Tips to Follow Before Calling a Bankruptcy Lawyer in Cincinnati, OH

Many people turn to bankruptcy when they can no longer manage their mounting debt. However, this can be an expensive, complicated process that has serious negative effects on a person’s credit. Bankruptcy should be a last resort, and clients should consider these factors before calling a Bankruptcy Lawyer in Cincinnati OH.

Whether Bankruptcy is the Right Choice

The first step is to determine one’s candidacy. Bankruptcy may be a viable option if someone is facing a lawsuit or wage garnishment. Chapter 13 may be a good choice if someone is set to lose their home to foreclosure because it might give them time to catch up on mortgage payments. Bankruptcy can have effects on future job applications, apartment rentals, insurance policies, and a person’s ability to make important purchases. Therefore, the debtor should consider his or her goals before filing.

Look for Alternatives

Before filing, the client should try to adjust his or her budget by reducing debt or taking on a second job. Set up a meeting with a credit counselor to learn some options, such as debt settlement, borrowing from family, or entering a debt management program. These solutions are all worthy of consideration and, in many cases, they provide a good alternative to bankruptcy.

Learn the Basics

There are two types of consumer bankruptcy. Under Chapter 7, most debts are eliminated over a period of up to six months. In a Chapter 13 case, the consumer repays some or all of the debt in a court-sanctioned repayment plan. Chapter 7 stays on a person’s credit report for ten years, and Chapter 13 stays there for seven years.

Learn the Rules

Clients should know they will have to go through court-mandated credit counseling before the petition is approved. The goal of working with a counselor is to determine whether a person can avoid bankruptcy as a way of resolving their debts. A Bankruptcy Lawyer in Cincinnati OH can inform clients of the state’s rules and keep them in compliance.

While bankruptcy is a viable solution for many, it is important to consider other options as well. If clients keep these factors in mind, they may find an alternative to Chapter 7 or Chapter 13. Meet Dean Snyder Attorney online or call the office to set up a consultation.

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