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Dayton Bankruptcy Lawyer

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Dayton Bankruptcy Lawyer

Debt is a major concern for many individuals, households, and small business owners in Dayton and across the country. If you struggle to keep up with your bills, dodge collector calls, or have legal cases or judgments against you, know that many others are in a similar position, and there are ways to turn your situation around. One solution is to file for bankruptcy to eliminate as many debts as possible. 

Bankruptcy filings have helped thousands of people each year in the U.S., and an increased number of people are expected to file in the coming months due to pandemic-related debt. If you are wondering what debt relief solutions are available to you, discuss your options with a Dayton bankruptcy lawyer right away. 

Types of Bankruptcy Cases

There are two common types of consumer bankruptcy cases, as follows:

Chapter 7

Chapter 7 of the U.S. Bankruptcy Code provides a faster and simpler type of bankruptcy, which is available to qualified individuals, married couples, and business owners. The following are some basics about the Chapter 7 process:

  • You must qualify for Chapter 7 by passing the “means test,” which ensures that your household income is not higher than the median income in your state
  • You must complete and file the bankruptcy petition and all supporting schedules
  • The court orders an automatic stay that halts all collection efforts against you
  • The bankruptcy trustee can claim property and assets from you that are non-exempt
  • The bankruptcy court can discharge your remaining qualified debts

If there are no hiccups, this process can take about four to six months. 

Chapter 13

Chapter 13 is another option for consumers (not business owners) who do not pass the means test, who have too much non-exempt property, or who have debts not dischargeable in Chapter 7. The process starts by filing a petition and having the court file an automatic stay. However, the rest of the process is quite different because:

  • You do not have to relinquish any property or assets to the bankruptcy court
  • You will reach a repayment agreement with the bankruptcy trustee and court, which requires you to make a single payment to the court each month
  • The trustee will receive the payments and use them to pay your priority debts
  • After completing the repayment plan, which can last three or five years, the court can discharge your remaining qualified debts

While a repayment plan might seem daunting, this process can help you avoid foreclosure and pay your mortgage arrears, keep your property and assets, and still emerge with the discharge of your debts. 

Schedule Your Consultation with a Dayton Bankruptcy Lawyer Today

If you think you might be a good candidate for bankruptcy, you likely have many questions. Is bankruptcy the right choice? Which type of bankruptcy should you file? How can you recover financially after bankruptcy? The VanNoy Firm is ready to answer your questions. Contact us for a consultation and to learn how we can help.

 

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