It’s not uncommon for an individual to have financial worries in their life due to illness, injury, divorce, the loss of a job or many other life-altering events. When an individual finds themselves with overwhelming debt and assets they don’t want to lose, Chapter 13 Bankruptcy in Cincinnati OH may be a viable option to choose from. Under this type of bankruptcy, an individual can prevent foreclosure on their home, stop interest from accruing on a tax debt and keep the valuable non-exempt property. An individual must have a regular source of income and some disposable income to make the payments on a regular basis.
Will Bankruptcy Eliminate All Of The Debt?
There are several debts that cannot be discharged through a Chapter 13 bankruptcy filing including, child support, alimony, certain other debts involved with a divorce, certain student loans, criminal fines, court-ordered restitution, recent income tax debts, or anything type of debt that is not listed in the bankruptcy papers. Certain debts may not be discharged by a bankruptcy judge if individual files Chapter 7.
Payments For A Chapter 13 Bankruptcy
Chapter 13 Bankruptcy in Cincinnati OH allows an individual to make up overdue payments and reduce the amount of monthly owed to creditors. A three to five-year repayment program will be established that pays off all or part of the debts. When individual sticks to the terms of their agreement, any remaining dischargeable debt will be forgiven at the end of the payment plan.
Chapter 13 bankruptcy attorney fees can be included in the repayment plan that was approved by the court. If a car loan is more than 2 1/2 years old, the payment amount can be lowered wage garnishments can be stopped, and the second mortgage can be canceled if there’s negative equity in a home.
An individual can file for bankruptcy on his or her own, but failure to follow proper legal procedure could result in a failed bankruptcy attempt. An experienced bankruptcy attorney can help an individual determine the best legal decision to make about their financial situation. Read about R. Dean Snyder Attorney and how his 28 years of bankruptcy experience can help you.