If you’re swimming in debt and desperately searching for a way out, you’ve probably considered bankruptcy. You’ve seen the commercials filled with smiling people that make it seem so simple. How do you know if Chapter 7 Bankruptcy in Hamilton OH is right for you?
To find out if you are eligible to file Chapter 7 Bankruptcy in Hamilton OH, you will be subjected to the means test. The means test is a simple calculation that involves your income. For the test, your average income for the past six months is compared to the median income for households with the same number of people in Ohio. To be eligible to file Chapter 7 bankruptcy your income amount has to be less than Ohio’s median income. In addition, mandatory credit counseling is also required to qualify for bankruptcy.
Once you determine you are eligible, you should understand how Chapter 7 bankruptcy works. In Chapter 7 bankruptcy, also referred to as liquidation bankruptcy, your assets are sold. Creditors receive payment from the sold assets and you are essentially freed from your debts. In some cases, you can keep exempt assets such as your home. The homestead exemption was enacted to allow homeowners to claim $132,900 of value in a single personal property that they use as their primary residence. Chapter 7 is the simplest and fastest way to file for bankruptcy and relieve your debts.
In all bankruptcy filings, you will be required to provide a complete list of creditors along with their claim types and amounts. You will also have to prove the source, amount, and frequency of your income. In addition, you will need a complete list of all property in your possession. Finally, you should prepare a detailed report of your required living expenses.
If you are being consumed by debt and need assistance to stop the collection calls, Contact Dean Snyder Attorney At Law. Dean can assist you in determining if you are eligible to file Chapter 7 Bankruptcy in Ohio. Filing bankruptcy can bring much needed relief to your family and allow you to begin a debt free life.
