Choosing Between the Two Types of Personal Bankruptcy in Cincinnati OH...

Borrowing can be an effective way to achieve goals that might not otherwise be possible. Just about every homeowner in the Cincinnati area, for instance, relies upon financing to make buying a house practically. Likewise can borrowing to fund the purchase of a reliable vehicle be a responsible, advisable thing to do. Even among those who take care to borrow only when necessary, however, financial problems can easily arise. When debts grow to the point that paying them seems to be impossible, considering Bankruptcy in Cincinnati OH can easily make sense. Fortunately, there are lawyers who are ready to provide advice and assistance. Two Types of Personal Bankruptcy, Each With Its Advantages For individuals considering Bankruptcy in Cincinnati OH, there are two basic types to look into. The details and protections associated with each of these have been laid down in federal law and each process is administered by a designated bankruptcy court. Chapter 7 bankruptcy involves the complete dissolution of a debtor’s financial obligations. The freedom from debt that this form of bankruptcy enables quite regularly proves to be attractive to those in the most difficult financial situations. On the other hand, this type of bankruptcy will also expose at least some of a debtor’s assets to liquidation. With the personal property being sold to partially pay off creditors, plenty of associated inconvenience can result. The alternative is a process known as Chapter 13 bankruptcy. Under the provisions of the related laws, a bankruptcy court will instead work out repayment arrangements with all of a debtor’s creditors. In exchange for committing to the repayment of reduced sums over the course of three to five years, a debtor will be allowed to keep all of their assets and possessions. The Right Type of Bankruptcy...

Safeguard Your Financial Future with a Top Business Bankruptcy Attorney...

Sometimes the business world just isn’t fair. You’ve worked hard to get ahead, been a model employee, followed every piece of legal and financial advice available to you – and now it seems as though you’ve come to a dead end. Not only have your plans to move up in the world seemingly hit a snag but you’re in danger of falling down into the abyss. Thankfully, there are ways to avoid this ignominious fate. Neither you nor your employees should be punished for your entrepreneurial spirit being met with a spell of bad luck. Hiring a quality business bankruptcy attorney can thus help ensure that you chart these waters in the best manner possible and emerge on the other side with a solvent financial portfolio and a clear path forward. Safeguarding Your Assets When it comes to something as potentially far-reaching as bankruptcy proceedings, one of the first things that you’ll want to do is go through your assets and see what you can and, indeed, most want to save and protect. A first-class business bankruptcy attorney such as Fred Wehrwin, P.C. can help you do just that, helping you manage your bankruptcy case as efficiently as possible so as to minimize damage and protect as many assets as possible. A Responsible Way Forward When it comes to something as tenuous as bankruptcy proceedings, the last thing you want is recklessness. Uncertainty can be poison for future business dealings and not something you want to have to your name in addition to this bankruptcy. The best bankruptcy attorneys will thus work with you to ensure that things proceed as smoothly and responsibly as possible, thereby safeguarding the reputation of both you and your company. From filing the paperwork to pleading your case before...

Why Hire an Attorney for Chapter 13 Bankruptcy in Cincinnati, OH?...

Also referred to as the wage earner’s plan, Chapter 13 Bankruptcy in Cincinnati OH allows debtors to create a payment plan that lets them get current on the debts they have without having to sell any assets. Making the decision to file Chapter 13 is a serious one, and it requires that the person filing understands the obligations and advantages it offers. Bankruptcy lawyers can help a person evaluate their situation and determine whether or not they are a candidate to file for Chapter 13. They can also help the filer avoid any complications or delays. Attorneys Can Help Prepare the Paperwork There are quite a few forms a person will have to complete to file Chapter 13 Bankruptcy in Cincinnati OH. The lawyer hired will be able to prepare these forms for the person and then file the paperwork. Any mistakes in this paperwork may lead to a case being delayed, dismissed, or other consequences. A lawyer can help prevent these types of complications by ensuring that all the information related to the person’s debts, assets, and income is correct. Attorneys can Ensure Documents are Submitted On Time There are several important deadlines that have to be met when filing for Chapter 13 bankruptcy. If a person fails to submit the documentation on time, the case may wind up being dismissed or delayed. For example, the tax return for the most recent year needs to get to the bankruptcy trustee at least seven days before the initial setting of the 341 Meeting of Creditors. Additionally, the person filing for bankruptcy has to submit their state and federal tax returns for the past four years by one day before the first 341 Meeting of Creditors. Any time a person makes the decision to file...

Understanding Chapter 7 Bankruptcy in Cincinnati, OH...

There are two common chapters of bankruptcy: chapter seven and chapter thirteen. Both have benefits and downfalls, but either option can help debtors take control of their expenses and eventually allow them to rebuild their credit. The distinction between the two is how they work. Chapter thirteen is a structured repayment plan that allows creditors to recover some of the debt. Chapter seven is a liquidation that allows creditors to recover as much as possible. When liquidating assets, some property is exempt from sale and will not contribute to repaying debts. Anyone can file for chapter seven as long as the money owed is not primarily consumer debts. Just like any form of bankruptcy, chapter seven eliminates any legal obligation to repay creditors that existed before the filing process. New debts will still need to be paid as agreed or the debtor could still face legal consequences. Certain property can be taken in order to repay debts, but assets such as homes and main vehicles cannot be taken. Luxury items such as a boat or extra cars can be taken and sold in order to repay some or all of the debt owed to creditors. Any other debts will be dismissed unless the debtor filed a chapter seven within the last eight years or a chapter thirteen in the last six years. These stipulations may change, so it’s important to research options before deciding to file chapter 7 bankruptcy in Cincinnati, OH. Eligibility can be determined by taking the means test. A lawyer can help fill out the paperwork for this test. Before making the decision to file chapter 7 bankruptcy in Cincinnati, OH, it’s important to talk to a lawyer. There are many stipulations and guidelines that need to be followed in order...

A Chapter 13 Attorney in York: Helping you Understand the Bankruptcy Process Better...

Because of the difficult economic climate, it’s not surprising that people filing for bankruptcy, both individuals and businesses is on the rise. Bankruptcy has always been a component for financial recovery but what many people fail to understand is the different types of bankruptcies that an individual or business can file for. One of the more common types of bankruptcy that individuals as well as businesses will petition the court for is chapter 13. If you are considering bankruptcy and you fall under the category of people eligible for this type of bankruptcy, your first consideration is to have a chapter 13 attorney in York representing you. The question you may have is what exactly is Chapter 13 and how does this differ from other types of bankruptcies. Chapter 13 is a process of bankruptcy where the filer of bankruptcy will pay off a reduced amount of debt in a specific period of time, anywhere from 3 to 5 years. Unlike other types of bankruptcies, this type of bankruptcy doesn’t discharge all of your debts but the bankruptcy lawyer works with your debtors to reduce the amount of debt you owe and allow you reasonable terms and a reasonable time to repay those debts. However, it is important to understand that not everyone is going to be eligible for Chapter 13. While Chapter 13 will help to minimize the damage done to your credit report from bankruptcy, if you have insufficient levels of income or if your income varies from month to month in a significant manner, the courts may deem that you are simply not eligible for this type of bankruptcy filing and you will need to pursue filing bankruptcy under a different chapter. If you’re at the point to where you need...

Why Get a Bankruptcy Consultation in Schaumburg?...

Many consumers have had difficulties paying their bills over the past several years. There are a wide variety of reasons why consumers have had financial difficulties. The recession has caused a lot of job losses. Many have had suffered reductions in wages as well. With medical costs in the United States being so high, a lot of people end up with financial problems due to large medical bills. Regardless of the reason for financial difficulties, consumers should consider getting a Bankruptcy Consultation in Schaumburg to find out if filing for bankruptcy is the best way to get financial relief. The consultation will be with a bankruptcy attorney. The purpose will be to figure out if a bankruptcy is the best option for the consumer. A lawyer will know the eligibility requirements for filing the various types of bankruptcy available to consumers. Furthermore, the attorney will do a bit of math to figure out if filing is the best option. For example, a consumer who is unable to pay for normal daily living expenses plus the minimum payment on debt is a good candidate to file for bankruptcy. This is especially true if the chances of increased income in the near future is low. Bankruptcy is designed to help those who have no viable way of ever repaying their creditors in full. If it is possible to file for bankruptcy, the next step is to figure out which type of bankruptcy it will be. Ideally, a consumer who needs a fresh start will try to file for chapter 7. Under chapter 7, all eligible debts will go away without the need to enter into a repayment plan ordered by the trustee. This is the best option for those who are eligible. In order to file...