Are you going through a financial problem you cannot seem to get out of? Have your debts grown to the point you can no longer pay them? If so, bankruptcy may be your best option. Though it should never be your first choice in trying to overcome your debt, it has been able to help millions of people to get back on their feet financially. To get help in understanding bankruptcy and learning what your options are, it can help to hire Bankruptcy Attorneys Dayton Ohio. These attorneys are trained to help you to overcome your debt and will work to assist you in making a decision on which type of bankruptcy will best benefit your needs.
What Options Do You Have When It Comes to Filing for Bankruptcy?
There are two main bankruptcy options individuals are offered. These two types vary in their requirements and both are able to assist people in overcoming debt. Your attorney will help you to weigh your options, so you can make an informed choice on the type to best benefit your financial needs.
* Chapter 7 bankruptcy is a type of bankruptcy that allows you to overcome your debt by having your assets liquidated. In this type of bankruptcy, you are allowed to keep essential property including, your home, car, furniture and clothing. During a chapter 7 bankruptcy, you will be assigned a trustee over your case. The trustee is responsible for gathering funds from the liquidation process and has the power to absolve you of some of your debts. Chapter 7 bankruptcy is usually finalized within six months, but you must undergo credit counseling as a part of the requirements.
* Chapter 13 is also available for individuals to file. In this bankruptcy, all of your debts are listed and protected under the bankruptcy. You will be required to pay a monthly payment through the court, to cover your owed debt. The process for this bankruptcy can take from three to five years. Some cases go as long as seven years, depending on the amount of debt you owe. As you pay each payment to the court, your debt amounts come down.
If you are dealing with too much debt, They will be glad to assist you and help you to have a brighter financial future.
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