Bankruptcy allows individuals the opportunity to legally overcome their debt so they can begin a new financial future. There are a couple of types of bankruptcy available, depending on a person’s financial situation. It is important a person understands their options when it comes to filing for Chapter 7 Bankruptcy in Cincinnati OH. Meeting with a lawyer is the first step in the process.
What Is Chapter 7?
Chapter 7 is a type of bankruptcy that can be filed for individuals who meet certain requirements. A person must go through and pass mean’s testing to qualify for this bankruptcy. The main requirement is has an income that does not exceed the state of Ohio’s median income. After being approved for this bankruptcy, individuals will be forced to surrender some of the assets that are not exempt, so the profits of liquidation can be used to pay off the debts owed.
Chapter 7 is one of the fastest bankruptcy options and can typically be settled in six months or less, depending on how much debt is owed. When petitioning for Chapter 7, there are a few different pieces of information that must be supplied to the court to determine if the applicant is eligible.
- Proof of income and information on the source, amount, and frequency
- A list of all creditors, the amount due, and the nature of the claim
- A list of all of the debtor’s assets
- A detailed list of the debtor’s monthly expenses
How to Get Started
The first step in the process of filing for Chapter 7 Bankruptcy in Cincinnati OH is to meet with a lawyer. Many bankruptcy lawyers offer free consultations so individuals can learn how a lawyer can help them before they commit to hiring one. This can be especially beneficial when financial situations are already stressed.
A lawyer will need to review a person’s financial records to help them determine the best legal recourse for their situation. If hired, the lawyer takes over every aspect of the process, filing out the paperwork and appearing in court on behalf of their client.
To learn more about Chapter 7 and its benefits, visit our website. Call the office today to schedule a free consultation appointment.
