Filing Chapter 13 Bankruptcy in Ohio
Many individuals will not be able to file Chapter 7 Bankruptcy because their income will be too high or they will have assets they will want to keep. Chapter 13 Bankruptcy does not immediately discharge your unsecured debt, but it does offer several advantages over filing Chapter 7 Bankruptcy. One advantage of filing Chapter 13 Bankruptcy is you may be able to stop your home foreclosure and keep your home. You will have to keep current on home payments through the bankruptcy process.
Chapter 13 Bankruptcy will also allow you to repay a portion or all of your debt to your creditors under a bankruptcy repayment plan. The debt repayment plan will be a three to five year plan. After the completion of the debt repayment plan, your debts will be discharged. A trustee will be appointed to distribute your debt payments to your creditors. Creditors will not be able to harass you for debt repayment while you are under Chapter 13 protection. Certain creditors who are collecting debt payments for non-dischargeable debt may be able to keep collecting debt payments.
Contact an Ohio Bankruptcy Lawyer who can help you file your bankruptcy petition and schedules, and help you create your repayment plan. An Ohio Bankruptcy Attorney can also go to all your court hearings for you.
