Is Your Debt Overwhelming? Contact a Bankruptcy Lawyer in Hamilton, OH

If you’re being harassed by bill collectors or have excessive credit card debt or medical bills that are difficult to pay, bankruptcy might be an option. If your paycheck is being garnished by a variety of companies who you owe money to, this will only add to the financial struggle. With the help of a bankruptcy lawyer in Hamilton, OH, you could gain the financial freedom you need and have a fresh start. It doesn’t matter to the bankruptcy court or the attorney why you are unable to pay for the items you’ve purchased, and bankruptcy is completely legal.

What Is Bankruptcy?

Bankruptcy can give an individual protection from harassing creditor calls and creates a shield to protect an individual from losing their home or automobile. In certain situations, an individual will have all of their debt erased in a few months, and other individuals will be eligible for a three-to-five-year repayment program to eliminate their debt. Wage garnishments will immediately cease when bankruptcy is filed, which will immediately free up money that was previously taken.

The “Fresh Start” Bankruptcy

Chapter 7 bankruptcy is also referred to as the “Fresh Start” because it’s the easiest type of bankruptcy. An individual will be able to completely erase their debt without making any repayments to the creditors. Chapter 7 bankruptcy only takes three to four months to complete.

A “Repayment Plan” Bankruptcy

Chapter 13 bankruptcy is a repayment plan an individual has to follow to pay creditors. Monthly payments are established by the bankruptcy court and are usually completed in three to five years. An individual can save their home, car, and pay less for their current debt.

There Are Exceptions

Although a lot of debt can be eliminated through bankruptcy, there are certain debts that cannot be erased. Child support, alimony, certain taxes, and student loans will not be forgiven through a bankruptcy proceeding. It’s very important to discuss the financial situation with a bankruptcy lawyer in Hamilton, OH to determine which type of bankruptcy an individual will qualify for.

Mounting debt and the inability to pay bills can be very stressful for an individual. Get more information about how bankruptcy can help your situation.

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