Consumer Bankruptcy Lawyers in Middletown, Ohio

Find the right Consumer Bankruptcy attorney in Middletown, OH

Bankruptcy is a court proceeding which lets a person or business have some or all of their debts discharged. It should usually 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. Individual courts in Middletown, Ohio will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Middletown, Ohio

In Middletown, Ohio, there are 2 main forms of commonly-used consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 involves liquidation of some of a debtor's assets. It requires that a certain percentage of the debtor's property to be sold to pay off as much debt as possible. The majority of property that most people own, however, is exempt. This usually includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is discharged. But some types of debt cannot be discharged through Chapter 7 bankruptcy. These include child support payments, student loans, and criminal fines, among others. If most of your Middletown, Ohio debts are not dischargeable, you might want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Middletown, Ohio

In Middletown, Ohio, Chapter 13 is quite different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your particular situation. Chapter 13 does not eliminate any debt, but it creates a new payment plan that should give the debtor some breathing room. Usually, all of the debts are consolidated into 1 periodic payment. While this might make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

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

Which Bankruptcy type to file under depends heavily on the facts of each individual case. If you have a steady stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a steady income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

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

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Life in Middletown

Middletown was recognized as the "All-American City" in 1957. It is located in Ohio, specifically in Butler and Warrent County. The main reason the city is so well-known is because it is the birthplace of AK Steel Holding Corporation. Per the 2010 census, Middletown's population is 48,694.

Some great attractions to see are the Great Miami River, the Towne Mall, Aeronca, and Magellan Aerospace.

Middletown is also home to many attorneys who practice law in various areas of law. These attorneys help provide security to local businesses and residents, because any and every of their legal needs will be taken care of.

Overall, Middletown provides residents and businesses with a wonderful and community-like atmosphere.

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