There are times when an individual or business owner is saddled with mounting debt, and the only option appears to be to file for Bankruptcy in Hamilton OH. Business owners may have tried reducing their staff or cutting back on supplies to reduce expenses. Individuals may have made a valiant effort to keep up with expenses, but just couldn’t do so. This guide will help to explain the process.
What Exactly is Bankruptcy?
One form of bankruptcy is Chapter 7, which helps to erase many debts. The only issue with this form is the fact that folks might lose some of their valuables in the process. This type of bankruptcy is also known as straight or liquidation bankruptcy because the court will seize assets or property to liquidate them and repay the various creditors. Chapter 13 bankruptcy allows those in debt to commit to a repayment plan. This option is ideal for those who earn a solid income and are not that deep in debt.
What To Seek In a Bankruptcy Attorney
When clients are faced with filing for Bankruptcy in Hamilton OH, they need to find a firm that is committed to helping them resolve their debt problems. Clients need to be assured that filing for bankruptcy isn’t about financial failure, but is about finding a solution. Clients need to find a bankruptcy attorney that will guide them through the entire process and help them determine which type of filing is in their best interests. Clients should always deal with a firm that offers a free consultation.
Deal With an Attorney Who is Committed
Clients should try to find an attorney who only deals in bankruptcy law. Click here for an example of an attorney with over 20 years of experience helping families and individuals get a fresh start through personal bankruptcy. Clients can also learn about harassment and wage garnishments, tax ramifications, credit card debt, and student loans. Clients will also learn about the process of identifying any nonexempt assets that can be sold to repay their debt. Most good firms will also prepare them for life after bankruptcy.