What Happens After Filing for Chapter 7 Bankruptcy in Columbus, Ohio
Like many people, you may be reluctant to consider filing bankruptcy as an option; however, once you understand more about the bankruptcy process, you may find Chapter 7 bankruptcy to be the right choice for you and your family.
When I file your bankruptcy petition, the Bankruptcy Court will issue an automatic stay order to all creditors forbidding them from further attempts to collect debts. In most Chapter 7 bankruptcies the debtor never steps foot in an actual courtroom, though you’ll need to appear for a less formal meeting of creditors. A typical Chapter 7 bankruptcy will be discharged approximately four to five months after filing the petition. At the end of the case, the majority of your debts will be discharged, meaning you are no longer legally responsible for the debt.
FAQs With The Best COLUMBUS Bankruptcy Attorney
If you are not making payments on a car, you’ll be in a position to keep the vehicle as long as it is valued at less than Ohio’s vehicle exemption amount for Chapter 7 bankruptcy. If you’re making payments, you have options that The Needleman Law Office will help you navigate: walk away from the car and turn it over to the lender or keep the car by speaking with your lender’s bankruptcy department to learn about future payment or purchase options.
When you file for Chapter 7 bankruptcy in Ohio, your assets will become part of the bankruptcy estate. A bankruptcy trustee is then appointed by the court to sell these assets as a means of paying back creditors. But just because you file does not mean that you have to give up all of your property. There are bankruptcy exemptions in Chapter 7 filings in Ohio such as money in bank accounts and often your vehicle. You’ll also likely be able to keep some of the equity in your home due to the homestead exemption.