If your monthly debt payments have grown larger than your monthly income, you may qualify for Chapter 13 bankruptcy protection. Filing a Chapter 13 bankruptcy in Columbus, Ohio will not wipe out all of your debts, but it will allow you to renegotiate several payment arrangements and lower the total amount you owe.
Working with an experienced and understanding Columbus Chapter 13 bankruptcy attorney will help you complete all the necessary paperwork, get through a court hearing, and deal with creditors.
Individuals and married couples can request bankruptcy protection in order to avoid losing property and receiving court judgments. When the debtor, the person or couple filing, has very high debts and little or no income, filing for Chapter 7 bankruptcy protection may be an option. Speaking with a Columbus chapter 13 lawyer will help you understand which kind of bankruptcy you could pursue and what kinds of outcomes you can expect.
A Columbus Chapter 13 bankruptcy lets you set up payment plans that meet your ability to comply with the terms set forward by the court. It also forces some creditors to agree to accept less than the full amount owed.
Secured debts, or those for which you have put up collateral like a car or real estate, must still be paid back in full. Unsecured debts such as those on credit cards, medical bills, and past-due utility bills, can be reduced.
Debts that can be well-managed while under Chapter 13 bankruptcy protection include
Since Chapter 13 is part of federal bankruptcy law, you must go through a federal court to receive this form of protection from creditors. Courts in Columbus, Akron, Cincinnati, Cleveland, Dayton, Toledo, and Youngstown handle bankruptcies, and a bankruptcy lawyer in Columbus Ohio, can assist with filings and hearings throughout the state.
Receiving Chapter 13 protection requires filing a formal petition, facing creditors in court, and entering into negotiations with creditors. The Columbus Chapter 13 bankruptcy attorneys with the Calig Law Firm offer a more-detailed description of the process here: Applying for Chapter 13 Bankruptcy in Ohio.
The bankruptcy judge sets a debt repayment budget that represents all the money left over after living expenses are taken out from monthly income. Living expenses include mortgage/rent, food, gasoline, and basic utilities (e.g., electricity, water). Creditors receive percentages of the debt repayment budget. While a debtor may agree to surrender some collateral instead of continuing to make reduced payments, most people who enter Chapter 13 keep their real and personal property.
To request a free consultation with a Chapter 13 bankruptcy attorney in Columbus, Ohio, call the Calig Law Firm at (614) 252-2300. You can also schedule an appointment online by filling out this contact form. We understand that regaining control of your finances can be difficult, so we always work with clients on fees.