While most of the people are aware of the fact that bankruptcy is the way out in case you are ever in trouble in your business, a lot of misconceptions still seem to prevail over facts and logic creating an undue sense of fear and apprehension in people’s mind. But the truth is that with proper help available in Cincinnati, you can actually receive the great benefit of a second chance to revive your life through a declaration of bankruptcy.
What it actually is
It is the state of declaration wherein a person legally puts forth the condition of inability to meet with debts on regular terms and seeks financial liability wise protection in order to pay off the debts in a specific way as per the law of the land. There are different stages that are involved in bankruptcy and it does not necessarily lead to foreclosure; that is rather one of the strongest myths doing the rounds despite truth being absolutely different.
Different chapters to your aid
There are three different chapters in bankruptcy to help you in Cincinnati, namely, chapter seven, chapter eleven and chapter thirteen. While the eleventh chapter deals mostly with large corporations to be considered for bankruptcy, the other two are for all other entities. But how do they vary in application and how do they help?
I order to file a bankruptcy; you need to consider your own situation in terms of financial status carefully with the help of a lawyer in Cincinnati. If you think that you require a special provision to pay off your debts in more moderate terms and you are capable of doing so while protecting your property, you could file for bankruptcy under the provision of chapter thirteen. Chapter eleven is similar in nature as in chapter thirteen, but it is oriented towards the application in case of larger corporations.
However, if you think the load of financial debt is too much and you would rather prefer to pay it off at one chance; you could consult with your attorney to apply for the provision of chapter seven. However, you should be careful while applying under this chapter as it means that you cannot file a claim for bankruptcy under the same chapter for the next eight years. The advantage is you are immediately free of debt and you can look forward to the next venture with immediate effect to restore balance and wealth in life.
Where you should find help
When you consider hiring a lawyer to file bankruptcy, be a little careful and despite the mounting pressure, do not give in blindly to the claims of just any lawyer. Have patience and do some basic researches before you hire the services; look forward to the reputation of the lawyer and his/ her qualification details to ascertain the credibility level.
Further, look through the homepage of the attorney to see how well he/ she explains the concept of bankruptcy. Most importantly, he/ she should not be after your money and should understand your condition. Hence, if someone offers you a free session of consultancy, it means that the person is looking to genuinely help you in filing bankruptcy in Cincinnati and not trying to exploit you.
In order to get proper legal advice on how to file for bankruptcy in Cincinnati and which chapter suits your need, get in touch with Robert F. Holmes LLC. To find out the details of the services available, please visit his website, which is: Cincinnatiohbankruptcy.com.