It’s common knowledge that filing for bankruptcy is an effective way to eliminate debt. But, what may not be known is the fact that it is designed to be a difficult process to prevent people from abusing it. The ins and outs of filing can be difficult for the layperson to understand, which is why it’s important to work with Bankruptcy Attorneys Dayton Ohio. An attorney helps individuals understand how bankruptcy is going to affect their life, and what can be expected to come after everything is finished.
Bankruptcy is not a black and white issue. Even though there is a general rule that is followed to determine which chapter of bankruptcy is filed, it is not the final arbiter. There can be extenuating circumstances that propel someone into Chapter 13, even though they are qualified for Chapter 7. A lawyer is capable of catching these circumstances and guide their client into the chapter that is most appropriate. It may be that the client has property that needs to be kept at all costs. Chapter 13 allows the petitioner to retain their property while repaying creditors over a set period of time. Essentially, things aren’t all that they seem with bankruptcy.
It is the job of Bankruptcy Attorneys Dayton Ohio to do what is best for their client. This involves going through the client’s financial paperwork, asking questions of the client about their goals, and learn what property is important to the client. Some clients may not have much in the way of possessions and just want to eliminate debt quickly. Others have invested into many different types of properties and prefer to repay creditors under a reorganization plan that is approved by the court. It all comes down to the goals of the individual, and what he or she is seeking from the relief bankruptcy offers.
The first step is to set up a consultation with an attorney. Knowledge is power, and this is very true when it comes to legal insolvency. Contact the offices MiamiValleyBankruptcy.com to set up a date and time to discuss why bankruptcy may be necessary. Giving a lawyer a general feeling about one’s financial picture can result in learning valuable information about filing.