A Tough but Smart Decision
In these tough economic times, people are facing difficulty with their finances. There are many reasons for these financial difficulties such as loss of income, decreased income, unexpected illness or just poor investments.
When any of these situations occur, people are faced with foreclosure, repossession and/or garnishments. In order to deal with this, some people take drastic measurements to keep up with never ending stack of bills.
Some of these drastic measures include draining into their retirements, taking out second or third mortgages, and/or getting pay day type loans. Unfortunately, people think that bankruptcy should be the last resort in all cases.
Most of the time the reason for such thinking is that they have always been able to pay their bills and have a moral issue with filing bankruptcy. However, bankruptcy should not always to be considered a last resort. Bankruptcy can be used to deal with the foreclosure, repossession and wage garnishment. Moreover, filing a bankruptcy can sometimes prevent the need to deplete retirement accounts. This is because state laws allow people who file bankruptcy certain protections in real and person property.
There are several types of bankruptcy available. The law offices of Caparella-Kraemer & Associates concentrate on Chapter 7 and Chapter 13 bankruptcies. A Chapter 7 bankruptcy is referred to as a liquidation or fresh start bankruptcy. In a Chapter 7 bankruptcy, people are allowed to keep certain exempt property, and any property that is not exempt will be sold (liquidated) to pay off creditors. Most liens will survive the bankruptcy. Chapter 7 is available to business and consumers with certain limitations. Contact the law office of Caparella-Kramer to determine your eligibility to file a Chapter 7 and what property exemptions are available to you.
A Chapter 13 bankruptcy allows a person to undergo a financial reorganization. In a Chapter 13, the person proposes a debt reorganization plan to pay back creditors over a 3 to 5 year period. It is a form of debt consolidation. Chapter 13 can help in cases of foreclosure which retention of the home is the goal or reversing a repossession of a vehicle. Contact the law office of Caparella-Kramer to determine your eligibility to file a Chapter 13 bankruptcy.
Bankruptcy is a difficult decision and a complicated process. It is important to seek legal advice before making the decision to file bankruptcy. The attorneys at Caparella-Kraemer & Associates can help guide you through this stressful and complicated process. Give us a call today and get your free consultation.
To learn more about CK Law and Bankruptcy in Ohio, take a look at our blog http://bankrutcylawyerohio.com/