Is Chapter 7 Bankruptcy in Dayton Ohio for You?

Record numbers of people are in debt beyond what they can handle from month to month in this country. They get behind, fees get added to the amount owed and they get more behind. If you are in this situation, you have options. You will want to take action of some sort before the situation gets much worse. Debt does not go away and creditors do not just stop calling all of a sudden. Debt management is an option and so is declaring bankruptcy. Bankruptcy has different chapters for different situations. The most common form of bankruptcy for individuals and small businesses is called Chapter 7.

Chapter 7 Bankruptcy in Dayton Ohio or anywhere else is the simplest and quickest form of bankruptcy. It basically consists of liquidation of all non-exempt property to a trustee. You surrender the property and your trustee liquidates it and distributes the proceeds to your unsecured creditors. This form of bankruptcy is only available as an option once in an eight year period. It has consequences such as a bad credit rating and leaving you with little to no assets left to your name. However, it can clear your debts and allow you to start some sort of financial recovery. It is a serious step to take and you will want to get as much information as possible before deciding on any form of bankruptcy. You want to consult with a law firm that specializes in bankruptcy and has experience handling such matters. A law firm, Thompson & DeVeny Co. LPA for example, can explain all the details and answer all you questions.

There are also other forms of bankruptcy that may work better for you. Chapter 13 allows you to keep your possessions while paying off creditors. You do need to have a regular income and debts that do not exceed specific limits, so it may not be helpful to you. Chapter 7 Bankruptcy in Dayton Ohio may be your best solution. Find the information you need to make an informed decision. Consider each option carefully because the solution has to be something you can live with in order to be successful. Visit us for more INFO!

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