Find a Bankruptcy Lawyer in Fairfield, Ohio

Find the right Bankruptcy attorney in Fairfield, OH

Bankruptcy in Fairfield, Ohio is a court procedure through which a person or business who is unable to pay their debt is able to have some of their debt legally cleared, or "discharged." This theoretically allows the debtor to move on with a clean slate. Bankruptcy should be treated as an option of last resort, and should not be viewed as a fitting way to get out of debt that you just don't feel like paying. Bankruptcy can have severe consequences, including but not limited to damage to your credit rating. A bad credit score can impact your ability to acquire loans in the future, to rent an apartment, and possibly even your ability to get hired at some jobs (as some employers now run credit checks on prospective employees).

For that reason, it would be advisable to speak with a good Fairfield, Ohio bankruptcy attorney. This attorney will be able to advise you as to whether or not filing for bankruptcy is a good idea, given your specific situation. This determination is highly dependent on the details of each individual case, so a Fairfield attorney's advice is really indispensable.

Types of Bankruptcy in Fairfield, Ohio

There are 3 bankruptcy tactics that are typically used in Fairfield: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Fairfield, Ohio are very similar to what they will be anywhere else in the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is verified, and the proceeds handed over to the creditors, the debt is perceived as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are entirely or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.

The other typically used bankruptcy system in Fairfield is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is authorized by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the arrangements that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is typically a better option for people who have a steady income. Chapter 11 bankruptcy is generally used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - typically telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be authorized by the participating creditors through a simple majority vote.

One major advantage of Chapter 11 bankruptcy is that it allows businesses to continue their operations while the process plays out. Moreover, their stock can still be bought and sold.

How Can a Fairfield Bankruptcy Lawyer Help?

Filing for bankruptcy in Fairfield is a very important decision, and should not be made easily. Before filing, one should consult with a seasoned Fairfield bankruptcy attorney for assistance.

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Life in Fairfield

Fairfield, Ohio is a city that straddles Butler and Hamilton counties. It has a population of about 43,000 people. The area currently known as Fairfield was originally settled in 1877, by the Groh family. It was born out of a 50 acre land purchase in Fairfield Township. Modernly, Fairfield is a relatively quiet residential community. Since 2001, it has had a modern, central, "downtown" area, in the form of the Village Green Park development project. It serves as a commercial center with many pedestrian-accessible dining and shopping options. In the last decade, Fairfield, Ohio has undergone significant redevelopment, which was capped of with the completion of a community arts center, along with a new public library. Fairfield is home to the Cincinnati Mall, a large shopping center, as well as "Jungle Jim's International Market," which is something of a theme park for food, and sports a wide variety of international foods, as well as elaborate animatronics displays. If you live in the Fairfield, Ohio area, chances are good that you'll be able to find a lawyer who's qualified to handle whatever legal problem you might be facing. Fairfield, Ohio lawyers are skilled and competent, and like most lawyers, care about their clients' problems. It's almost certain that, no matter what your legal problem is, there's at least one Fairfield, Ohio lawyer who can handle it.

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