12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Frequently Asked Questions about Personal Bankruptcy in Zip Code 45837

Frequently Asked Questions about Personal Bankruptcy in Zip Code 45837


Bankruptcy represents a longstanding commitment in this country to helping people get a fresh start.
 
- Tim Johnson


Bankruptcy is a legal procedure that allows an individual or company to eliminate debt and stop their creditors from harassing them.

What does "Chapter 7" and "Chapter 13" bankruptcy mean?

There are different types of bankruptcy, referred to as "chapters" because of their chapter location in the bankruptcy laws. For example, Chapter 7 refers to the seventh chapter in the Bankruptcy Codes. Bankruptcy Chapter 11 is for business reorganization, while Chapters 7, 12, and 13 can apply to families and individuals.

What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?

Chapter 7 bankruptcy is known as a "fresh start "or "liquidation bankruptcy." It is used to sell off assets in an attempt to satisfy the outstanding debts. On the other hand, Chapter 13 bankruptcy does not require assets to be sold. Instead, the filer follows a payment plan which typically gives them several years to pay off a percentage of their debts based on their income.


What are the advantages and disadvantages of choosing to file Chapter 7 rather than Chapter 13 bankruptcy?

  • Under Chapter 7 bankruptcy, the basic principle is to sell off the majority of your assets and properties so that creditors can reclaim part of the money that is owed to them. Certain assets, such as a primary residence or a vehicle, can be declared exempt and may be retained even after Chapter 7 bankruptcy has been filed. Certain debts, such as taxes and student loans, may not be eliminated under Chapter 7 bankruptcy. By contrast, under Chapter 13 bankruptcy you may be able to keep all of your assets, and are only required to pay off a percentage of the debt over time.
  • You only qualify for Chapter 13 bankruptcy if you have a regular source of income and your debt is below a certain amount. This ensures that a restructured payment plan is workable. If you don't have the means to pay off your debt over time, then Chapter 7 bankruptcy may be the only option for you.

  • How does filing for bankruptcy help me deal with creditors?

    After you have filed your paperwork, the court clerk will inform all of your creditors that they may no longer contact you in pursuit of payment.

    What happens to my assets during Chapter 7 and Chapter 13 bankruptcy?

    If you file for Chapter 7 bankruptcy, you are required to make a complete list of all of your assets and properties. There are a limited number of assets that you may keep, depending on the laws of your state. If you file for Chapter 13 bankruptcy, you are able to keep all of your assets.


    Can I keep any of my current or old credit cards once I have filed for Chapter 7 or Chapter 13 bankruptcy?

    Your credit card company will decide if you can keep your credit cards after you file for bankruptcy.

    Can I apply for new credit cards after filing for bankruptcy?

    Credit card companies may perceive you to be a greater credit risk once you have filed for bankruptcy. This may cause them to offer you lower credit limits, higher interest rates, and additional fees and penalties. As an alternative, some companies may offer you a secured credit card (or prepaid card) in which you are required to pay a specific amount of money up front. That money acts as the credit limit for your credit card.

    Do I have to file for bankruptcy if I am in debt?

    If your debts are significantly higher than the value of your assets and income, then you might consider filing for bankruptcy.

    Do I have to disclose all of my assets and property when I file for bankruptcy?

    Yes. Full disclosure of all of your assets is required by the bankruptcy law. In fact, it is a felony to fail to list all of your assets or to transfer them to another party in an attempt to hide them.


    Does filing for bankruptcy require that I go to court?

    If you are able to resolve all issues between you and your creditors, it is not necessary to go to court.

    Will everybody know about my bankruptcy?

    Bankruptcy filings are public, but personal information is withheld. Your creditors and co-debtors will be given direct notice of your bankruptcy. If you have an ex-spouse who receives child support from you, he or she will receive a letter regarding your bankruptcy and what to do if child support cannot continue.

    If I am married, does my spouse have to file for bankruptcy too?

    If you and your spouse have co-signed debts together, then you can file for a joint-bankruptcy petition and eliminate or restructure the debt for both spouses. If the debts are only in your name, then you can file for bankruptcy individually.

     
    Personalize & Print a Free OH Last Will Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Personalize & Print a Free OH Living Will Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Related Legal Services near Zip Code 45837
    Donald A Cox Attorney
    7419 State Route 104
    Lockbourne, OH 43137
    (614) 875-9812
    Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Attorneys Referral & Information Service,  
    Donald A Cox Attorney
    7419 State Route 104
    Lockbourne, OH 43137
    (614) 875-9812
    Personal Injury Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
    Cox Probate Services
    7419 State Route 104
    Lockbourne, OH 43137
    (614) 875-9812
    Probate Law Attorneys, Attorneys
    Judicial Alternatives of Ohio
    7419 State Route 104
    Lockbourne, OH 43137
    (614) 224-9187
    Mediation Services,  Attorneys,  Family Law Attorneys,  Wills, Trusts & Estate Planning Attorneys,
    David C McCullery
    1446 Reynolds Rd
    Maumee, OH 43537
    (419) 865-9020
    Attorneys, Legal Service Plans
    Loving Trust Attorneys
    1925 Indian Wood Cir
    Maumee, OH 43537
    (419) 891-8884
    General Practice Attorneys, Attorneys
    Bayer Papay & Steiner Co LPA
    1925 Indian Wood Cir
    Maumee, OH 43537
    (419) 891-8884
    Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys, Real Estate Attorneys,
    David J Borell
    6450 Weatherfield Ct., Suite 1B
    Maumee, OH 43537
    (419) 482-8529
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Bankruptcy Law Attor
    Robey & Robey
    14402 Granger Rd
    Maple Heights, OH 44137
    (216) 581-8200
    Criminal Law Attorneys, Attorneys, Legal Service Plans, General Practice Attorneys
    Miller Hoch & Carr
    1446 Reynolds Rd
    Maumee, OH 43537
    (419) 865-8021
    Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
    Linda Lark
    128 E. Dudley St.Ste. F & G
    Maumee, OH 43537
    (419) 740-7587
    Family Law Attorneys,  Probate Law Attorneys,  Wills, Trusts & Estate Planning Attorneys,  General
    Williams Dennis P
    1721 Indian Wood Cir # 1
    Maumee, OH 43537
    (419) 893-7207
    Attorneys
    Bentley Law Offices
    123 E William St
    Maumee, OH 43537
    (419) 891-6901
    General Practice Attorneys, Attorneys
    eMerge
    1700 Woodlands Dr
    Maumee, OH 43537
    (419) 887-6840
    Paralegals, Legal Document Assistance
    Stevens Fred A
    15950 Libby Rd
    Maple Heights, OH 44137
    (216) 469-6716
    Attorneys
    Torda Joseph R
    1701 Woodlands Dr
    Maumee, OH 43537
    (419) 897-6500
    Attorneys, Legal Service Plans
    Mylander Hank D
    1701 Woodlands Dr # 100
    Maumee, OH 43537
    (419) 897-6500
    General Practice Attorneys, Attorneys
    Clair Estate Planning Law Film
    1700 Woodlands Dr Ste 100
    Maumee, OH 43537
    (419) 517-6022
    General Practice Attorneys, Attorneys
    Nagy Ronald L
    1683 Woodlands Dr # D
    Maumee, OH 43537
    (419) 887-5818
    Wills, Trusts & Estate Planning Attorneys, Attorneys, Real Estate Attorneys, Legal Service Plans
    Amon Kathy J LLC
    1745 Indian Wood Cir
    Maumee, OH 43537
    (419) 897-5777
    Probate Law Attorneys,  Attorneys,  Elder Law Attorneys,  Wills, Trusts & Estate Planning Attorneys
    Boss Charles
    111 W Dudley St
    Maumee, OH 43537
    (419) 893-5555
    Accident & Property Damage Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans
    Rambo Glenn L
    110 E Dudley St
    Maumee, OH 43537
    (419) 893-4880
    Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
    Szozda, Veronica L
    110 E Dudley St
    Maumee, OH 43537
    (419) 893-4880
    Bankruptcy Law Attorneys, Business Bankruptcy Law Attorneys, Attorneys
    Brogan Allan J
    110 E Dudley St
    Maumee, OH 43537
    (419) 893-4880
    Attorneys, Wills, Trusts & Estate Planning Attorneys, General Practice Attorneys, Estate Planning At
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US