When you are considering filing for bankruptcy in the state of Ohio, there are many different laws and factors which you should first educate yourself on. Filing for bankruptcy should not be taken lightly, as it is a last case measure for dire financial situations. At Rieser & Marx, LLC, we strive to ensure our clients understand how Chapter 7, Chapter 13, and Chapter 11 bankruptcies work. Our Dayton bankruptcy lawyers can work with you to determine if you qualify to file for bankruptcy and how these chapters might affect you.
Each chapter of bankruptcy has its own benefits and is appropriate for different personal and business financial situations. If you have found yourself deep in debt with no light at the end of the tunnel, filing for bankruptcy may provide you with the relief you need.
Chapter 7 bankruptcy is a means of getting your debts under control for people or households who have little property except for basic necessities. The process of Chapter 7 is fairly simple and quick, but there is a significant amount of paperwork involved, which you should trust to an experienced Dayton bankruptcy attorney from our firm. You can rely on us to explain the eligibility factors and determine if you qualify for Chapter 7 by having you go through the required pre-filing credit counseling session and means test.
If you drowning in debt and are unable to make sufficient payments to the existing payment plan, but have a regular income, you may qualify for Chapter 13, which is intended to help people who have significant equity in their home and other assets, but are unable to meet their current financial obligations. This chapter of bankruptcy allows you to keep most or all of your property while spreading out or re-structuring the payment plans and interest rates.
Please reach out to a Dayton bankruptcy lawyer from our firm in our Ohio office at (937) 224-4128 or in South Florida at (561) 515-6019, to learn more about the way bankruptcy works.