Know the Basics Before You Hire a Bankruptcy Lawyer in Piqua, OH

If you are planning to start over financially, you should consult a qualified Bankruptcy Lawyer Piqua OH to guide you on the best course of action. Not every lawyer is eligible for this method of getting rid of past debts, nor is it the ideal option for everyone. While there are certainly advantages to choosing chapter 7 bankruptcy, there are also drawbacks. It is imperative you consult a bankruptcy attorney for more details.

One of the major details you will need to discuss with a bankruptcy attorney is whether you are qualified for chapter 7 bankruptcy. Your overall assets, income and expenses will have to be investigated to ascertain whether they meet the average qualifications for this form of bankruptcy. If it is determined that you make more than the average family in your state, you will not be able eligible for this type of bankruptcy. You will instead use a chapter 13 bankruptcy, in which you will be allowed to create a single payment plan to repay all your debts.

If, on the other hand, you are approved for a chapter 7 bankruptcy, you will be required to provide the following list of items to your attorney:

A list of the property you own

The amount and frequency of income each month

Monthly expense

You will be pleased to find out that once you file for a chapter 7 bankruptcy with your lawyer, you creditors cannot contact you. This means no more threatening calls and letters.

At this time, a trustee will take over your nonexempt properties, so he can sell them off. The proceeds will be used to pay your creditors, so they can at least recover some of the debts you owe them. Consult a bankruptcy attorney to determine what properties are exempt from being sold, as you are allowed to retain some of your assets during this time.

Now that you have a good idea of what will happen during a chapter 7 bankruptcy process, you can decide if this is the best option for you. It is important you first talk to a Bankruptcy Lawyer Piqua OH to help you decide the best pathway for you and your family.

If you are looking for an experienced bankruptcy lawyer who can offer you the debt relief you need, consult with Shipman Dixon & Livingston Co. L.P.A.

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