Bankruptcy is a debt relief remedy created by federal law to help consumers get back on their feet. Chapter 7, considered a “fresh start” bankruptcy, or Chapter 13, a “wage earner” debt reorganization bankruptcy, can both help you drastically reduce or eliminate the bills you cannot afford while holding onto assets such as your house and car. When you’re drowning in debt, you need a skilled and compassionate bankruptcy attorney in Delaware on your side. To find out more about how Fesenmyer Cousino Weinzimmer can help, call us for a free initial consultation at 614-228-4435.
Choosing the Best Bankruptcy Lawyer in Delaware, Ohio
Not all bankruptcy attorneys are created equal. At Fesenmyer Cousino Weinzimmer, we’re different. You can meet directly with the attorney who will be handling your case, and they will be available throughout the process when you have a question. Our attorneys take the time to answer all your questions, explain your legal options and walk beside you every step of the way. We understand that you and your family are going through a difficult time, and all you want is to arrive on the other side with a fresh start and a brighter future. We can help you get there. Our fees are very affordable compared to the competition, and we work hard to provide top-notch legal services at a great value.
Different Types of Bankruptcy
A Delaware bankruptcy attorney can help you choose the best path.
There are two different kinds of individual bankruptcy to choose from, and which one you choose will depend on the facts in your case and your future goals. A bankruptcy attorney in Delaware can help you choose the one that fits your needs best.
Chapter 7 Bankruptcy
Chapter 7 is the most common form of bankruptcy. Often called a “fresh start” or “liquidation” bankruptcy, it enables you to discharge/eliminate most or all of your consumer debts. It also puts and immediate stop to harassing phone calls and letters from creditors. Chapter 7 is typically completed within a few months, so you can turn over a new leaf and begin rebuilding your credit quickly.
Chapter 7 is often your best option if your income is too small to pay outstanding medical bills, credit card bills, payday loans, utilities, consumer installment loans and personal loans or if you are facing collections or court activities by creditors. It can also stop or prevent repossessions, civil judgments and some wage garnishments. Through Chapter 7, you can eliminate the bills you cannot afford while holding onto assets like your house and car.
Chapter 13 Bankruptcy Chapter 13, also known as “wage earner” or “debt reorganization” bankruptcy, is an option that may be right for you if you earn too much to qualify for Chapter 7.
Chapter 13 is for people who have a steady income and financial problems that are temporary. It’s a way to catch your breath before moving forward. Chapter 13 is recommended for individuals in Ohio that may be facing foreclosure or repossessions. It is often the best choice for homeowners with more equity in secured assets than they can protect with their Ohio bankruptcy exemptions and who wish to keep these assets.
Through Chapter 13 bankruptcy, you are able to create a court-approved reorganization plan so you can repay some or all of your debts affordably and manageably over a three- to five-year period. During this time, all harassing calls and letters from creditors are stopped, and if you successfully complete the repayment plan, the remaining unsecured debts under the plan are discharged and eliminated.
An Affordable Delaware Bankruptcy Attorney Explains the Details of Bankruptcy Law
To get a general idea of bankruptcy, we provide answers here to some of the most common questions about bankruptcy laws:
- Chapter 7 bankruptcy will stay on a person’s credit record for up to 10 years.
- Completed Chapter 13 bankruptcy remain on a person’s credit record for up to 7 years.
- Debts that cannot be discharged through bankruptcy include alimony, child support, student loans and some specific other debts.
- Your Social Security benefits cannot be lost when you file for bankruptcy.
- Generally, retirement benefits like 401(k)s, IRAs, and defined-benefit pension plans are protected during bankruptcy.
- Having a bankruptcy on your record should not affect your current employment. By law, an employer cannot terminate you because you’ve declared bankruptcy. However, when applying for a new job, certain employers might check your credit score, and this could impact whether they extend a job offer to a candidate.
- Generally, individuals can keep their primary residence and vehicles after bankruptcy. In Chapter 7, if you are current on your home mortgage and all the equity you have in the home is exempt under state and federal laws, then you can likely keep your house. If you are current on vehicle loans or own them outright, you’ll generally be able to keep them. A Chapter 13 repayment plan will often allow you to keep your house and vehicles even if you are behind on payments by restructuring this debt.
- If you are married, you can file bankruptcy jointly with your husband or wife, or you can file as an individual. However, if you file as an individual, your spouse will still be liable for any debts you incurred jointly and/or co-signed.
Call a Skilled Delaware Bankruptcy Lawyer Today
We know that you’re stressed and even fearful about the overwhelming debt that you currently face. It’s tempting to just leave unopened bills on the counter and not answer the phone when creditors call. But this keeps you stuck and unable to move forward. It’s better to face your debt crisis head-on and find a path to a brighter future. The Delaware bankruptcy attorneys at Fesenmyer Cousino Weinzimmer can help you do that. Our compassionate, affordable lawyers have helped thousands of clients just like you walk through bankruptcy and come out on the other side. There’s no time like today to get a fresh start.
We’ll put an immediate stop to the harassing creditor phone calls and letters, explain your legal options, and guide you as you gather important documents and bank statements. We’ll file the paperwork with the bankruptcy court and be there with you at the hearing. There is a brighter future out there, and it is waiting for you. To find out more about how Fesenmyer Cousino Weinzimmer can help, call us for a free initial consultation at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati).