Affordable Columbus Ohio Chapter 7 Bankruptcy Attorneys

Filing for Chapter 7 bankruptcy in Columbus, Ohio can save you or your personally owned business from financial ruin and worse. Going through the process requires working with federal courts and understanding the potential benefits and risks.

As Columbus Chapter 7 bankruptcy lawyer, the legal team at the Calig Law Firm welcomes opportunities to help fellow Ohioans resolve crushing debt problems and position themselves for future success. We start here by answering some of the most basic questions. If you see bankruptcy as a viable option or just have more-specific questions, please contact us to schedule a free consultation.

614-252-2300

 

What is Chapter 7 Bankruptcy?

Chapter 7 is part of federal bankruptcy law. Having a petition for Chapter 7 bankruptcy approved will let you discharge many financial obligations, which, translated into plain English, means you will be allowed to stop paying certain debts.

The principal benefit of seeking bankruptcy protection under Chapter 7 is that it allows the applicant to keep most of his or her personal property. Also, debt collectors and all other creditors have to stop demanding payments during the period that the court reviews the bankruptcy petition. This is true even when judgments have been filed against the person seeking bankruptcy protection.

 

How Does Chapter 7 Bankruptcy Work?

Only certain people with major debt burdens and little or no income are eligible to file for Chapter 7 bankruptcy. Chapter 13 bankruptcy may be available to individuals who have greater financial resources.

Speaking with a Columbus Chapter 7 bankruptcy lawyer will help you understand whether this is an option for you and what you can expect if you go all the way through the process. The first step involves you, as the debtor, filing a petition with a federal bankruptcy court. The district court in Columbus handles bankruptcies, as do the courts in Akron, Cincinnati, Cleveland, Dayton, Toledo, and Youngstown.

After your petition is filed, we will submit a complete list of all your debts, sources of income, financial assets, and property to the court. Working with a Columbus Chapter 7 bankruptcy attorney can help you meet the court’s requirements without unintentionally omitting or misrepresenting information. Getting the details exactly right the first time is important because amending a bankruptcy filing can be impossible.

The court schedules hearings for all bankruptcies, giving the people and companies you owe opportunities to challenge your right to have the debts discharged. Going into the hearing with an experienced Ohio Chapter 7 bankruptcy lawyer will protect you from unfair and incorrect claims from creditors.

A bankruptcy case takes about 4 months to complete. Courts use mathematical formulas to determine whether individual debts can be repaid and which debts take precedence over others. A dedicated Chapter 7 attorney in Columbus, Ohio can offer advice and support throughout your case, especially if creditors try to resume collection efforts.

 

What is the Difference Between Discharged Debt and Debt That is Not Discharged?

Debts discharged via Chapter 7 bankruptcy in Ohio are no longer your financial responsibility. You do not need to pay them, and creditors cannot try to collect them. Be aware, however, that you must comply with all the conditions and orders the judge issues. Violating the terms of a Chapter 7 bankruptcy can reinstate formerly discharged debts and bring other penalties. Consulting with your Ohio Chapter 7 bankruptcy attorney when making financial decisions following a bankruptcy can ensure compliance.

Certain debts cannot be discharged under Chapter 7. These include the following:

  • Some unpaid federal taxes and penalties
  • Some types of student loans
  • Past-due and ongoing child support
  • Past-due and ongoing alimony
  • Debts obtained under false pretenses
  • Debts not disclosed to the bankruptcy court
  • Criminal fines
  • Personal injury or wrongful death judgments following crashes caused by driving under the influence

 

How Will Filing A Chapter 7 Bankruptcy Affect Your Credit Rating?

A Chapter 7 bankruptcy can remain on your credit report for as long as 10 years. You will still be able to apply for credit as well as get approved to buy a vehicle after filing your case. A knowledgeable Columbus bankruptcy attorney at the Calig Law Firm will be able to walk you through the proper steps to rebuild your credit.

The Columbus, Ohio Chapter 7 bankruptcy attorneys with the Calig Law Firm offer free consultations and work with clients to set affordable fees. Appointments can be requested online or by calling (614) 252-2300.

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