Consumer Bankruptcy Lawyers in Columbus, Ohio

Find the right Consumer Bankruptcy attorney in Columbus, OH

Bankruptcy is a court proceeding which lets a person or business have some or all of their debts absolved. It should normally only be considered as an option of last resort, because it can have significant long-term consequences, even if it can stave off financial disaster. This means that the costs and benefits need to be carefully considered before filing. Since it's a creation of federal law, bankruptcy is handled in federal courts. Therefore, the rules and procedures governing it in Ohio will be the same as everywhere else in the country. Particular courts in Columbus, Ohio will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Columbus, Ohio

There are 2 main types of consumer bankruptcy in Columbus, Ohio: Chapter 7 and 13. Chapter 7 bankruptcy involves a liquidation of some of the debtor's assets, which pays off part of his or her debt. Once this is done, the remaining debt is absolved. Fortunately for debtors, many forms of property are exempt from liquidation, including homes, vehicles, basic personal items, and retirement accounts.

Once the qualifying property is sold, and the funds transferred to the creditors, the dischargeable debt is cleared. Some forms of debt, however, can't be absolved in Chapter 7 Bankruptcy in Columbus, Ohio. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be absolved, Chapter 7 may not be the best choice for you.

Chapter 13 Bankruptcy in Columbus, Ohio

Chapter 13 Bankruptcy in Columbus, Ohio is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each particular case. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the contracts that gave rise to the debt in the first place. This results in an altered payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

Which Type of Consumer Bankruptcy Should I File in Columbus, Ohio

Chapter 13 is normally a good option for people who have a stable income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a stable income, Chapter 7 might be more beneficial.

Of course, you should always seek the counsel of an accomplished local Columbus, Ohio bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your individual situation.

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Life in Columbus

Columbus is the largest city in the State of Ohio. It's also the Ohio State Capital and seat of Franklin County government. Consequently, you're going to find nearly every kind of case in the area should be filed with Ohio State or Franklin County Courts in Columbus. Columbus lawyers are familiar with local court cases like personal injury, divorce, and criminal cases while many others focus on Federal cases link bankruptcy and U.S. Immigration Court cases.

It's not only lawyers and politicians in Columbus; this #1 up-coming tech city was also named Business Week's best place to raise a family in the United States. But the singles scene is Columbus is renown as well. Men's Health Magazine ranked Columbus as the second most sexually satisfied city in the United States and Marie Claire Magazine declared it the 18th best place for a woman to find a good date.

Business is the major propellant behind Columbus' popularity. Five Fortune 500 companies call Columbus home: Nationwide Mutual Insurance Company, American Electric Power, Limited Brands, Big Lots, and Momentive Specialty Chemicals. Columbus is consistently named one of the top 10 U.S. cities in which to conduct business. In 2009 alone, Columbus metropolitan businesses profited over billion. The diverse Columbus economy offers everything from education, banking, energy, defense, and research to logistics, medical, steel, technology, and hospitality. No matter what you business may be, it seems Columbus is the place to go.

USA Travel Guide named the Columbus Zoo and Aquarium the best in the United States adding to the popularity of Columbus as a tourist destination. Top-notch public transportation connecting Columbus' various universities and colleges to the neighborhoods and city attractions. The Ohio Judicial Center is an outstanding of Art Deco style architecture while the Wexner Center and Nationwide Plaza designed by Peter Eisenman offer a contemporary charm all their own.

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