What Can You Learn From a Bankruptcy Attorney in Hamilton, OH?

Debt is something most people on the planet will deal with. The way one goes about dealing with the bills they owe will directly affect the outcome. Unfortunately, unexpected issues can arise that can prevent a person from being able to pay the debts they owe. When this happens, there may be no choice but to seek guidance from a bankruptcy attorney in Hamilton, OH. An attorney can help over-extended individuals determine which type of bankruptcy will be most beneficial for them to file. Consumers will be offered one of two options when meeting with the attorney, depending on the financial circumstances a person faces: Chapter 7 or Chapter 13.

Chapter 7 is a type of bankruptcy that can allow people to overcome their debt quickly. Consumers find with this type of bankruptcy some of their property could be seized and sold to pay off their past due debts, however, the benefit they derive is that their unsecured debts such as credit card debts that are not secured by collateral are erased. Additionally, there are certain types of items that are not allowed to be sold off in order to pay off debts. These include items such as furniture in the home, your car or clothing.

Those who are facing foreclosure or repossession will find chapter 13 may be the best choice. This type stops any collection activities and restructures a payment plan for the individual so they can more easily pay off their debt in the given time. Debtors are given three to five years to pay off their debt, depending on how much they owe. The monthly or bi-monthly payments are made to a trustee who then divides up the payments to the creditors. The amount paid is based upon the consumer’s income and the amount owed. The biggest success factor in this type of bankruptcy plan is the willingness to stick with the plan.

If you are facing unscrupulous debt collectors and need help with your finances, an attorney can help. If you would like legal help, Meet R. Dean Snyder Attorney. He will be happy to help you overcome your financial issues and get your life back on track.