When opting to file for Chapter 13 bankruptcy Ohio citizens may need to first understand a few important details. There are numerous advantages associated with this chapter making it the most preferred over Chapter 7. To begin with the assets of a debtor do not have to be liquidated. One can retain all his or her assets provided the proposed monthly payment plan is followed to the latter.
Before you begin the process of filing for bankruptcy, it is important that you seek the expertise of a lawyer who specializes in this field. Take note of the fact that the entire process could be overwhelming and complicated, especially if you are not well conversant with matters of the law. Usually a person who opts for this instead of chapter 7 is bound to pay more in terms of attorney fees.
What makes the attorney fees more when filing for clause 13 is the fact that the process is very lengthy and sophisticated. Normally, it could go up to five years because you would be expected to make monthly deposits that would go towards shaping your debt free future. Chapter 7 is less complicated and go on for six months or less.
This arrangement gives one a chance to start afresh. You would have to reorganize your finances and repay your creditors over a certain proposed period. Normally, your income would be analyzed in order to know what could be used towards debt settlement. Depending on the calculations that will be made, some unsecured debts may be scraped off.
The fact is that not everyone qualifies for bankruptcy. Your lawyer should be able to dispense the information you need to make a good choice. He or she would let you know whether you are eligible. Remember that there are certain requirements that have to be met. The major one being that you would have to make a proposal in good faith. Your sole intention must be getting out of debt and settling things out with your creditors.
If the filing were successful, then you would be given a trustee. The professional will be an intermediary who would handle your creditors directly. He or she would also manage the account where you would be depositing money that should be used to settle your debts. In case something is not right, the expert could voice the noted concerns in court. The trustee would decide on the amount of money that will be paid to each creditor monthly.
Seeking the opinion of a financial advisor may be a great move. Seek to know more about your situation and the options you have of resolving your money problems. Make sure you do this before you proceed to file a petition in a bankruptcy court.
Before filing for Chapter 13 bankruptcy Ohio residents should think carefully. Usually this should come as a last alternative. Remember that there are certain records that would reflect on your credit score. This would make it hard for you to get loans from other credit companies. The worst part is that the process would be federal. In this respect, your assets, liabilities and income would be made public
Before you begin the process of filing for bankruptcy, it is important that you seek the expertise of a lawyer who specializes in this field. Take note of the fact that the entire process could be overwhelming and complicated, especially if you are not well conversant with matters of the law. Usually a person who opts for this instead of chapter 7 is bound to pay more in terms of attorney fees.
What makes the attorney fees more when filing for clause 13 is the fact that the process is very lengthy and sophisticated. Normally, it could go up to five years because you would be expected to make monthly deposits that would go towards shaping your debt free future. Chapter 7 is less complicated and go on for six months or less.
This arrangement gives one a chance to start afresh. You would have to reorganize your finances and repay your creditors over a certain proposed period. Normally, your income would be analyzed in order to know what could be used towards debt settlement. Depending on the calculations that will be made, some unsecured debts may be scraped off.
The fact is that not everyone qualifies for bankruptcy. Your lawyer should be able to dispense the information you need to make a good choice. He or she would let you know whether you are eligible. Remember that there are certain requirements that have to be met. The major one being that you would have to make a proposal in good faith. Your sole intention must be getting out of debt and settling things out with your creditors.
If the filing were successful, then you would be given a trustee. The professional will be an intermediary who would handle your creditors directly. He or she would also manage the account where you would be depositing money that should be used to settle your debts. In case something is not right, the expert could voice the noted concerns in court. The trustee would decide on the amount of money that will be paid to each creditor monthly.
Seeking the opinion of a financial advisor may be a great move. Seek to know more about your situation and the options you have of resolving your money problems. Make sure you do this before you proceed to file a petition in a bankruptcy court.
Before filing for Chapter 13 bankruptcy Ohio residents should think carefully. Usually this should come as a last alternative. Remember that there are certain records that would reflect on your credit score. This would make it hard for you to get loans from other credit companies. The worst part is that the process would be federal. In this respect, your assets, liabilities and income would be made public
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