Even those with strong money management skills can find themselves facing serious financial problems — a serious illness, job loss, or lawsuit can be all it takes. If your debt is damaging your future, it’s time to contact a Columbus bankruptcy lawyer.
Bankruptcy can help you discharge or restructure your debts so you can start building financial stability. The right attorney can help you decide whether declaring bankruptcy is the best option for your situation.
Why Choose Us?
If you’ve discussed possible bankruptcy with friends and family, they may have told you to get an attorney. Seeking legal counsel is good advice, but you shouldn’t just choose the first bankruptcy lawyer you find — you need an experienced representative who is committed to getting the best possible outcome for you. Here are a few reasons to consider working with Fesenmyer Law Offices, LLC:
- We take the time to help you determine whether bankruptcy is the right choice for you.
- Attorney Thomas M. Fesenmyer has been practicing law since 2001 and has personally filed thousands of cases.
- When choosing our firm, you will be working directly with the attorney who will be handling your case.
- We represent clients across central and southwestern Ohio.
Our team aims to do more than help you navigate bankruptcy. When you work with us, we do our best to help you move toward a better financial future.
Bankruptcy: The Basics
If you’re an individual declaring bankruptcy, you have two primary options:
- Chapter 7 is best for those with low income and few assets.
- Chapter 13 is best for those with a steady income and assets they want to keep.
Here’s a closer look at each option.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most common kind of individual bankruptcy. However, in order to qualify, your income must be lower than Ohio’s median income (for your household size). This kind of bankruptcy discharges most types of unsecured debts, such as credit card debt, personal loans, medical bills, and payday loans.
It’s important to note that Chapter 7 bankruptcy generally won’t discharge debts like student loans, most unpaid taxes, and past-due child support or spousal support.
Your debts are usually discharged within 4 months of the filing of your case, and you can start rebuilding your credit right away.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is often called a “wage-earner’s plan” because it’s best for those who have a steady income. Declaring Chapter 13 might be a good choice if you make too much money to declare Chapter 7 bankruptcy. It’s also best for people who have assets they want to keep that are above the exemption levels for a Chapter 7.
Chapter 13 bankruptcy does not simply discharge your debts. Instead, it involves “reorganizing” your debts. You and your bankruptcy attorney must submit a repayment plan to the court. Depending on your income, Chapter 13 repayment plans last three to five years. After the conclusion of your payment term, the remaining dischargeable debt is discharged.
Are you considering bankruptcy? Call Fesenmyer Law Offices, LLC at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati) to book your free consultation with an Ohio bankruptcy lawyer today.
How Do You Rebuild Credit After Bankruptcy?
Time, Patience, and Good Habits All Make a Difference
Bankruptcy can give you a clean financial slate. However, before you finalize your bankruptcy, you should have a plan for developing healthy financial habits and rebuilding your credit. These are some credit-rebuilding strategies to implement after your bankruptcy:
- Maintain a positive repayment history.
- Consider a secured credit card or a credit-builder loan.
- Create a budget and stick to it.
- Stay away from high-interest debt.
- Check your credit report to make sure the discharged debt isn’t still showing up.
- Keep your credit utilization low.
- Consider asking someone with good credit to make you an authorized user on their credit card account.
Our team wants to see our clients succeed after bankruptcy. We can offer post-bankruptcy advice and recommend resources to help you continue to build financially sound habits.
FAQ
Many of our clients come to us with questions about the bankruptcy process. These are some of the most common questions we hear:
Should I wait until I’m in serious debt before declaring bankruptcy?
No — we believe that you don’t have to wait until you’re drowning in debt to declare bankruptcy. When you schedule a free consultation with us, we can help you decide whether bankruptcy is the best way forward or not and discuss the pros and cons with you of filing now versus waiting.
How long does bankruptcy damage your credit?
Generally, bankruptcy will stay on your credit report for 7–10 years. However, during those years, there are steps you can take to rebuild your credit.
How much does it cost to work with a bankruptcy lawyer?
That depends on whether you declare Chapter 7 or Chapter 13 bankruptcy, the complexity of your debts, and other factors. At your free initial consultation, we can review your case, give you a quote, and explain our fee structure in more detail.
Am I required to have a lawyer to declare bankruptcy?
There is no law requiring you to hire a lawyer when declaring bankruptcy. However, bankruptcy law is extremely complicated, and even a small mistake might result in your case being dismissed.
Are You Overwhelmed With Debt You Can’t Pay?
There’s a Brighter Future Ahead — Let Us Help You Find It
Once you’ve accumulated debt, getting out of it can seem impossible. However, you have options, and Fesenmyer Law Offices, LLC is here to help you explore them. Whether you decide that declaring bankruptcy is your best option or choose another route like debt settlement, we’re here to guide you as you find financial freedom.
Don’t let debt consume your life. Call us at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati) to get started with a free consultation.
