If your debt is at a point where creditors are threatening to garnish your wages, or are already doing so, you need to look into Bankruptcy Hamilton Ohio and for good reason. Filing for bankruptcy gives you back control of your financial situation, stops garnishments and clears your debt in one move. You gain your peace of mind, your paycheck becomes untouchable and the phone calls stop for good. Once you realize the power that bankruptcy has, you’ll wonder why you waited so long to file.
Bankruptcy itself is a legal financial tool that allows you to eliminate your debts permanently. Filing a petition and getting through to the discharge date successfully means that creditors can never collect from you ever again in your lifetime. There is an impact to your credit score that lasts anywhere from seven to ten years. However, while the immediate impact is catastrophic, this only lasts for a short period of time. In fact, you’ll get offers for credit shortly after the bankruptcy is finished.
You will have two options available to you for filing, and they are largely dependent on your income level. In order to find out if you will be entering Chapter 7 or 13, you fill out what is known as the means test. This is a questionnaire of sorts that asks you for information about your income and your debts. It’s the beginning of filing, but it’s not the actual filing. Once you total everything up, you come to a final number that you then compare to your state’s median income level. If you are under, you are able to file under Chapter 7. If over, then you are to go into a Chapter 13. Chapter 7 is liquidation of assets to pay off debts and Chapter 13 creates a repayment program. However, this is just the basics of filing; the lawyer assisting you with your Bankruptcy Hamilton Ohio goes over everything to put you into the appropriate chapter. From there, it’s filling out the actual petition to put the bankruptcy into motion.
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