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 Gahanna, Ohio will have some unique rules, however, so you should consult with a local lawyer before you file.
Chapter 7 Bankruptcy in Gahanna, Ohio
In Gahanna, Ohio, there are 2 common types of commonly-used consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets. It requires some percentage of the debtor's property to be sold in order to pay off as much of his or her debt as possible. However, the majority of property that most people own is exempt. This normally includes homes, vehicles, insurance policies, and retirement accounts. These do not have to be sold.
Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is cleared. However, some forms of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Gahanna, Ohio is not dischargeable, you may want to consider other options besides bankruptcy.
Chapter 13 Bankruptcy in Gahanna, Ohio
In Gahanna, Ohio, Chapter 13 is very different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your individual situation. Chapter 13 bankruptcy does not excuse debt, it restructures it. This involves a court coming up with an altered repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original contracts that created the debt in the first place. This creates a new payment structure, normally involving a single monthly payment, that the debtor should find manageable.
Which Type of Consumer Bankruptcy Should I File in Gahanna, Ohio
The answer to this question depends strongly on your particular situation. If you have enough stable income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 may be a good option. If you don't have much stable income, and most of your property is exempt, Chapter 7 might be better.
In any case, it would be a good idea to consult a local bankruptcy lawyer in Gahanna, Ohio. Your lawyer can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).
He helped more then anyone I've spoke to, even though I only spoke to him over the phone the phone for now, he made me feel alot less stressed out for my case ahead. Thank you very much for everything! He helped me understand more about what is going on.
We just hired Ian and have had several phone conversations with him we also met one time so far but he was very responsive, knowledgable and up front. I feel he will do a great job defending my Grandaughter enabling her to continue the stable life she has. Thank you Ian for helping us!
Ian is very caring and professional. He called me, even though he knew his experience level did not equal my case, he helped me find the right lawyer for my son and now I have him working with the lawyer I hired as lead on our case. Thank you Ian. I appreciate your help more than I can put into words.
Ian Musselman did a great job for me on fairly short notice. There was a lot of info involved in my case. Ian was aware of the facts and well prepared when it was time for court. He did a great job in representation and presenting the facts, as a result the outcome was in my favor.