Ohio consumers review debt settlement opportunities when adverse legal action is possible. This action could include foreclosure or repossession. Through a bankruptcy claim, these consumers could avoid these legal actions and keep their property. A bankruptcy lawyer in Fairfield OH give local consumers these opportunities to settle debt quickly.
Reviewing the Option of Filing Chapter 13
Chapter 13 is a viable opportunity for extensive debt settlement. However, consumers who wish to explore this chapter as a possibility must possess a higher than average income. Currently, the average income for Ohio is $40,081. All consumers who want to file chapter 13 must have an income level that is above this value.
If they qualify, the consumer may acquire a chapter 13 bankruptcy. With this opportunity, all debts are placed into one account. The consumer pays a monthly payment to the court to settle their debts. This opportunity allows them to pay small amounts for each debt. The entire process takes between three-to-five years to complete. The automatic stay for the case lasts for the full duration of the claim.
What is Chapter 7 Exactly?
Chapter 7 is liquidation essentially. It allows the consumer to sell off key property and assets to generate funds. The funds and sales are managed by the court. They are distributed to the creditors through the court. This process lasts up to six months to complete. Any outstanding debts after the case is closed are the responsibility of the consumer.
What are the Likely Circumstances After Bankruptcy?
After bankruptcy, the consumer may face difficulties rebuilding their credit initially. The bankruptcy case will remain on the consumer’s credit report for at least seven years. However, some cases may remain up to ten years. The consumer should attend a credit counseling course for rebuilding their credit after bankruptcy.
Ohio consumers could eliminate debts if they file a bankruptcy claim. Initially, they must prove that they qualify by providing income statements. These statements determine their annual income. An attorney could help the consumer prepare for these opportunities. Consumers who wish to speak to a Bankruptcy Lawyer in Fairfield OH should contact their preferred law office of click here to Find more information about these cases today.
