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Personal Bankruptcy Ohio

Personal Bankruptcy Ohio

We know you have many questions when it comes to filing for personal bankruptcy in Ohio. Sheppard Law Offices has the answers you’re looking for. If you are thinking about personal bankruptcy, you need to answer several questions to figure out if you should proceed with bankruptcy and with which type.

Is Bankruptcy Right for Me?

The top question to ask when considering personal bankruptcy in Ohio is whether or not bankruptcy is the right option for you. Would you be able to pay off your debts, excluding your mortgage, within the next 3 years?

  • If you answered “Yes,” you should not consider bankruptcy.
  • If you answered “No,” you should consider bankruptcy and read on.

When considering bankruptcy, there are two options to explore to find which is best for you. In a Chapter 7 Bankruptcy, many of your debts are forgiven immediately, and you will probably not have to give up your non-exempt property. In a Chapter 13 Bankruptcy, you pay a portion of your debts in accordance with a new payment plan spread over three or five years.

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Is an Ohio Chapter 7 Bankruptcy Right for Me?

In a case when you apply for Personal Bankruptcy under Chapter 7, you’re filing a petition and asking the court to discharge your unsecured, non-priority debts. The goal of a Chapter 7 Bankruptcy is for your debts to be forgiven while allowing you to keep your exempt property.

Non-exempt property can be sold by the Bankruptcy Trustee and the monetary value of the sale is then distributed to your creditors. With the help of an experienced Ohio personal bankruptcy attorney, you can compromise with the Bankruptcy Trustee so that you pay for the unprotected equity and are allowed to keep the property.

In about 96% of Chapter 7 Bankruptcy cases, the debtor won’t lose any of their assets. However, if you want to keep property such as your home or car and you are behind on loan payments, an Ohio Chapter 7 Bankruptcy will probably not be the proper route for you.

Call Sheppard Law Offices today for more information on bankruptcy

Is an Ohio Chapter 13 Bankruptcy Right for Me?

When filing for Chapter 13 Bankruptcy, you are filing a debt reorganization plan with the courts, showing them how you will pay off some of your past-due debt as well as your current debts over the next 3 to 5 years. The most important aspect of a Chapter 13 Bankruptcy is that it will allow you to keep your property and assets.

However, this is only if you can keep up with the payments that the bankruptcy law requires you to make to your creditors. In most cases, the payments made to your creditors will be about the same as your regular monthly payments on your mortgage and car loans, including a little extra to get caught up on the amount you are behind on.

You should consider Chapter 13 Bankruptcy if you own your home and are in danger of losing it, you are behind on debt payments but can catch up if given some time, or you have valuable property that is not exempt and you can afford to pay creditors over time.

What Bills Should I Pay First When Considering Personal Bankruptcy?

If you are filing for personal bankruptcy in Ohio, you should prioritize your monthly bill payments. In general, we recommend the following order:

  1. Rent
  2. Utilities
  3. Car
  4. Mortgage
  5. Fines
  6. Child Support
  7. Spousal Support
  8. Income Taxes

We recommend structuring your bill payments in this way if you are thinking about bankruptcy. However, every case is unique. These priorities can change based on whether you plan to move, sell your car, or sell your house. Call the Sheppard Law Office today for a personalized recommendation concerning filing for personal bankruptcy in Ohio.

Contact Sheppard Law Offices If You Are Considering Personal Bankruptcy in Ohio

Local Columbus bankruptcy attorney Kenneth Sheppard Jr. is here to help you learn about your bankruptcy options. His trusted team of Ohio personal bankruptcy lawyers can help you settle your debts today and gain your life back. Contact Sheppard Law Offices to discuss your particular situation.

We make it easy to get in touch! You can call us or fill out the online form to set up your free consultation. You are also welcome to drop by one of our convenient offices in ColumbusNewark, and Mount Vernon, Ohio. Get your free consultation today!

Contact Sheppard Law Offices and Attorney Kenneth L. Sheppard, Jr. to schedule your free initial consultation.