A successful Chapter 7 filing may need a Columbus bankruptcy lawyer
Every debtor may need an experienced Columbus bankruptcy lawyer to focus on their unique financial problems. For a successful outcome, a debtor may need a competent Columbus bankruptcy lawyer to thoroughly assess their financial situation, guide them through the process and explain all the details.
Bankruptcy laws may be too complex for the average debtor to attempt without the help of a qualified Columbus bankruptcy lawyer who should provide excellent service with flexible payment plans.
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Currently, you may be able to obtain immediate protection from your creditors when you file for Chapter 7 or Chapter 13.
The first step your Columbus bankruptcy lawyer may do is file your petition in court. This document should ask you to list personal information, including all of your income, your assets, your expenses and your debts. You must also indicate applicable state exemptions to which you may be entitled. Exemptions are laws that prevent your creditors from taking certain property away from you.
After filing the petition, the court should then appoint a trustee to your case and an "Automatic Stay" should be entered. This is a court order that prevents creditors from taking any further action against you outside of court. The creditor harassment should stop.
This action ensures that your creditor calls and bills should stop, your property shouldn't be seized, your creditors shouldn't sue you, your house shouldn't be foreclosed upon, your paycheck shouldn't be garnished, your car shouldn't be repossessed, your bank should stop any foreclosure action and your suspended driver's license should be reinstated.
Chapter 7 exemptions may allow you to protect your property from creditors
The beauty of Chapter 7 is that certain types of your property may be untouchable by creditors. Exemptions may vary by state but may typically include your primary residence, certain items of personal property, tools, work equipment, your vehicle and other categories of property. More often than not, your exemptions should protect many of your assets. For those assets that may not be protected, the court-appointed trustee should ask to begin liquidation proceedings to pay your creditors. In most cases, however, the trustee should only liquidate if he can obtain enough money from a sale to make a significant payment to your creditors. If creditors should be paid or a settlement reached, your debts are permanently wiped out.
If a debt is unsecured -- that is, with no collateral backing it up -- it currently may be discharged in a Chapter 7. Some of these debts may include credit card debt, medical bills, most personal loans and payday loans, judgments resulting from car accidents, some older tax debts, garnishments and bounced checks. But neither a Chapter 7 of a Chapter 13 may eliminate all your debts. You may still be liable for child support, taxes and student loans.
In the case of significant non-dischargeable debts, you might consider a Chapter 13. You may use Chapter 13 to liquidate the majority of your debts, set up a reasonable debt repayment plan, and get a fresh financial start.
Call our toll-free hotline at 1 (877) 349-1309 and talk to a sponsoring bankruptcy lawyer of Total Bankruptcy or set up an appointment using our easy, confidential and secure online evaluation form.
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The purpose of this web site is to help you learn everything you need to know about bankruptcy, the process, your bankruptcy attorney and your legal rights. The best place to start is with the U.S. Bankruptcy Code. It delivers protection to people in financial jeopardy who are suffering under mountains of debt. Bankruptcy is your legal right.