Is your desk covered with a stack of unopened bills? Have you been struggling to make your mortgage but instead keep falling further behind? Do you wake up every day and immediately start worrying that you will never be able to pay off a mountain of accumulated debt? If any of these sounds like you, it may be time to consider bankruptcy.
We know you’re proud. We know that in a perfect world, you’d prefer to pay your bills. Most people who eventually file for Chapter 7 or Chapter 13 bankruptcy in Troy were reluctant to go that route. Most of our bankruptcy clients tried everything else they could think of before they realized that bankruptcy was their best option. Declaring bankruptcy may be your best option, too.
Chapter 7
Alternately called a “liquidation” or “straight” bankruptcy, Chapter 7 allows for the discharge of most debts but the debtor must relinquish most of their valuable assets in the process. If you are behind on mortgage payments and want to keep your house, Chapter 7 may not be the right way to go. The same is true if you are making payments on a motor vehicle. Chapter 7 wipes out most debts, but not those owed on a mortgage or car loan.
Chapter 13
If you are late on house payments and want to keep your house, Chapter 13 bankruptcy is probably your best bet. A bankruptcy lawyer can help you work with your creditors to devise a payment plan you can live with. If your loans were co-signed, Chapter 13 bankruptcy may protect your co-signers from collection efforts by your creditors.
These are hard financial times for a lot of people. Many good Ohioans find themselves facing foreclosure and seizure of their assets, despite trying their level best to stay above water. If you’re struggling every day and worried for your financial future, take a deep breath and call an experienced Dayton, Ohio bankruptcy attorney. A qualified lawyer can explain the differences between Chapter 7 and Chapter 13 bankruptcy and help you choose the option that’s right for you. When you are ready to sleep better at night, contact us.