Cincinnati Ohio Chapter 7 Bankruptcy: Affordable Help to Stop Debt Stress
Divorce, job loss, sudden illness, and other events that are beyond an individual’s control frequently cause debt problems. These events often force people to over-rely on credit cards and other kinds of unsecured debt. The average credit card interest rate is 22 percent. So, this approach isn’t sustainable for more than a few months. At that point, most people fall behind on payments, debt collectors start calling, and the situation gets even worse.
The experienced Cincinnati Chapter 7 bankruptcy attorneys at Fesenmyer Cousino Weinzimmer help people regain control over their own finances. Chapter 7 stops creditor harassment, protects a family’s most important assets, and discharges most unsecured debts. That’s just the start. Our Hamilton County Chapter 7 lawyers also know how to unlock advanced bankruptcy features that could save your family thousands of dollars and maximize your fresh start.
What Is Chapter 7 Bankruptcy in Cincinnati? A Guide to Debt Relief
An Experienced, Caring Cincinnati Chapter 7 Lawyer Can Guide You Through the Bankruptcy Process
If you’re considering declaring bankruptcy, it’s important to understand the process and to team up with the right Cincinnati Chapter 7 bankruptcy lawyer. Declaring bankruptcy can offer you certain protections while helping to realign your financial future.
Don’t let debt continue to control your life. Find out how a Cincinnati Chapter 7 bankruptcy attorney can get your finances and your future back on track. Call us today at 877-654-5297 to get started.
Chapter 7 bankruptcy is a type of bankruptcy that quickly clears debts that are not tied to financial assets like your home or car. Chapter 7 bankruptcy is ideal for debtors with substantial unsecured debt. Unsecured debts include credit card debt, medical debt, personal loans, and other types of debt that are not backed by collateral or assets.
If your income is too low to repay these growing debts, declaring Chapter 7 bankruptcy will allow you to wipe the slate clean, so to speak, by discharging these debts. Chapter 7 bankruptcy, also called liquidation bankruptcy, leaves little to no debt remaining. By working with a Cincinnati Chapter 7 lawyer, the liquidation bankruptcy process can often be completed within a few months, after which collectors and creditors can no longer pursue you for debt repayment.
Filing Chapter 7 Bankruptcy? Essential Steps to Protect Yourself
Let Our Chapter 7 Bankruptcy Attorney Walk You Through the Process and Provide Reassurance
Choosing to declare bankruptcy is not an easy decision, and it is often not the first option people choose. However, it can still be a sound financial move, especially if your Cincinnati Chapter 7 attorney believes that bankruptcy can help you regain your financial footing. Before declaring bankruptcy, keep the following tips in mind.
- Contact a Chapter 7 bankruptcy lawyer in Cincinnati. By teaming up with an experienced and affordable Chapter 7 bankruptcy lawyer from the get-go, you can be sure you’re making the best decisions about your finances. The bankruptcy process can also be complicated, with filings, paperwork, and court appearances. Let a skilled Chapter 7 bankruptcy attorney keep you on track.
- Organize and track your debt. It’s important to fully grasp the extent of your debt and the types of debts you’re dealing with. Be sure to track down the amount of your debt, where it’s coming from, and your debt history as precisely as possible based on your financial records and information.
- Know your debt and income amounts. If you have multiple forms of debt, it’s important to know some details about this debt, such as the total amount of debt. It’s also necessary to know your income and to add up all sources of income. Having specific information will help your Cincinnati Chapter 7 bankruptcy lawyer best understand your financial situation and how they can help.
- The sooner you act, the better. If your debt is only growing, the time to take action is now. While declaring bankruptcy is often not anyone’s first choice, if you’re accruing more debt, declaring bankruptcy may be your best option. If you’re considering declaring bankruptcy, let a Hamilton County Chapter 7 bankruptcy attorney help you with filing and ensure that you’re making the best moves financially.
Qualifying for Chapter 7 Bankruptcy
Most people meet the qualifications for Chapter 7 bankruptcy. The formal requirements include a pair of financial management classes. Debtors must take a pre-filing class and a post-filing class. These courses, which are usually available online, take less than an hour to complete.
Formal Chapter 7 requirements also include the means test. Your attorney will complete something called a Means Test, which calculates your monthly Income and Expenses, and determines if you are within the parameters to qualify for a Chapter 7. If your income is too high to qualify, you may still be able to get bankruptcy relief through a Chapter 13.
Understanding Dischargeable and Non-Dischargeable Debts in Bankruptcy
Which Debts Can Be Discharged? Our Cincinnati Chapter 7 Bankruptcy Attorneys Can Explain.
Chapter 7 bankruptcy is used to discharge non-secured debt like credit card debt and personal loan debt. However, certain debts are priority unsecured debts, which are usually not dischargeable. These obligations include:
- Past-due income taxes
- Alimony payments
- Student loans
- Fees and penalties for certain crimes or offenses
- Child support payments.
For example, student loans are dischargeable in bankruptcy if the debtor has an undue hardship. The law recently changed significantly on this point. So, if you did not think Chapter 7 bankruptcy was a good idea before, a Cincinnati Chapter 7 lawyer should re-evaluate your situation.
FAQs: Common Questions for Your Cincinnati Chapter 7 Bankruptcy Lawyers
Below are several common questions for your Cincinnati Chapter 7 bankruptcy lawyer. You likely have many questions, and the answers below can help you further understand the bankruptcy process and how our attorneys can assist you.
Why do I need a Cincinnati Chapter 7 lawyer when declaring bankruptcy?
Bankruptcy is a complex process requiring knowledge of the law, understanding many complex forms and calculations, and knowing the process and deadlines of filing many forms with the court, as well as follow-up with creditors and the Bankruptcy Trustee. Attorneys skillfully and quickly submit the complex forms that are needed, stand up for you during hearings, and give you solid legal advice throughout the entire process.
That’s especially true given the alternatives. DIY (do-it-yourself) filers must feel their way in the dark, and they have no advocate if things go sideways. Non-lawyer BPPs (bankruptcy petition preparers) can only fill out forms. They cannot advise you about the consequences of these forms, represent you during the process, or give you any legal advice.
Is it time to declare bankruptcy? Can a Cincinnati Chapter 7 attorney help me decide?
As a general rule, if you spend more than about a quarter of your monthly income on credit cards, medical bills, and other unsecured debts, you probably have too much unsecured debt to realistically pay off. Families in these situations essentially have two alternatives. They can hope things get better, or they can partner with a Cincinnati Chapter 7 bankruptcy lawyer and do something about it.
Still, many people are afraid to file bankruptcy. They believe they will lose most or all of their assets and that filing bankruptcy is like admitting defeat. These things aren’t true. Liquidation only applies to nonexempt assets, like yachts and vacation homes. Most people don’t have nonexempt assets. Furthermore, bankruptcy doesn’t end anything. It gives families like yours the fresh start they deserve.
Can declaring bankruptcy and working with a Chapter 7 bankruptcy attorney stop creditors and wage garnishments?
Yes. Both Chapter 7 and Chapter 13 bankruptcy immediately stop wage garnishment, repossession, creditor lawsuits, foreclosure, and most other kinds of adverse actions. Creditors can only bypass this “Automatic Stay” in extreme circumstances. When the judge closes the bankruptcy, the judge also discharges most unsecured debts, which means creditors cannot legally collect them.
Can a Cincinnati Chapter 7 bankruptcy attorney help me keep my home and car?
After declaring Chapter 7 bankruptcy, you can keep your home and your car in most situations. However, you may need to negotiate with lenders to maintain possession of assets like your home and car. A Cincinnati Chapter 7 bankruptcy attorney can help advise you on protecting these assets.
Should I contact a Chapter 7 bankruptcy attorney or a Chapter 13 bankruptcy attorney?
If your income is low and your debt is high, speaking with a Chapter 7 bankruptcy attorney may be your best move. Chapter 13 bankruptcy, conversely, is better suited for individuals with enough income to pay off debt after it’s been consolidated, as opposed to liquidating their debt outright through Chapter 7 bankruptcy. If you’re unsure which version you should file under, our attorneys can help you make the best decision for your situation. We specialize in bankruptcy and are qualified and equipped to handle both Chapter 7 and Chapter 13 bankruptcies.
Why should I choose Fesenmyer Cousino Weinzimmer for my Chapter 7 bankruptcy lawyer?
While there are multiple Chapter 7 bankruptcy lawyers in Cincinnati, choosing Fesenmyer Cousino Weinzimmer means having a dedicated, experienced team on your side. Our personalized service, professionalism, and care for our clients and their financial situations are unmatched. We specialize in Bankruptcy, and therefore we are familiar with the local court system and the ever-changing rules and laws.
If you are thinking of declaring bankruptcy, you likely have many questions for a Cincinnati Chapter 7 bankruptcy lawyer. Don’t wait to contact a Hamilton County Chapter 7 bankruptcy attorney. The sooner you reach out, the sooner our attorneys can help solve your financial situation.
A Cincinnati Chapter 7 Lawyer Is Ready to Help You — Just Call
It’s time to put your debt behind you for good. If that means declaring bankruptcy, our Chapter 7 attorneys who serve Hamilton, Butler, and surrounding counties can walk you through the process. Bankruptcy doesn’t have to be a defeat. Rather, it’s a time for fresh beginnings. Our Chapter 7 bankruptcy lawyers are ready to help you get the fresh start you need to bring your finances under control and keep them that way.
First, we want to get to know more about you and your unique situation. We want to learn more about your financial situation so that a Chapter 7 bankruptcy attorney from our team can help. Call us at 877-654-5297 and ask for a free consultation with our Cincinnati office today.