Many people are dealing with debt they cannot pay down. Often, people reach for credit cards to pay down their debts and end up in a bigger financial mess than they were before. If you are in debt, you need to first assess your situation. You need to reach out to each of your creditors and find out what they can do to help you. Ignoring your debts will only make things worse, so it is important you are proactive and do all you can to try and settle your debt. If you are finding no one is willing to work with you, there are options to help. Through Chapter 13 Bankruptcy in Fairfield OH, you can overcome your debts and help to secure a brighter financial future for yourself.
How does chapter 13 bankruptcy work? Chapter 13 bankruptcy is a type of bankruptcy that allows you to keep all of your assets. You are not required to surrender any portions of your property, but you are required to make a monthly payment through the courts. This payment is dispersed among all of the creditors you owe, so your debts can be paid down in a timely manner.
When you first meet with your attorney to file Chapter 13 Bankruptcy in Fairfield OH, you will need to make sure you provide information on all of the debts you owe. If you leave any debts off of your bankruptcy, you will still be responsible for the debt. This can mean the creditor can continue to pursue you for the amount you owe, through wage garnishments and court. No matter how large or small a debt may be, it needs to be included as a part of the bankruptcy.
This type of bankruptcy must be approved by a judge and typically lasts between two and five years. The time period will depend on how much you owe and what your income level is. If you are drowning in debt and need help, contact Dean Snyder Attorney At Law. He and his staff can help you in overcoming your debt, so you are no longer being pursued by your creditors.
