Deep in Debt? Contact a Bankruptcy Attorney in Kent, Ohio

Many Americans are living paycheck to paycheck when a serious illness or job loss strikes. Within a matter of weeks they are unable to pay their bills and start falling behind. They should speak with a bankruptcy attorney in Kent, Ohio as soon as this happens to protect as many of their assets as possible. Often they are too embarrassed or think that they will get back on their feet or find a new job. By the time reality sinks in the bill collectors have started to call and they are very desperate.

A bankruptcy attorney in Kent, Ohio from the law offices of Perduk, Hamey and Associates will know how to examine their income and type of debt. They will then determine if bankruptcy is a good strategy for their situation. For people who make under the median income for their state, Chapter 7 is often the best choice. In less than six months the bankruptcy will be complete. Often people are able to keep both their home and car. Once their lawyer has filed the bankruptcy application all collection calls will stop as well. This will also make life much more pleasant.

The judge will appoint a bankruptcy trustee to oversee the process. He will call a meeting of the creditors. Most debtors dread this meeting, but they shouldn’t. Their lawyer will be there with them and it will take less than a half hour. This is the last meeting that will be necessary. The trustee will then determine which assets of the debtor will be sold. Often state and federal law protect a person’s home, their car and the equipment they need to make a living. Everything else will be sold. It’s the lawyer’s job to make sure that no protected assets are sold by the bankruptcy trustee.

Once the assets are sold all of the proceeds are used to pay off the creditors. All the debt that remains is forgiven. However, not all debt is included in that process. This includes student debts, tax liens and child support. Their attorney can help them work with governmental agencies and the IRS to get more manageable payments. A person can only declare bankruptcy every seven years, so it’s necessary to get their entire financial picture straightened out at one time.

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