If you are struggling financially and are overwhelmed with debts that have become unpayable, you may need a “fresh start.” Filing for bankruptcy with an Ohio bankruptcy attorney can provide just that. The bankruptcy process can put you on the road to financial recovery.
Below is a brief guide on the bankruptcy process in Ohio. By understanding bankruptcy laws and speaking with our bankruptcy lawyers in Ohio, you’ll be ready for your financial fresh start.
A Closer Look at Filing Bankruptcy in Ohio
1) UNDERSTANDING TYPES OF BANKRUPTCY
The United States Bankruptcy Code and Ohio bankruptcy laws provides different ways for individuals to file bankruptcy. The most common types, Chapter 7 and Chapter 13, have several similarities and differences.
- Chapter 7 bankruptcy: Chapter 7 will eliminate most or all consumer 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.
- Chapter 13 bankruptcy: Chapter 13 involves a repayment plan, under which you can consolidate payments to repay some or all of your debt affordably over a three- to five-year period and avoid fees and fines.
2) TAKE A FINANCIAL INVENTORY
Before filing bankruptcy in Ohio, you must assemble all of your financial information, keep a file with all documentation, and print out all online records. Our bankruptcy lawyers in Ohio can help make sure you have all the needed documentation pertaining to:
- Debts
- Income
- Assets and property
- Monthly household living expenses
You should also gather your tax returns for the last two years, deeds to any real estate, titles to cars, and documents for any loans.
3) DETERMINE HOW MUCH OF YOUR PROPERTY IS EXEMPT
Ohio has a list of property bankruptcy exemptions that includes:
- Real or personal property used as a residence
- Life insurance policies and proceeds
- Certain public benefits and some pensions
- Alimony and child support
- Personal property, including vehicles to a certain amount
- Tools of the trade
- Wages to a certain amount
Exemption figures change regularly, so check the list of Ohio exemptions.
4) COMPLETE CONSUMER CREDIT COUNSELING
You must complete a consumer credit counseling course from an approved agency less than six months before you file your bankruptcy petition.
5) PREPARE AND ASSEMBLE YOUR BANKRUPTCY PAPERS AND FORMS
Your attorney will give you a list of the documents needed to prepare your bankruptcy file and they will go over the bankruptcy petition with you.
6) FILE REQUIRED FORMS WITH THE COURT AND PAY THE REQUIRED FILING FEES
The bankruptcy petition and all of the required forms will be filed with the court by your attorney and they will go over the payment process with you.
7) ATTEND YOUR BANKRUPTCY HEARING (341 MEETING)
Once your bankruptcy petition has been filed, the court will set a hearing date that you have to attend. The bankruptcy trustee will review your petition and ask you questions.
8) FILE MOTIONS TO ELIMINATE LIENS
During this step, creditors may make objections and you may respond.
9) TAKE A POST-FILING DEBTOR EDUCATION COURSE
Once your bankruptcy petition has been filed and you have your case number, you are required to complete a debtor education and credit management course before you can receive your discharge.
Our Ohio Bankruptcy Attorney Helps You Navigate the Bankruptcy Process in Ohio
Because the bankruptcy process is so complicated and mistakes can lead to not having your debts discharged, speak with our bankruptcy lawyer in Ohio. The experienced and compassionate Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer can provide help, information, and support when filing bankruptcy in Ohio.
Call our legal team today and ask for a free consultation: 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati).