Living expenses are rising fast, and sometimes there is no money left once rent, utilities, and groceries are paid. That leaves hard working people with no way to cover medical bills, loan payments, credit cards, or even tax debt. Collection agencies begin to call; wages may be garnished, and the possibility of losing the car or home becomes a reality. At that point, or before things get to that point, it may be wise to seek a bankruptcy lawyer in Hamilton, OH. There are options for personal bankruptcy that can help people recover from overwhelming debt. There are qualifications and certain stipulations for each option, so find an experienced lawyer who can explain the options clearly.
One type of personal bankruptcy is called chapter 7, and that option is for people who literally have no money left after living expenses are covered for each month. Conditions apply before chapter 7 bankruptcy can be filed, but it discharges the unpaid debt, reconnects utilities, restores driving privileges from an uninsured accident, stops garnishments, and discharges tax debt that is more than three years old. Credit counseling is required once the bankruptcy is granted. Costs are different for each case because each case is unique, but there are basic starting costs. A free consultation with a bankruptcy lawyer in Hamilton, OH will let people know what the procedures will cost.
Chapter 13 bankruptcy is another option. The Hat is basically a partial repayment plan for current debt that takes place over the next three to five years. The amount to be paid is based on what money is left after living expenses have been paid. This option will stop foreclosure, wage garnishment, collection agency telephone calls and procedures, and tax collection. It provides tax debt relief on old tax liability, and cancels the second mortgage if there is negative equity.
With this option, the lawyer fees become part of the repayment plan, so costs are lower. Credit counseling is required with this type of bankruptcy as well. Call for a consultation or meet R. Dean Snyder Attorney to get full details on possible options. Other areas of practice include credit reports and repairs, student loans, business bankruptcy, credit card debt, and tax debt.
