Bankruptcy

First, let us say that if you’re facing a potential bankruptcy, you are certainly not alone. Because it’s an issue most often kept secret, many of our clients are surprised to discover how common bankruptcy truly is. In fact, it’s likely that you know someone who’s been in this same position before. Still, just because it happens more frequently than you might expect, it is not a matter to take lightly. There are several benefits to filing bankruptcy, but there are also many choices and consequences. Let’s discuss some of the ones that are probably on your mind already. 

Chapter 7 

Without question, chapter 7 bankruptcy is the most popular option. This form of resolution allows individuals to repay their debtors by means of asset liquidation. Though this type of relief may require you to acquire liens and mortgages, it will typically prevent you from owning any additional money, which can be an attractive benefit. Furthermore, many people are able to retain their property through exemption laws. Please contact our office to see which exemptions you may qualify for. 

Chapter 13

Chapter 13, in contrast, acts like a consolidation loan under which you make payments to a trustee who then distributes the payments to your creditors. This form of relief usually reduces stress and lowers your monthly payments. Additionally, it allows you to retain your assets given that you make your payments on time throughout the duration of your plan. Still, there are certain requirements you must meet in order to be eligible for chapter 13 bankruptcy. A trained attorney can evaluate your eligibility and determine if it is the best solution for you.

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Success After Bankruptcy 

More than anything else, we'd wager that you’re worried about how bankruptcy will affect your future. Please know that it is certainly possible to rebuild your life after filing for bankruptcy. In fact, you might be able to do so more quickly than you realize. In some cases, your credit score may even remain the same or improve, but if it does fall, you can repair it through the use of secured credit cards and installment loans. Furthermore, although auto loans and mortgages may initially only be offered to you at high-interest rates following bankruptcy, you can always refinance after a year or two of timely payments. 

Ultimately, if you’re in a bind financially, you should at least explore your options. Bankruptcy may or may not be the best option for you personally, but you’ll never know for sure until you consult with a seasoned professional. Our founding attorney, Jennifer CaJacob, has single-handedly managed over 1,500 bankruptcies throughout her career. It has been her primary area of focus ever since she began practicing law, and she’d love the opportunity to sit down with you and discuss your situation. Jennifer works with a talented network of financial planners and other experts, and she would be happy to share her resources with you. 

Bankruptcy Attorney in Columbus, Ohio

Debt affects people from all walks of life, and it only takes one or two unintended circumstances for that debt to grow out of hand. Therefore, you should not see bankruptcy as a personal failure. At our firm, we certainly don’t. We are here to walk you through the process without judgment. Schedule your complimentary consultation today to see how we can help.