Filing for bankruptcy is a great option for many people who are facing financial hardship and are looking for a way resolve their debts. Duncan Simonette offers assistance with various types of bankruptcy, helping clients select the best option for their personal needs.
Debt Relief Through Chapter 7 Bankruptcy
Chapter 7 bankruptcy can be a good debt relief option if you have unsecured debt such as credit cards, personal loans, income tax debt older than three years, deficiency claims from repossessed vehicles or medical bills. If you have little or no disposable income, Chapter 7 will eliminate your debt and give you a fresh start with no payments to creditors. You can receive a discharge in as little as six months.
An experienced bankruptcy attorney can help you understand the process and give you all the information you need to be sure that you are choosing the best debt relief option for your particular situation. At Duncan Simonette, we work with clients throughout the State of Ohio to get a fresh start through Chapter 7 bankruptcy.
Finding the Solution That Works Best for You
Many people stay away from Chapter 7 bankruptcy because they fear the possibility of losing some of their personal property to repay their debt. We are committed to helping you find an appropriate debt liquidation and relief solution that allows you to keep the maximum amount of assets possible. If it becomes apparent that some of your property could be at risk by choosing the Chapter 7 option, we will work with you to find a solution that better fits your needs.
In many Chapter 7 cases, the loss of property never even becomes an issue. When trustees look at nonexempt property, they are looking for items that can be sold to repay your debts. A majority of Chapter 7 cases are declared "no-asset" by the trustee. In a no-asset case, it is determined that none of your property would bring in enough money to justify its liquidation, and your property is not at risk.
Debt Relief Through Chapter 13 Bankruptcy
If you have a steady income but are having trouble keeping up with your bills on a monthly basis, filing for Chapter 13 bankruptcy could provide the relief you need to get back on your feet. Chapter 13 bankruptcy, sometimes called the wage earner bankruptcy, allows you to repay some or all of your debt over a three to five year period according to a court approved repayment plan.
There are three main circumstances where people use Chapter 13:
- You are unable to file under Chapter 7 after failing the means test or having too much disposable income.
- You wish to cure a mortgage default. You will pay your regular mortgage payment, plus arrears and a trustee's fee.
- You have priority debts such as recent income taxes and need time to pay them.
Get the Relief You Need
Filing for Chapter 13 is similar in many ways to getting a consolidation loan that lets you make one payment to cover all of your debts. All unsecured debts, such as credit card debt, personal loans, old income tax debt, vehicle deficiencies and medical bills, can be included in your Chapter 13 filing. Also, as mentioned, you can cure your mortgage and avoid execution by taxing authorities.
Another major advantage of filing for bankruptcy is the automatic stay. The automatic stay stops all collection activity upon the filing of your bankruptcy petition. This means that you will not receive any more harassing phone calls or letters for debt repayment and any foreclosure, sheriff's sales, repossession actions or lawsuits will be stopped.
Call for a Free Initial Attorney Consultation
Contact our office today to discuss your bankruptcy questions with a lawyer. You can reach us by phone at 614.220.9000 or via e-mail. We respond promptly to all phone calls and e-mails, usually within 24 hours.