Sometimes in life, unforeseen circumstances occur that lead to serious financial difficulties. Perhaps a person will lose a job or go through a life event that causes them to take on a great amount of bills or debt unexpectedly. In other cases, a person may simply spread their assets or wealth too thin and then don’t have enough money to keep up with bills or payments. In certain situations, it is best for a person to declare bankruptcy rather than risk further financial ruin.
Filing for bankruptcy is a difficult process, however, so many people do not know what to do or even what type of bankruptcy to file for. Fortunately, bankruptcy lawyers are available to guide their clients through the process and help ensure a favorable outcome. For those who are earning very little money and have massive debt, filing for Chapter 7 in Dayton OH, is often the best option.
Those who file for Chapter 7 must be making a very low salary or must not have much disposable income left each month. Generally, these people have absolutely no available funds left for repaying any of their debt. People who can repay some of their bills, but simply may not have enough for full payments, are better suited to Chapter 13 bankruptcy and may not qualify for Chapter 7. In addition, those who file for Chapter 7 must prove that they have a very large amount of debt that they have no chance of repaying. People with only moderate debt may need to file for Chapter 13, as well.
Experienced bankruptcy attorneys will determine if their clients are better suited to Chapter 7 or Chapter 13 bankruptcy and will make suggestions for how to proceed.
When Chapter 7 bankruptcy filings are successful, most of a person’s debts will be completely dismissed. This does not include any alimony payments or past tax bills, and it often doesn’t forgive student loans either. Usually, people with Chapter 7 have large medical or credit card bills that they cannot repay. Usually, the entire process for Chapter 7 in Dayton OH, only takes a few months.
In some circumstances, a person may take on more debt than they can manage. For those who have large bills that they cannot repay, bankruptcy may be the best option. Professional bankruptcy attorneys help clients determine if bankruptcy is the best choice and ensure that the process goes smoothly.