Things To Consider When Filing Bankruptcy Dayton Ohio

January, 2014 by Alma Abell

There are a number of different factors that should be taken into account when you are trying to decide whether or not filing Bankruptcy Dayton Ohio is the right answer for you. First, you need to think about the type of bankruptcy you are going to be filing. Unless you are filing bankruptcy for your business you are either going to end up filing Chapter 7 or Chapter 13 bankruptcy. If you are filing bankruptcy on behalf of your business you would need to look into filing Chapter 11 bankruptcy.

Chapter 7 bankruptcy is commonly referred to as liquidation bankruptcy or straight bankruptcy. In three to six months Chapter 7 can wipe out the vast majority of your debts with the exception of secured debts and things such as student loans or unpaid child support. If you file for Chapter 7 there is a chance the court might seize some of your property in order to liquidate it and pay off some of your debts.

Chapter 13 bankruptcy is commonly referred to as the reorganization bankruptcy. Unfortunately, filing for Chapter 13 can be a great deal more complicated. It is also not a bankruptcy that is about wiping out your debts. This type of Bankruptcy Dayton Ohio is for individuals who are financially capable of paying off their debts; they just need help setting up a payment plan. Your debts and payment requirements will be reorganized and you will be required to make payments to the court every month for the next three to five years to pay off all of your debts.

Legally, there is nothing stating that you have to hire a lawyer in order to file bankruptcy. If you think you can handle the paperwork and file on your own, then you are going be able to save some money on attorney fees. However, you should keep in mind that you are already spending $300 to file. It would be a shame to spend $300, wait a few months, and then find out you made mistakes on your application causing you to have to start over and file again. Bankruptcy lawyers that you could hire from a law firm such as Miami Valley Bankruptcy have experience with filing and they are far less prone to making mistakes on the paperwork.

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