People may think they are financially secure. However, all it can take is a major illness or car accident to show how vulnerable they are. Within a few months, a sick or injured person may lose their job and medical insurance. They watch helplessly as their savings dwindle and the medical bills pile up. Because they can’t work, they are not eligible for unemployment compensation. They must be disabled for a year before any Social Security disability program will help them. The only legal recourse they have is to file for a Chapter 7 Bankruptcy in Hamilton OH.
Any Ohio resident who makes less than the median income in Ohio is automatically allowed to file for bankruptcy under Chapter 7. People are often too terrified to add up their debts. They are also too embarrassed to show that total to anyone. They have to realize that the lawyer is there to help and not to judge. Everything said between the lawyer and debtor is confidential, so they can speak candidly. Bankruptcy might even reduce a person’s stress levels, because they will no longer be dealing with late payments and collection agencies.
A bankruptcy trustee will be appointed by the court to oversee the Chapter 7 Bankruptcy in Hamilton OH, process. The trustee will look at all of the debtor’s assets, and sell everything that isn’t protected by law. Usually, a person can keep their home, clothing, car and the tools that they need to make a living. The trustee will also call a meeting of the creditors. They debtor is expected to be there. Most people dread facing their creditors. They have to remember that their lawyer will be there to help. Usually none of the creditors show up and the meeting takes less than 10 minutes.
Once the liquidation process is complete, the money will be divided among the creditors and the remaining debt is discharged. The debtor is free to continue with their life. A Chapter 7 bankruptcy usually takes three to six months. People who are worried about their debt can Visit Dean Snyder Attorney At Law to learn more about debt relief strategies.