CINCINNATI DEBT SETTLEMENT LAWYERS

Filing bankruptcy under Chapter 7 or Chapter 13 subjects a debtor to loss of personal possessions in the process of debt settlement. O'Connor Acciani & Levy Co., LPA can help you protect your home, car and other assets under certain state and federal bankruptcy exemption provisions. Contact our bankruptcy attorneys for a free consultation regarding your debt settlement by calling 513-241-7111 today, or email your contact information to us.

Any assets that are considered “non-exempt” in a Chapter 7 bankruptcy filing are sold or “liquidated” under the supervision of a trustee to pay creditors in the debt settlement. The debtor may keep certain “exempt” property such as pensions, house and car equity, clothing, cash, and savings bonds.

Chapter 13 bankruptcy allows a debtor to arrange a court-approved, interest-free payment plan, and retain ownership of items that are mortgaged such as a home or car. Often the debtor may recover valuable non-exempt assets as well. The debtor-in-possession is then responsible for selling property and reimbursing creditors.

All non-exempt belongings go to the bankruptcy estate when debtors file bankruptcy under Chapter 7. Although property is turned over to the court-appointed trustee, debtors may have an opportunity to buy back some assets.

Deciding which possessions are exempt from sale to repay debt is determined by the state where the debtor lives. Federal and state exemption requirements differ, but debtors may be able to choose which laws to abide by depending on his or her state of residence.

Bankruptcy “discharge” permits debt relief and excuses a debtor from payment of certain financial obligations. Many debts can be discharged like credit card balances, bank loans, court judgments and medical bills.

Bankruptcy laws consider tax debt, student loans government fines and child support as "non-dischargeable", meaning the debtor must arrange to reimburse these creditors.

Federal bankruptcy laws protect the debtor from losing everything in debt settlement so that he or she may make a fresh start from a place of relative security, without a heavy financial burden.

Debt settlement is complicated. Bankruptcy laws are constantly changing, and it is advisable to work with a knowledgeable debt settlement lawyer to protect your rights to personal possessions. Contact O'Connor Acciani & Levy Co., LPA today for a free consultation regarding your debt settlement. Phone our attorneys at 513-241-7111 or click here to send an email.

COURT COSTS AND CASE EXPENSES WILL BE THE RESPONSIBILITY OF THE CLIENT