If your family is suffering under the weight of one financial crisis after another, isn’t it time you did something about it? Perhaps you’ve already considered bankruptcy; but you’re a fighter, so you’ve decided to tough it out until every bill is paid.
Perhaps you believe that bankruptcy is the right choice only for those few individuals whose financial situations are far worse than yours. But before you decide to dismiss it as a viable option for you, you should get the right information from the right source.
Consider a consultation with a Troy, Ohio Bankruptcy Attorney. He’s a local professional who can give you the information you need, explain your options, and help you make the decision that’s right for you.
Bankruptcy is probably more common than you think
More Ohio residents than you might imagine have turned to bankruptcy for a fresh financial start. U.S. Court statistics show that during the 12 month period ending September 2013, there were 26,404 filings in Ohio’s Northern District, and 22,291 in the Southern District. That’s a total of 944 businesses and 47,751 individuals who sought the protection of the bankruptcy courts.
Bankruptcy is not a simple option
Discharging your debts through an extended court process isn’t necessarily a simple solution. There are guidelines that determine if you are even eligible for a bankruptcy option. And some states have their own rules about what debts can and cannot be discharged.
That’s why it’s important to have a Troy professional addressing your concerns and guiding you through the process. He has the Ohio knowledge and experience that’s important to getting your case resolved as quickly and smoothly as possible.
There’s more than one option to consider
Federal codes include several “chapters” for debt resolution. Some apply to corporations, farmers, municipalities, and other entities. The most common chapters for individuals are Chapter 13 and Chapter 7.
A Chapter 13 is sometimes called the “wage earner” plan. It allows a person with a regular income to file for protection from creditors under federal bankruptcy statutes. The courts then oversee the repayment of debt over an extended period of time.
Chapter 7 provides for a sale of the debtors “nonexempt” assets. A trustee arranges distribution of any proceeds to creditors in full satisfaction of the debts.
You shouldn’t make the decision alone
Your decision to file for debt relief is important and it should not be taken lightly. The process will relieve your heavy debt burden, but it will also effect your credit standing for years to come. Before you commit to such an crucial life decision, it’s important to get the facts from a Troy, Ohio attorney.
To talk more about bankruptcy, or any other legal matters, please Contact Us.