If you need to speak with an attorney about a Chapter 7 Bankruptcy in the greater Columbus Ohio area or surrounding counties, Cupps & Garrison can help.
We represent individuals throughout the greater Columbus, Ohio area and surrounding counties in a wide range of bankruptcy matters, including filing for bankruptcy relief under Chapter 7 in Ohio, of the Bankruptcy Code. If you are burdened by debt, our objective is to help you get a fresh start.
To learn more about your rights and options, we offer a low-cost initial consultation and case evaluation. To schedule an appointment at our law office, please contact us.
What is Chapter 7 Bankruptcy?
In a Chapter 7 Bankruptcy in Columbus Ohio, also known as a liquidation case, a bankruptcy trustee is appointed who identifies non-encumbered property and assets of the bankruptcy debtor that can be converted to cash for the benefit of the debtor’s unsecured creditors.
However, the good news is that in many cases, with the use of effective exemption planning in a Chapter 7 bankruptcy, debtors are able to retain much, if not all, of their non-secured property, including many of their household goods and furnishings, certain amounts of cash, jewelry and equipment, retirement accounts, etc..
With respect to secured property and assets such as many homes and automobiles, a debtor in a Chapter 7 usually has the ability, providing certain prerequisites are met, to reaffirm their obligations in order to maintain their secured property.
In a Chapter 7, a debtor generally receives a discharge of all of their dischargeable pre-prepetition debts within a few months of filing their case and has no additional monthly payment obligations to a trustee.
Relief under Chapter 7 of the Bankruptcy Code, however, is not available or right for everyone. It is very important to speak with an experienced Columbus Chapter 7 Bankruptcy Lawyer to determine if Chapter 7 is right for you, and if so, to maximize your available exemptions to retain all the unencumbered property and assets which you are entitled.
Most Common Reasons for a Chapter 7 Bankruptcy?
- Unemployment
- Foreclosure
- Overextended credit
- Large medical expenses
- Marital separation or divorce
- Other large unexpected expenses or losses
How do I know when to file for Chapter 7 Bankruptcy?
If you are in serious debt and in limbo deciding, it is strongly recommended that you have some form of bankruptcy evaluation. Having an experienced bankruptcy attorney guide you through the process and advise you on your rights is an important first step.
To speak with a Chapter 7 bankruptcy lawyer at Cupps & Garrison, please contact our law office in Columbus, Ohio, call 614-441-8603, or fill out our online contact form.