Helpful Tips if You’re Contemplating Bankruptcy in Hamilton, OH

If you’re in a situation where your finances are completely out of control, and you don’t know how you’re going to survive, you may very well have a legal remedy. In certain instances, when people or businesses are faced with crippling debt that they can no longer afford to pay, bankruptcy in Hamilton, OH is a logical course of action. The question you have to ask yourself is whether bankruptcy is the right option for you.

The way to determine whether bankruptcy is the proper course of action is to consult with an attorney like the ones you might find at Domain. By scheduling a consultation to meet with a bankruptcy attorney, you’ll be able to get a legal professional’s opinion as to what course of action may be right for you.

In some situations, there may be options in which you can avoid bankruptcy. Even though bankruptcy is a very effective tool, most bankruptcy attorneys can offer you alternatives if those alternatives exist. Unfortunately, many people that visit a bankruptcy attorney may have exhausted every other alternative. In these cases, bankruptcy is the only viable option.

If your bankruptcy attorney determines that filing for bankruptcy is your only course of action, then it’s going to be important to determine what type of bankruptcy you’ll need to file for. Chapter 7 is the type of bankruptcy that is most often filed for. This bankruptcy allows you to have the majority of your debt canceled by the courts.

In some instances, especially if you have excessive amounts of assets, the court may require you to sell some of those assets to repay your existing creditors. However, it’s important to remember that necessary assets like your home, and the vehicles you use to get to and from work, won’t be what the court requires you to sell in order to repay your creditors.

If you exceed certain income criteria’s, chapter 13 may be a good option. This is a court-ordered repayment plan that helps you get current with your existing debt.

Whatever type of bankruptcy is right for you, it’s always important to get proper legal advice. If you’re contemplating bankruptcy in Hamilton, OH, you’ll need to know how this process works and how to get the ball rolling. Consulting with an attorney is the most recommended method of dealing with these dire financial situations.

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