Columbus, Ohio Chapter 7 Bankruptcy & Chapter 13 Bankruptcy Lawyer
The Columbus Bankruptcy Lawyer
ATTORNEY SCOTT R. NEEDLEMAN
Ohio Chapter 13 Bankruptcy Advantages
Chapter 7 vs Chapter 13 Bankruptcy
Filing for Chapter 13 bankruptcy in Columbus provides many advantages over Ohio Chapter 7 Bankruptcy. Just because there may be some Ohio chapter 13 bankruptcy advantages does not mean it is necessarily right for you, but it is an option to consider if you are aware of the benefits and are eligible to move forward.
Below are several advantages of Chapter 13:
- Keep all of your property. With Chapter 7 bankruptcy, you are sure to lose some of your assets as your trustee sells them off to pay back creditors. With Chapter 13, this is not the way things will unfold.
- Time to catch up on missed mortgage payments. Did you know that many people opt for Chapter 13 bankruptcy because they are looking for a way to slow down the foreclosure process and save their home? After you file, an automatic stay will go into place that will protect your home for the time being. During this time, you can get your finances back on track, hopefully catching up on missed payments and subsequently saving your home.
- Use a repayment plan to pay off your debt. Unlike Chapter 7 bankruptcy, the Chapter 13 process will drag on for as long as three to five years. The reason for this is simple: during this time you will be making monthly payments to pay back your debt. This repayment plan may sound like a pain, but when everything is said and done you will come out clean.
Questions to Answer to Decide if You Should File Chapter 13 BankruptcyNow that you are aware of the Ohio Chapter 13 bankruptcy advantages, it is time to answer a number of important questions:
- Is Chapter 13 a better option for you than Chapter 7?
- Are you comfortable with how long it will take for the entire process to unfold?
- How are you going to get started?
- Do you qualify for Chapter 13 bankruptcy?
- Do you have an attorney who can assist you with the process?