s home is in foreclosure or their car is being repossessed, bankruptcy can stop them from losing their car or their home. Emergency bankruptcy can be filed the same or next day to stop a garnishment or foreclosure. Bankruptcy can reconnect your utilities, restore driving privileges from an uninsured accident and discharge tax debt that is more than three years old.

Chapter 7 bankruptcy is a solution for individuals who have a limited source of income and a large amount of unsecured debt like credit cards. This type of bankruptcy will be assigned a trustee who will liquidate any assets that are not exempt from bankruptcy. Filing Chapter 7 automatically stops most collection actions against a debtor, who is the person filing for bankruptcy. The trustee will also hold a meeting of the creditors. The individual filing bankruptcy will be put under oath and creditors can ask them questions. The individual must attend the meeting to answer any questions about their property of financial situation.

Chapter 13 bankruptcy is ideal for individuals who have assets and a source of income. This type of bankruptcy allows an individual to retain their assets while restructuring their debt. If an individual has a second mortgage, Chapter 13 will cancel it if an individual has negative equity. Chapter 13 allows a partial repayment plan over a three to five year period. An individual’s car that is more than 2 1/2 years old can be lowered, and wage garnishments can be eliminated. A Bankruptcy Attorney in Cincinnati OH offers a free consultation to discuss bankruptcy options. Both types of bankruptcies require an individual to attend credit counseling. A certificate of completion must be submitted with a bankruptcy petition.

If you find yourself swimming in debt, bankruptcy can provide the relief you need from harassing collection calls. Get more information by visiting an experienced bankruptcy attorney today.