So, you’ve been contemplating bankruptcy. Maybe you’ve even started searching for “what type of bankruptcy is right for me?” For many people, bankruptcy is the right answer to relieving their debt and getting a fresh financial start. However, determining which type of personal bankruptcy in Ohio is right for you can be difficult. Understanding the differences between a Chapter 7 and Chapter 13 bankruptcy is a good place to start.
Chapter 7 bankruptcy is a “fresh start” option that eliminates all of your unsecured debt. Chapter 13 bankruptcy is a “debt reorganization” that discharges a portion of your debts while requiring some debts to be payed via a payment plan. Either one could be the right option for you and it’s important to talk to a bankruptcy attorney in Ohio to determine the best course of action.
While it would be great if you could simply choose one or the other, there are qualification requirements that must be met before filing. Your ability to meet these criteria will impact which type of bankruptcy is right for you. For example, you must be current on your mortgage payments to file for a Chapter 7 bankruptcy. However, if your annual income exceeds the Means Test or Extended Means Test, you will need to file for a Chapter 13 bankruptcy.
Your Columbus, Ohio bankruptcy attorney will discuss your specific situation and what to expect from each type of bankruptcy when you meet for your free initial consultation. It could be that the benefits of one type of bankruptcy clearly outweigh the other, or your situation may require more scrutiny to determine the best course of action.
While it’s easy to give facts about Chapter 7 and Chapter 13 bankruptcies, the truth is, the only way to determine which is right for you is to speak to a knowledgeable bankruptcy attorney. Call Attorney Kenneth Sheppard Jr. today for a complimentary 30-minute consultation. Sheppard Law Offices is your number one choice for bankruptcy in Ohio. We have convenient offices in Columbus, Mt. Vernon, Canton, Newark, and Akron. Call or fill out or contact form today to start your bankruptcy conversation.