We are bankruptcy attorneys located in Eastgate, OH. We specialize in Chapter 7 bankruptcy and Chapter 13 bankruptcy.
Have you lost your job and in over your head? Financial distress can seem like the end of the world. Thanks to a protection offered by federal law, it doesn’t have to be. That protection is bankruptcy.
There is no requirement that you have to be employed in order to file for bankruptcy. In fact, job loss is one of the most common reasons people file for bankruptcy. However, being unemployed can still affect the outcome and success of your bankruptcy filing. This depends on whether you are filing a Chapter 7 or Chapter 13 bankruptcy.
A debtor filing for Chapter 7 typically does not have the necessary disposable income to repay their debts. Unlike a Chapter 13 bankruptcy, which requires a debtor to repay their debt, Chapter 7 provides a debtor the opportunity to eliminate their debt.
The most common filings for bankruptcy are chapter 7 and chapter 13. Chapter 7 is a straight bankruptcy, referred to as a liquidation bankruptcy. As many as 65% of consumer bankruptcy filings in the U.S. are chapter 7.
Some advantages of filing chapter 7 bankruptcy could be, you receive a complete fresh start. After the bankruptcy is discharged the only debts you owe will be for secured assets on which you choose to sign a “Reaffirmation Agreement.” You have immediate protection against creditor’s collection efforts and wage garnishment on the date of filing. Wages you earn and property you acquire after the bankruptcy filing date are yours, not the creditors or bankruptcy court. There is no minimum amount of debt required. Your case is often over and completely discharged in about 3-6 months.
Not all debts can be discharged. Contact our office today to set up your free consultation with one of our Attorneys. You can call us at 513-752-3900.
As soon as you file bankruptcy, an automatic stay takes effect. The automatic stay requires your creditors to stop all collection efforts.
The stay prevents bill collectors from calling you or sending you threatening letters. It requires most lawsuits to collect a debt to be put on hold. Unless and until they get permission from the court to do so, it prevents landlords from starting an eviction and mortgage lenders from pursuing a foreclosure.
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For more information check out our website at Keegan and Co Attorneys
Contact our office today in Eastgate, Ohio for your free consultation to see if bankruptcy will give you the financial relief you are looking for.