Many people are in way over their heads with all types of debt. Whether you are dealing with medical bills or credit card debt, it can be stressful. With bill collectors calling with their threats over and over, you have most likely done all you can to get out of debt. Unfortunately, not all bill collectors are willing to work with people. If you have tried to get out of debt and failed, there may be help to be found through Bankruptcy in Hamilton OH. Though it is not for everyone, it can be a viable solution. Bankruptcy has helped millions of people to overcome their debt and find financial freedom.
To decide if bankruptcy will benefit you, it is a good idea to schedule an appointment with an attorney. A bankruptcy attorney can take a look at your financial situation and give you information on the different types of bankruptcy that are available for individuals to file.
The first type is chapter 13. This type allows you to keep all assets you own, but you must make a payment through the courts each month. Your payment is split up among the creditors you owe, to make sure they get the debt paid. This normally takes place over a period of two to five years, depending on the amount of debt you owe and your monthly income.
Your second option, is chapter 7. This bankruptcy is for people who have assets they do not mind being auctioned to pay off their debts. You are allowed to keep your residential home, furniture, clothing and car, but all other assets must be surrendered. A trustee takes control over your case and works with the auction of your assets and through your creditors, to make sure all your debts get paid or absolved. This normally takes place in six months or less.
To learn more about Bankruptcy in Hamilton OH, contact an attorney right away. Contact them and learn how they can assist you in getting out of debt as quickly as possible. An attorney will work to protect your rights and give you the legal advice needed, so you can make the right decisions for your financial situation.
