Chapter 7 Bankruptcy

How Can Chapter 7 Bankruptcy in Columbus Ohio Help Me?

For the average debtor who is getting by on a moderate to low income an unexpected emergency can cause a financial crisis. Whether that emergency is an illness, accident, layoff, or divorce, it can result in your already tight budget spiraling out of control. Before you know it, creditors are garnishing your paycheck and/or threatening to foreclose on your home. Filing chapter 7 bankruptcy in Columbus may be the solution.

What Is Chapter 7 Bankruptcy in Columbus, Ohio?

To file a chapter seven bankruptcy in Columbus you must pass the “means test” which compares your income to that of other similar households in Ohio. You must be at or below the median income to file a chapter 7 bankruptcy in Ohio, however even if you don’t qualify to file chapter 7 bankruptcy, we can help you seek to file chapter 13 bankruptcy. Chapter 7 bankruptcy is often referred to as a “Liquidation” or “Fresh Start” bankruptcy; however, the name is somewhat misleading. While it is true that a debtor’s non-exempt assets can be sold to pay creditors in a chapter 7 bankruptcy, the vast majority of debtors who file under chapter 7 do not have any non-exempt assets available to be sold. The reason for this is that the Ohio bankruptcy exemptions allow a debtor to exempt a significant amount of assets when filing a chapter 7 bankruptcy. As a result, most debtors are able to keep their home, vehicle, and personal property when they file a chapter 7 bankruptcy in Columbus, Ohio. When your chapter 7 attorney files your bankruptcy petition, the Bankruptcy Court will issue an automatic stay order to all creditors forbidding them from any further attempts to collect on a debt. In most chapter 7 bankruptcies the debtor will never step foot in an actual courtroom, though you will need to appear for a less formal meeting of creditors. A typical Ch 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. Columbus Chapter 7 bankruptcy lawyer Scott R. Needleman, of The Needleman Law Office, works with hard-working individuals who, for a variety of reasons, are facing financial hardship. Attorney Needleman is committed to helping you resolve your financial crisis. Contact the office today by calling 614-575-1188 so that we can discuss your legal options and start you on the path to a brighter, debt-free future.