Along with the changing economy and job market, a change came to many people as well and not a welcome change. Corporations down-sized, businesses closed and many people lost their jobs as well as their homes. With no other means of income coming in to compensate for the loss, bankruptcy became their only option to be able to start fresh again. Bankruptcy became a way to relieve the weight of debt on their back that they could never repay or that would take years to pay.
A person who is in debt can file a Chapter 7 or a Chapter 13 Bankruptcy in Lebanon Ohio. A Chapter 7 bankruptcy is liquidation where as a Chapter 13 bankruptcy is a reorganization of your debt that is supervised by a federal court. It is a way for an individual or business with income to modify their debt with the intention of paying off their debt in the future with a pre-determined payment plan. In a Chapter 7 bankruptcy some assets can be kept but many assets must be sold.
To file Bankruptcy Lebanon Ohio, first determine which type of bankruptcy is best for you. Chapter 13 is an alternative choice to Chapter 7. After determining which bankruptcy type is best, you have to file a petition with a bankruptcy court along with a copy of your assets and liabilities and current income. There are also a number of fees associated with filing bankruptcy such as the court filing fee. Once the petition is filed most creditors will not be able to contact you, garnish wages or sue you. As of October 2005, government-approved credit counseling is required before the petition for bankruptcy can be filed. Credit counseling has to be completed within six months before a bankruptcy protection can be filed.
If you are going to petition for a Bankruptcy Lebanon Ohio area and you aren’t sure where to begin get referrals from family and friends for an experienced bankruptcy attorney to help you. An attorney can help you fill out the necessary paperwork and help you understand exactly what happens during the bankruptcy process. An attorney an also assist you in understanding the credit counseling law.
