Consumer Bankruptcy Lawyers in Springfield, Ohio

Find the right Consumer Bankruptcy attorney in Springfield, OH

Bankruptcy is a legal process allowing an individual or business to have some or all of their debt excused. It is almost always considered as a last resort because it can have some negative long-term consequences which must be considered, even if you ultimately decide that they are outweighed by the benefits. Bankruptcy is governed by federal law and handled in federal courts, so the procedural and substantive rules involved in Ohio are often the same as anywhere else in the U.S. However, individual bankruptcy courts have slightly different rules for items such as exemptions, so it would be a good idea to consult with a local Springfield, Ohio bankruptcy lawyer beforehand.

Chapter 7 Bankruptcy in Springfield, Ohio

There are 2 typical forms of consumer bankruptcy in Springfield, Ohio: Chapter 7 and 13. Chapter 7 liquidates some of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many types of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and necessary personal items, like clothing. These assets are not available to creditors.

Once the non-exempt property is sold, the rest of the dischargeable debt is absolved. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Springfield, Ohio is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Springfield, Ohio

Chapter 13 bankruptcy in Springfield, Ohio is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your specific case. Chapter 13 Bankruptcy involves a court setting up an adjusted payment plan, which allows the debtor to pay off most or all of his debts over an extended period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

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

This depends entirely on the facts of your specific case. If you have a decent amount of steady income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 might be the best option for you. If most of your property is exempt, and you don't have much steady income, Chapter 7 might be the best option.

In any case, it would be a good idea to consult a local bankruptcy attorney in Springfield, Ohio. Your attorney 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).

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Life in Springfield

Springfield is located in Clark County, Ohio. It is located west of Columbus, near Dayton, Mad River, and Buck Creek.

Interestingly, Newsweek Magazine included Springfield in its anniversary issue titled "The American Dream," which was published in 1983. In 2004, it was named an "All American City."

For nature lovers, a popular attraction is the Buck Creek Scenic Trailhead, which is great for walks, hikes, and nature-watching.

Springfield also has many well-established law offices and law firms. These offices and firms train excellent attorneys to provide personalized legal services to residents and local businesses.

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