One of the fastest options for settling debt through the court system is chapter 7 bankruptcy. If a person begins to feel as if they are overcome with debt and cannot catch up, they may want to find out more about this bankruptcy option, which can allow them to settle their debt in as few as six months. With this information, individuals will learn more about chapter 7 bankruptcy in Cincinnati, OH so they can decide if they should apply.
There are several documents that must be filed when a person is filing for chapter 7 bankruptcy:
* The chapter 7 petition
* Schedule of assets and liabilities
* Schedule of current income and expenses
* Statement of financial affairs
* Schedule of executory contracts and leases that have not expired
* Current tax returns
It may also be required for a person to file a certificate that states they completed credit counseling and the repayment plan that was drawn up while they attended credit counseling. Once all of these documents have been filed, a trustee will be placed over the case and they will be responsible for liquidating any non-exempt property to pay off the debts. They also have the power to absolve some debts.
The fees for filing in court are $245 for the case filing fee and $75 miscellaneous administrative fee. If a debtor’s income is less than 150% of poverty level in the state of Ohio, the fees may be waived.
To get started on the process, a consultation meeting with a lawyer needs to be scheduled. Although it is not required for a person to have a lawyer, it is crucial that individuals seek legal counsel because the process can be somewhat confusing and stressful when a person tries to go it alone.
If you are facing more debt than your income can handle, now is the time to seek help. Filing for chapter 7 bankruptcy in Cincinnati, OH will allow you to overcome your debt and find peace of mind. Call the office of Attorney Dean Snyder so you can ask to have your consultation appointment scheduled. There is no reason for you to face your creditors alone.