If you are struggling to keep up with debt payments, are being harassed by creditors and debt collectors, or are simply overwhelmed by your inability to stay on top of your finances, bankruptcy may be an effective solution for helping you reestablish more solid financial standing.
If you are considering this option, it is strongly recommended that you seek legal counsel from a qualified lawyer. This is an extremely complicated process that can have long-term legal and financial consequences.
A Cincinnati bankruptcy lawyer at our firm has a comprehensive knowledge of bankruptcy laws and can guide you through the entire process and help you overcome your debt.
What Is Bankruptcy?
Bankruptcy is a process through which consumers and businesses can eliminate or repay some or all of their debts under the protection of the federal bankruptcy court. It can help prevent vehicle repossession, foreclosure, wage garnishment, creditor harassment and many other consequences of not repaying your debts.
Most bankruptcies are considered either:
- Liquidation: This requires the bankruptcy trustee to sell some of their property to repay debts.
- Reorganization: This allows you to keep your property by making monthly payments to repay all or some of your debt, usually over three to five years.
In order to file for bankruptcy, an individual or business must file a petition with the bankruptcy court. All cases are handled in federal courts under rules outlined in the U.S. Bankruptcy Code.
If you are in danger of losing your home or possessions, filing for bankruptcy may be a viable option for you. Contact our bankruptcy attorneys in Cincinnati to learn about your legal rights and weigh your options for debt settlement.
Types Of Debt Relief
The Bankruptcy Code under U.S. law includes six types of bankruptcy (commonly referred to as chapters) that can be filed by an individual or a business entity. The two most common types of bankruptcy filed by individuals are Chapter 7 and Chapter 13.
- Chapter 7: As the most straightforward type of bankruptcy, this is the simplest, quickest and most basic liquidation, allowing you to sell some of your property to repay debts in order to erase unsecured debts like medical bills or credit card debt. Chapter 7 is available to both individuals and businesses, and is sometimes known as straight bankruptcy. It usually lasts three to six months.
- Chapter 13: Chapter 13 is sometimes called “wage earner” bankruptcy and typically involves financial rehabilitation through a payment plan for individuals with a steady income, allowing them to repay all or part of their debts.
Other forms of bankruptcy include:
- Chapter 9: This is a federal mechanism used to resolve municipal debts and is sometimes known as municipal bankruptcy.
- Chapter 11: Often referred to as corporate bankruptcy, this form of bankruptcy is usually only used by business debtors, but may also be used in cases of individuals with substantial assets and debts. It often allows a corporation to rehabilitate and reorganize debt and continue their operation while following repayment plans.
- Chapter 12: This provides relief for family farmers and fisherman.
- Chapter 15: Chapter 15 is used for other cases, such as those involving foreign debtors.
With decades of experience serving individuals suffering from mounting debt, our Cincinnati lawyers can help you find much-needed relief from your debt through bankruptcy. We are knowledgeable in handling a variety of forms of bankruptcy and will recommend the best path for your financial circumstances.
Contact Our Cincinnati Bankruptcy Attorneys for Help
At O’Connor, Acciani & Levy, our legal professionals are committed to helping you overcome your debt. Through a free, no-obligation consultation with a Cincinnati bankruptcy lawyer at our firm, you have the opportunity to evaluate your options free of charge and in a no-pressure environment.
We provide personalized attention to each and every client we represent and will take care to analyze the details of your unique situation in order to come up with an outcome that is in your best interest. You can trust that we will be by your side throughout the entire process, guiding you toward effective relief of your debt.
Your debt problems will continue to worsen over time, so do not hesitate to contact us today to schedule a consultation and get started on working to eliminate your debt.