If you live in or near Dayton, Ohio, and you find yourself overwhelmed with debt, harassed by creditors, and considering bankruptcy as an option, what do you do? What types of bankruptcy are there, and how do you even know if bankruptcy is right for you? Can you do it on your own, or should you have legal assistance?
The decision to file for bankruptcy is a difficult one and not to be taken lightly. However, if your financial situation has become so bad that you are facing foreclosure, repossession of your property, and garnishment of your wages, filing for bankruptcy may be the best way to stop these procedures and give you a fresh financial start.
Because each situation is different, it pays to consult with a bankruptcy lawyer who knows the intricacies of the courts, the judges, and the system. The skilled and compassionate Ohio debt-relief attorneys at Fesenmyer Cousino Weinzimmer understand that financial difficulties can happen to anyone and have helped thousands of families in the Dayton area. We know what you are going through and offer a free consultation to evaluate your financial situation and develop a plan that is best for you.
To start, you need to understand what bankruptcy is and whether you qualify. There are two major types of personal consumer bankruptcy — Chapter 7 and Chapter 13.
Chapter 7 is the most common form of bankruptcy, and it will eliminate most or all debts, but you can use it only once every eight years. It’s quick — over in a few months, so you can begin rebuilding credit. There are exemptions listing types of property that are protected in a bankruptcy, but it is advisable to consult with an attorney to confirm that your particular property is protected. Exemptions can include clothing, cars, equipment used for work (like tools) and household furnishings. If you do not own a great deal of property, your possessions may all be exempt, qualifying you for a “no asset” case.
Not everyone is eligible for Chapter 7 bankruptcy protection. Your income and debt will be subjected to something called a “means test” to determine whether you qualify. The means test takes into account:
If your average monthly income for the past six months is below the Ohio median for your size household, you meet the requirements (section 707(b)(2)) to qualify for Chapter 7. You can review the median income levels at https://www.justice.gov/ust/means-testing.
If you are not eligible for Chapter 7, filing for Chapter 13 is an option. Under Chapter 13 bankruptcy, you can consolidate payments to repay some or all of your debt affordably over a three- to five-year period. This plan is best for those who don’t qualify for Chapter 7 and who want to keep an asset such as a car or a house. Harassing calls and letters from creditors stop, and once you successfully complete the payment plan, dischargeable debts covered by the plan are eliminated.
Be aware that exemption laws do not protect all property; a bankruptcy filing does not discharge all types of debts, and there are some creditors that may be able to seize your property. The attorneys at Fesenmyer Cousino Weinzimmer understand each of these distinctions and can provide the best legal advice to protect your assets and provide financial freedom.
Bankruptcy is not for everyone, but if it is right for your situation, you need a qualified attorney that can help put you on the road to financial freedom. The bankruptcy lawyers at Fesenmyer Cousino Weinzimmer are dedicated to assisting people through personal bankruptcy in Dayton and have a complete understanding of Ohio Bankruptcy law.
Ohio exemption laws do not protect you from every debt or creditor. There are “nondischargeable” debts that may include child support, most student loans, most tax debts and debts incurred as a result of fraud or theft. Also, secured property used as collateral, such as for a car loan or house mortgage, can still be taken.
If you live in or near Dayton and are contemplating filing for bankruptcy, you don’t have to face this complicated process alone. The Ohio personal bankruptcy attorneys at Fesenmyer Cousino Weinzimmer offer a free consultation to help you find the right plan for eliminating or repaying your debts, and we will guide you through each step of the process. Take the first step towards relief and CONTACT US TODAY FOR A FREE INITIAL CONSULTATION THAT will:
We provide you with a personalized case evaluation and counsel regarding debt-relief options that you qualify for, including Chapter 7 bankruptcy, Chapter 13 debt reorganization, debt settlement negotiations with creditors, and foreclosure defense for mortgage holders. We will work with you to know your options and help you decide on the path to a brighter future that makes sense in your individual case.
Delaying can only make your situation worse, so call one of our conveniently located office branches at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati) or email today to set up your free consultation so we can determine what debt relief solutions will work best for you.
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