If you’re thinking about filing for bankruptcy in Ohio, you likely have a lot of questions. Bankruptcy has certain requirements and it impacts people’s lives in various ways. While discharging or reorganizing your debts can provide relief, it’s always good to have a clear understanding of what’s involved.
An experienced bankruptcy lawyer will be an excellent resource to see if filing for bankruptcy is a good fit for your case. In addition to answering your questions, a bankruptcy lawyer can ensure you move through the process smoothly and come out of it with the clean slate you’re looking for. The Ohio bankruptcy attorneys of Kademenos, Wisehart, Hines, Dolyk & Wright Co. LPA have helped many people in the Sandusky region improve their financial situations and we can help you too.
We’ve compiled some of the most common bankruptcy questions we’ve heard over the years below, but every situation is different. To take about your specific concerns about filing for bankruptcy in Ohio, call (419) 625-7770 today and set up a free, no-obligation consultation.
What to Ask Your Bankruptcy Lawyer
When you’re considering filing for bankruptcy in Ohio, there are some things you should talk about with your attorney. Aside from discussing your attorney’s experience and background in bankruptcy court, you should ask:
1. Is Bankruptcy Right for Me?
Don’t assume that bankruptcy is your only option. A good attorney will take the time to go over your situation from every angle. If it seems like you have other avenues to explore, such as credit counseling, they should explain them in detail. You can also ask about life after bankruptcy to get an idea of how difficult it may be to buy a house, get a personal loan, or rebuild your credit.
2. Which Type of Bankruptcy Should I Choose?
There are two types of personal bankruptcy: Chapter 7 and Chapter 13.
- Chapter 7 involves getting rid of unsecured debts through a process known as a discharge.
- Chapter 13 bankruptcy creates an affordable payment for your debts over three to five years.
A bankruptcy attorney will explain these two bankruptcy options with you, as well as helping determine which one is better. If you’re interested in Chapter 7, the attorney should be able to explain if you will pass the means tests or not. This test was created to crack down on frivolous cases. To pass the means test, you need to meet certain criteria, and an experienced bankruptcy lawyer will be able to tell you if you do or do not.
3. How Much Does Bankruptcy Cost?
If you’re thinking about bankruptcy, you are likely financially strapped. Before moving forward with any type of bankruptcy, you should try to get an accurate idea of what the entire process will cost. Expenses that may pop up include filing fees, court costs, any administration costs, and, attorney’s fees.
Financial costs aside, you may also want to know what bankruptcy will cost in terms of your assets. For example, you may want to find out what assets the court is likely to sell to pay your bills. Finding out what bankruptcy will cost in terms of what property you will lose or keep may push you in a certain direction.
4. How Long Does Bankruptcy Take?
You’ll want to know how long it will be before your debts are wiped clean. A Chapter 7 bankruptcy follows a fairly short timeline – you could potentially receive your discharge in a few months. Because Chapter 13 includes a payment plan, the process could last up to five years.
Learning how long a bankruptcy takes lets you figure out when you can begin rebuilding any damage to your credit.
5. Do You See Any Potential Problems with My Case?
Each bankruptcy case is different, and they all have their own issues. While reviewing your case, the bankruptcy court might see what they consider “red flags” in financial decisions that you thought weren’t a big deal.
For example, if you purchased several high-priced items right before you filed, the court may think you went on a spending spree just so you could get your debts discharged and owe nothing. Or maybe you gave a family member a piece of property as a gift, and the court thinks you are trying to hide assets. These actions may not seem suspicious to you, but an experienced bankruptcy lawyer can tell you if the court will view them that way.
Call an Ohio Bankruptcy Lawyer Today
Deciding whether or not to file for bankruptcy can be a difficult decision. Luckily, you don’t have to do it alone. Let a knowledgable and compassionate bankruptcy attorney at Kademenos, Wisehart, Hines, Dolyk & Wright Co. LPA help.