It can be a struggle for anyone to overcome mounting debt. It becomes even more difficult when a person is dealing with the unexpected loss of a job or a serious illness or injury. It is crucial people who are dealing with too much debt understand their options for overcoming it. Meeting with an attorney will allow a person to learn if they are a good candidate for Chapter 7 Dayton OH.
Chapter 7 is a type of bankruptcy that can allow a person to overcome their debt fairly quickly. Most chapter 7 bankruptcies are settled within six months. This type can only be filed by those who pass a mean’s test. This test measures a person’s income total against that of the median income in their state or county. If they can pass the test, their debts can be paid off or absolved within six month time period with the help of a court-appointed trustee.
A trustee is placed over a chapter 7 bankruptcy case with the goal of paying off as much debt as possible. Should the applicant have extraneous property, they may be forced to surrender the property so it can be liquidated to pay down their debts. A person’s residential home, furniture, car, and clothing cannot be taken by the court.
If a person has no non-essential property, there are many debts that can be absolved through the trustee. This frees a person to start a new financial future and with financial counseling, they can learn to make better decisions to help ensure debt will not be a problem in the future.
To start the process of filing for chapter 7, one will need to schedule an appointment with an attorney. An attorney will carefully review a person’s financial records and help them determine if bankruptcy will be a viable option for them.
If you feel you are drowning in debt, there is legal help available. You can receive a free consultation appointment when you Contact us. An attorney will guide you through each step in the process of bankruptcy so you can be free of your debts and start a new future.
