When an individual or business is facing serious financial debt, they may consider filing for bankruptcy. Filing for bankruptcy is a legal way to declare that an individual or entity is unable to pay their debts to various debt collectors. Filing for bankruptcy requires several different legal steps, and there are different types of bankruptcy to file for. One common type of bankruptcy is Chapter 13 Bankruptcy. When someone files for Chapter 13 bankruptcy, they get to keep their property versus forfeiting it to pay their debt. The individual or business typically has up to five years to pay back their debt, but this depends on the specifics of the case.
Filing for Chapter 13 Bankruptcy Lebanon Ohio is best for individuals who have regular income, as they are most likely to be able to repay their debt over time. Chapter 13 Bankruptcy Lebanon Ohio can be somewhat confusing for any individual to handle. The legal steps and ramifications of filing for bankruptcy are very detailed, and they have short and long term effects on an individual’s life. The best way to file for Chapter 13 bankruptcy is to hire a bankruptcy lawyer.
A bankruptcy lawyer is an attorney who specializes in helping businesses and individuals file for Chapter 7 or Chapter 13 bankruptcy. While filing for Chapter 13 bankruptcy is most ideal, a lawyer can help his client determine which route is best. If the client wants to pursue filing for Chapter 13 bankruptcy, then the lawyer represents and assists the client during the entire process. A lawyer can advise or assist his client with collecting all of the information needed to file for bankruptcy. Proof of income and the inability to immediately pay off debt must be proven to the court.
As mentioned previously, Chapter 13 bankruptcy allows individuals and businesses to repay their debt over time. In most cases, this debt repayment takes three to five years. A bankruptcy lawyer can help his client determine how long the debt repayment will take. While filing for bankruptcy may seem like too much to handle, it is very doable with the assistance of an attorney.
