Trying to work with mounting debt can be difficult for anyone to deal with. It is especially difficult when a person faces the loss of their home or property through foreclosure or repossession. It can be stressful when bill collectors are calling every day and a person is receiving threatening collections letters. Instead of ignoring these threats, homeowners need to make sure they take them seriously and hire an attorney so they can explore their options for bankruptcy in Hamilton OH.
The first option an individual will be presented with is chapter 7 bankruptcy. This type is available to all United States citizens who are able to pass a mean’s test to ensure they meet the income requirements. The mean’s test measures a person’s income against the average in their area of the country. If a person is eligible, they may be required to have some of their non-essential property liquidated, depending on the actions of the court-appointed trustee. Chapter 7 is typically settled in six months or less.
There is also the option of chapter 13. This bankruptcy is favorable by homeowners who are facing foreclosure and the loss of their home. When a person is approved for this bankruptcy, the collections must stop and they are given a period of time to pay off their debts. Most people are given between three and five years, depending on the full amount of debt they owe and their ability to make timely payments to pay down their debt.
While no one wants to have to file for bankruptcy, it is sometimes the only option a person has for overcoming their debt and starting afresh. When a person is facing the loss of their property, it behooves them to meet with an attorney for Bankruptcy in Hamilton OH.
Those who are dealing with more debt than their income will allow them to pay are urged to take action right away. With the help of an attorney, they can learn about their options for filing for bankruptcy. To get started on the process, contact us for free consultations. With a free consultation appointment, debtors can find relief from their mounting debt.
