Chapter 7 Bankruptcy
Ever feel like debt has totally overwhelmed you? Many people are completely over their head in debt, and the anxiety causes difficulty breathing. You are not alone.
As an experienced Columbus Ohio bankruptcy attorney, I can help you determine if bankruptcy is a good choice. As a licensed Ohio lawyer, I can guide you through the bankruptcy process and help you achieve a fresh start to your life. If an alternative to bankruptcy is better for your situation, I can help you with that as well.
How Chapter 7 Bankruptcy Works
There are generally 2 types of bankruptcy for the average consumer, a Chapter 7 bankruptcy and Chapter 13 bankruptcy. To determine if you qualify for a Chapter 7 bankruptcy, the bankruptcy court uses 2 tests for eligibility, the means test (or your income relative to the average American median income) and the totality of the circumstances test (or your monthly debt to income ratio).
A Chapter 7 bankruptcy is known as a fresh start because it allows bankruptcy debtor (or the person filing the bankruptcy) the opportunity of a fresh start from the unsecured creditors of credit cards, medical bills, and other types of debt. A Chapter 7 bankruptcy allows the debtor to get rid of or discharge most unsecured debts.
When a person files a Chapter 7 bankruptcy, they are protected under federal law by a federal bankruptcy stay order, which stops all lawsuits or collection efforts. When a person receives a bankruptcy "discharge", the discharge allows the debtor to discharge all underlying contractual obligations on the debt.
Some debts are not eliminated in a Chapter 7 bankruptcy. The most common non-dischargeable bankruptcy debts are taxes, student loans, child support, and government loans.
Stop letting the creditors harrass you. Consider bankruptcy in a reasonable, affordable, and efficient way. Call for a free initial consultation:
(614) 445-3000
Get control of your life again.
