Debt is something everyone faces. Most people get into debt wisely and pay off their debt in reasonable time. Though most people are careful getting into debt, some get in over their heads. When unexpected job loss occurs or a person becomes ill or injured, they can quickly find themselves drowning in their debts. When debt becomes too much to pay, many people find the help they need by contacting a bankruptcy Attorney in Hamilton, OH. With the help of an attorney, they can sort out the debts they owe and make a wise decision on how to take care of them.
The first step in getting help with debt is meeting with a bankruptcy attorney in Hamilton, OH. The attorney will require a person to bring in pieces of information on all of the debts they owe, their monthly income and any property they own outside of their essential property. All of this information will be reviewed by the attorney to determine what type of bankruptcy will be most prudent.
There are two main types of bankruptcy that individuals file in the United States. The first type is chapter 7 and allows people to clear their debts in as little as six months. With this type, extraneous property owned, excluding a person’s residential home, car, clothing and furniture, is sold in an auction to raise money to pay the debts owed. If no non-essential property is owned, the court-appointed trustee has the power to absolve the debts.
Individuals also have the option of filing for chapter 13 bankruptcy. With this type, people do not have to surrender any property, but there are some limitations on the amount of debt that can be covered. When a person files for this bankruptcy, they pay a payment through the courts each month to pay down their debts. The period for chapter 13 ranges from three to five years, depending on the person’s income and amount of debt they owe.
Those who feel they have done all they can to get out of debt, yet are still sinking, can Visit Dean Snyder Attorney At Law. Through his help, a person can learn more about their options for bankruptcy so debt relief can be found.