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Bankruptcy Attorney Cincinnati Ohio | 513-682-2031 | Types of Cincinnati Bankruptcy?
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Types Of Cincinnati Bankruptcy

There’s essentially two types of individual bankruptcies that individuals are going to file: Chapter 7 and Chapter 13.

Bankruptcy Attorney Cincinnati Ohio | 513-682-2031 | Cincinnati Bankruptcy Lawyer

Types of Cincinnati Bankruptcy?
Cincinnati Chapter 7 is often referred to as straight bankruptcy or the liquidation bankruptcy.

It’s simply where the court will discharge your debts assuming you qualify for the chapter 7, and they will try to take certain things from you; certain assets from you whether it’s money or property, however, in most cases the debtor doesn’t loose any money or property.

That’s the quickest type of bankruptcy.

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Types of Cincinnati Bankruptcy?
Chapter 13 is the other type of individual bankruptcy and that is simply a repayment plan that the court sets up for the debtor, and that can last 3 to 5 years.

The other type of bankruptcy people will often hear about is Chapter 11, but really that doesn’t apply too much to individuals; that’s usually for larger corporations.

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Bankruptcy Attorney Cincinnati Ohio | 513-682-2031 | Types of Cincinnati Bankruptcy?

Cincinnati Bankruptcy Lawyer Ohio | 513-682-2031 | What are Advantages of Bankruptcy?
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What Are The Advantages Of Filing Bankruptcy?

The advantages of filing bankruptcy are numerous.

Bankruptcy law is a consumer protection law; it is designed to help individuals deal with burdensome credit or financial obligations to their creditors– So the law is designed to help you out.

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In Cincinnati Chapter 7, you’re going to get a complete discharge of most of your debts.

Chapter 13 if that forced payment plan that’s going to stop interest on unsecured debt like credit cards and medical bills or personal loan type debt.

It can provide some relief potentially on your automobile, but on a case-by-case basis that you’d have to discuss with your lawyer.

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And, Cincinnati Chapter 13 can stop foreclosures to give you a chance to get caught back up on your mortgage.

What I try to tell people is the question you want to ask initially is are you far enough in the hole with your debts that simply dealing with the creditors on your own can not get out of debt in a reasonable period of time; and, for most people that answer is “no,” they’re not going to be able to given the interest rates, and the size of debt and the income that people are making, bankruptcy law provides the power of the court to come in and restructure your debt in a 13 or completely wipe it off in a 7 that’s going to get people that fresh financial start.

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Cincinnati Bankruptcy Lawyer Ohio | 513-682-2031| Bankruptcy Attorney Cincinnati OH

Chapter 7 Bankruptcy Lawyer Cincinnati OH | 513-682-2031 | What is the Chapter 7 Trustee?
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What Is The Cincinnati Chapter 7 Trustee?

The Trustee is for the Chapter 7 cases where a Cincinnati bankruptcy attorney is appointed by the court to review your case.

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He is the main official that you will see in your Cincinnati Chapter 7 bankruptcy case.

His job is to look at your schedules, verified that you qualified to file for Chapter 7, and then he’s going to ask about your personal property and see whether or not he can recover any of that to provide some sort of payment to the creditors.

In most cases, the Trustee does not recover any property from the debtor so it’s fairly a straight-forward hearing that last about 10 or 15 minutes, then he or she is concluded with your case.

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Cincinnati Bankruptcy Attorney Ohio | How Long Will Bankruptcy be on My Credit Report?
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How Long Will a Cincinnati Bankruptcy Filing Remain On My Credit?

Normally a Cincinnati bankruptcy is reported on a credit report for up to 10 years, but the better question is how long will it take after the bankruptcy, in particular a Chapter 7, for an individual to get credit again.

Cincinnati Bankruptcy Attorney | 513-682-2031 | Bankruptcy Lawyer Cincinnati Ohio

From my experience, most debtors are able to get some form of credit within a year or so after filing, sometimes sooner; and, largely because your debt to income ratio has dramatically improved because you’ve wiped out a bunch of debt.

And, the creditors also know you can’t re-file bankruptcy, at least Chapter 7, for 8 years. So even though it’s reported on your credit report for 10 years, credit will be something that you’ll likely get again.

Cincinnati Bankruptcy Attorney | 513-682-2031 | Bankruptcy Lawyer Cincinnati Ohio

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Cincinnati Bankruptcy Attorney | 513-682-2031 | Bankruptcy Lawyer Cincinnati Ohio

Bankruptcy Lawyer Cincinnati Ohio | 513-682-2031 | What is Cincinnati Bankruptcy?
http://cincinnatiohbankruptcy.org

What Is Bankruptcy?

Bankruptcy is a federal law that provides individuals the opportunity to bring a conclusion to their debt situation by discharging debts completely in Chapter 7 or in Chapter 13 where you set up a payment plan with the creditors that fits the budget of the individual.

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Bankruptcy Lawyer Cincinnati Ohio | 513-682-2031 | What is Cincinnati Bankruptcy?

Cincinnati Bankruptcy Attorney Ohio | How Long Will Bankruptcy be on My Credit Report?
http://cincinnatiohbankruptcy.org

How Long Will a Cincinnati Bankruptcy Filing Remain On My Credit?

Normally a Cincinnati bankruptcy is reported on a credit report for up to 10 years, but the better question is how long will it take after the bankruptcy, in particular a Chapter 7, for an individual to get credit again.

Cincinnati Bankruptcy Attorney | 513-682-2031 | Bankruptcy Lawyer Cincinnati Ohio

From my experience, most debtors are able to get some form of credit within a year or so after filing, sometimes sooner; and, largely because your debt to income ratio has dramatically improved because you’ve wiped out a bunch of debt.

And, the creditors also know you can’t re-file bankruptcy, at least Chapter 7, for 8 years. So even though it’s reported on your credit report for 10 years, credit will be something that you’ll likely get again.

Cincinnati Bankruptcy Attorney | 513-682-2031 | Bankruptcy Lawyer Cincinnati Ohio

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Cincinnati Bankruptcy Attorney | 513-682-2031 | Bankruptcy Lawyer Cincinnati Ohio