Financial difficulties can hit anyone and make life hard to get through. These difficulties can be especially problematic for those living paycheck to paycheck. For many, one illness or injury, or one car breakdown can be enough to cause a severe financial hardship. This can also create a snowball effect on their debt. It doesn’t take long for that snowball of debt to become an avalanche of trouble. Fortunately, a bankruptcy lawyer in Cincinnati, OH can help.
What Is Bankruptcy?
Bankruptcy is a legal option for those suffering from financial difficulties and burdensome debt. It can allow a person to find relief and start over with the help of the court system. However, a bankruptcy can be a lengthy and confusing process for those unfamiliar with the process. Financial counseling may also be a necessary part of the bankruptcy process. A bankruptcy lawyer in Cincinnati, OH can guide a person through this process.
Chapter 13
Chapter 13 bankruptcy can allow a person with high debt to reorganize their debt in payments easier to manage. All debts are collected and reviewed in comparison to the person’s income. A repayment plan is then determined to pay off this debt within a certain amount of time. This repayment plan must be reviewed and approved by a judge before it can go into effect.
Chapter 7
Chapter 7 bankruptcy is for those with little or no income. This process recognizes that the debt is causing undue hardship to the person owing the debt. Any property, outside of a person’s home and personal vehicle, is liquidated and then used to pay the debt. Any remaining debt is then discharged. This allows a person to be able to get relief from this debt so that they can live their lives without the difficulties high debt can bring.
How an Attorney Can Help
An attorney can help explain this process and determine which type of bankruptcy, if any, is a good option for debt relief. They can help file all forms and gather all debts to begin the process. An attorney can even provide options for financial counseling, as well as attend the court hearing to ensure the process goes through. Meet Dean Snyder, Attorney to get help with debt and bankruptcy.
