Consumer Bankruptcy Lawyers in Kettering, Ohio

Find the right Consumer Bankruptcy attorney in Kettering, 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 serious 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 product of federal law, bankruptcy is handled in federal courts. Therefore, the rules and procedures governing it in Ohio will be the same as anywhere else in the country. Particular courts in Kettering, Ohio will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Kettering, Ohio

In Kettering, Ohio, there are 2 common forms 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 need to be sold.

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

Chapter 13 Bankruptcy in Kettering, Ohio

In Kettering, Ohio, chapter 13 is very different from Chapter 7, and may or may not be the best option for you, depending on your situation. 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 Kettering, Ohio

Chapter 13 is normally a good option for people who have a steady 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 steady income, Chapter 7 might be more beneficial.

Whatever your situation, you should speak with a local Kettering, Ohio bankruptcy attorney. Your lawyer will be able to advise you of your options and their likely outcomes, which will help you make a more educated decision.

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Life in Kettering

Kettering lies in both Greene and Montgomery County. It is a suburb of Ohio, nearby Dayton. The suburb is of decent size, with an approximate population of 56,170 people.

The suburb has three popular attractions. First is Fraze Pavilion, which is an outdoor entertainment venue. Next is Dayton Philharmonic, which is also an entertainment venue. Lastly, there is the Town and County Shopping Center, a great open-air mall to do some shopping and grab some food!

Famous residents include Tony P. Hall, John Paxson, Jim Paxson, Brooklyn Decker, Brady Hoke, and Kim Richey.

Kettering is also home to some attorneys. These attorneys are able to provide residents with excellent legal guidance, as well as referrals, if need be.

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