Is Bankruptcy the Right Option for your Economic Situation

Enduring a life of constant harassment from collection agencies and creditors can be stressing not to mention the emotional turmoil every time one of the payments becomes due and there aren’t enough funds. A person who can no longer tolerate this kind of life that is full of anxiety has no other alternative but to file for bankruptcy. Like other states, Ohio protects all or a portion of the properties from being seized to satisfy creditors which disproves the general fear of the majority that they won’t have any property left after filing for bankruptcy.

However, it is very important to consult with Bankruptcy Lawyer Piqua OH in order to determine what kind of bankruptcy petition will be more favorable in view of the current economic circumstances. It is important to gain the protection provided by a lawyer so as to be allowed to keep some of the assets and properties. Generally, if you have lived in Ohio for 2 years, the state laws on filing for bankruptcy will apply. Filing for bankruptcy is a personal choice but bankruptcy laws in Ohio will allow you to eliminate all if not a portion of the debts that has accumulated.

After evaluating your personal circumstances on how much debt you actually owe and your ability to pay for it in the future, your Bankruptcy Lawyer Piqua OH will determine whether you should file for Chapter 7 or Chapter 13. Chapter 7 is the more popular form of bankruptcy petition since it leaves an individual debt-free. However, if you have a mortgage on the home you will still have to continue making payments to avoid facing foreclosure. Chapter 13 is the second more common bankruptcy filed which allows you to keep all your assets and properties but with a repayment plan to creditors which is usually from 3 to 5 years.

You can choose to represent yourself in a bankruptcy petition but is a frustrating experience not to have legal assistance. You will be expected to know and understand the bankruptcy laws of the state, and the bankruptcy court and trustees are not willing to waste time and efforts to teach you the basics on what you need to do. Minor errors in the bankruptcy petition can ruin your good chances of being approved. The laws are complex and if you are not particularly knowledgeable with the process seek for consultation with Bankruptcy Lawyer Piqua OH so that your case can be properly evaluated and errors can be eliminated.

Aside from the evaluation of the bankruptcy case, the lawyer usually handles the preparation of the petition which can be considered time consuming depending upon the number of creditors you have. It is very important that all information contained in these documents is accurate and be sure to provide the lawyer with a list of all assets and properties. Never be tempted to transfer some of the assets before filing the bankruptcy petition otherwise it may be construed as fraud or lack of good faith. This is your chance to be debt-free, so don’t do anything detrimental to its approval.

 

Bankruptcy Lawyer In Piqua OH – Filing for bankruptcy is a difficult life decision but with Bankruptcy Lawyer Piqua OH, you can weigh all options if bankruptcy is right for your circumstances. You can request consultation from Sdlattorneys.com.

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