When most people think of bankruptcy, they generally think about Chapter 7 bankruptcy. This is for individuals who make less than the mean amount of money in their area. In these cases, some of your debts will be erased and others will be repaid by selling your assets. To get started with Chapter 7 in Dayton OH, and get your finances back on track again, you’re going to want to speak with a lawyer.
Make sure you have all financial documents with you when you speak with your lawyer. They’ll need to know who you owe money to, how much you owe, what kind of debt it is, and your income for at least the past six months. This information can help them determine if you qualify for Chapter 7 in Dayton OH, or if you may qualify for a different chapter of bankruptcy. If you do qualify for Chapter 7, the next step is to determine your assets and hire a trustee to oversee the sale of your assets.
You are not going to have to sell your home or your main form of transportation. However, other assets can be sold as part of the bankruptcy proceeding. Your trustee will be in charge of selling your assets and will use the profits to repay your debts. Typically, this takes about six months to complete. Once all your assets are sold and the money is paid to help reduce your debts, the remaining debts may be erased. Remember, not all types of debts can be discharged through bankruptcy. Child support and education loans are two types of loans that cannot be erased through the bankruptcy. Your lawyer can let you know if any exceptions apply to your debt and what you will still need ot pay at the end of the bankruptcy.
If you’re worried about your finances and think bankruptcy might be a good option for you, talk to your lawyer about filing for Chapter 7. They can help you determine if you qualify and, if so, they can walk to through all the steps of a successful bankruptcy. Get started today so you can get your finances back on track.