Bankruptcy petitions can be filed under Chapter 7 and Chapter 13 of the United States Bankruptcy Code.

Chapter 7

Chapter 7 allows you to file for straight bankruptcy, under which all your unsecured debts can be discharged. A court appointed trustee will assess your income and living expenses, and then repay your creditors through the sales of your non-exempt property. However, some debts like the ones listed below will have to be repaid by liquidating your non-exempt assets.

• Alimony
• Family and child support
• Taxes owed to the government
• Some study loans
• Personal injury claims
• Fines and penalties imposed

Chapter 13

If you have a source of regular income, you can file a bankruptcy petition under Chapter 13, to repay your obligations. You will be allowed to keep almost all your belongings.

Along with your petition, you are required to submit:

1. A statement of your finances
2. A detailed list of assets
3. Secured and unsecured loans
4. Names and addresses of creditors, and
5. A repayment plan for a period of three to five years.

The court will assess and approve this plan in consultation with your creditors and appoint a trustee to supervise the repayments.

For legal help in filing a bankruptcy petition you will need the guidance and help of a bankruptcy attorney. Contact our Cincinnati bankruptcy lawyers for help in filing a bankruptcy petition in Cincinnati or any other city in Ohio like Fremont, Toledo, Franklin, Cambridge, Cleveland, Hamilton etc. Click here for a FREE consultation with a bankruptcy lawyer.

Our sponsoring Cincinnati bankruptcy lawyers will help you get a clearer perspective of your case and file the petition in court. Our attorneys will get all the relevant documents in order. Every minute detail, which is essential to the statement of your financial affairs, will be attended to by our Cincinnati bankruptcy lawyers. You can relax and let our bankruptcy lawyers deal with your creditors, coordinate with the trustee and ensure transparency in all transactions.