Differences Between Chapter 7 And Chapter 13 Bankruptcy In Ohio
Filing for bankruptcy is not an easy choice. It is important to have as much information as possible before making this important decision. At Minnillo Law Group Co., LPA, we have helped thousands of clients across Ohio and northern Kentucky arm themselves with the knowledge they need to make this decision.
Depending on your situation, one type of bankruptcy may be right for your situation, while another may be disastrous. When you work with our lawyers, you can be certain that if you do file bankruptcy, you will be filing the type of bankruptcy that offers maximum debt relief. Below are just some of the differences between Chapter 7 and Chapter 13. To learn the debt relief options that apply to your unique circumstances, call 513-723-1600 to arrange a free consultation.
Learn The Differences Between Chapter 7 And Chapter 13
As knowledge is power, we will explain what bankruptcy can and cannot do, as well as the processes every step of the way. We are committed to providing an informative approach to our work. To that end, we have compiled a list of some of the differences between Chapter 7 and Chapter 13 for your review:
- In Chapter 7, your nonexempt assets are subject to liquidation. In Chapter 13, your nonexempt assets will not be liquidated. When you file Chapter 7 bankruptcy, anything you own that is not exempt could be sold to pay your creditors. In most situations, the threat of liquidation is not a concern, since most people filing for Chapter 7 because there are laws that protect most individual’s assets. If any of your property is subject to liquidation, Chapter 13 bankruptcy may be a better option.
- In Chapter 13, you repay a percentage of all your unsecured debt. In Chapter 7, you do not repay most of your unsecured debt. Under either Chapter 7 or Chapter 13, your unsecured debts are discharged at the successful conclusion of your case, meaning that your creditors can no longer seek payment of these debts.
- In order to file for Chapter 7 bankruptcy, you must pass the means test. If you do not qualify under the means test, you still may be able to file Chapter 13. Chapter 7 bankruptcy is available to people whose income levels are at or near the state median income. Chapter 13 is available regardless of income.
Contact The Cincinnati Attorneys of Minnillo Law Group Co., LPA For More Information
Our law firm maintains offices in Cincinnati, Eastgate, Fairfield and Dayton. To arrange a no-pressure, free consultation with a skilled bankruptcy attorney, call 513-723-1600 or send us an email now.
As a service-oriented firm, we can arrange to meet you after hours or during the weekend.
We are a law firm and a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.