Are you looking for a way out from under crushing debt? Kettering, Ohio, bankruptcy lawyers of Stamps and Stamps can help you pick the right Chapter for relief.
Debt has a stranglehold on too many families in Kettering, Ohio. It doesn't matter what kind of job you have or the financial history of your family; overwhelming debt can catch anyone off guard. Medical debts from a family illness, the unexpected loss of a job, or the impact of a recession on your business can send you spiraling into a seemingly hopeless situation.
If you are struggling just to keep paying off the interest on your debt or cannot see a path through, bankruptcy might be the right choice for you. Despite being designed to provide relief from debt to individuals, families and businesses, bankruptcy carries deep social stigma, and many who need it will be reluctant to attempt it, certain that it is not right for them.
But if you have found yourself here, you must at least be considering the possibility, and there is good news. There are several different bankruptcy Chapters available, and the main two, Chapter 7 and Chapter 13 bankruptcy will cover the needs of the vast majority of Kettering debtors. Just ask Dana and Eric Stamps, who have been helping folks here find debt relief for nearly 50 years.
Both bankruptcy chapters have the same ultimate goal: to get you relief from deep debt by discharging some or even all of your unsecured debts. This means that while you will not be able to get rid of a mortgage obligation, you can finally see the back of credit card debts, medical debts, overdue utility bills and more.
In addition, filing either Chapter comes with immediate short-term relief and breathing room in the form of the automatic stay. This order forbids creditors from harassing you and temporarily halts any efforts they may be making to recover what you owe. As a result, both chapters can pause foreclosures, halt wage garnishments, and give you the space needed to figure a way out or negotiate with the help of your bankruptcy lawyer.
That is where the similarities end, however, as Chapter 13 and Chapter 7 bankruptcies offer distinctly different paths for Kettering residents to seek out short and long-term debt relief. You can keep reading to discover some of the most significant differences between the two, but ultimately, only a skilled bankruptcy attorney can help you make the right choice for your specific situation.
In both types of bankruptcy, the law provides for creditors to be repaid some of what you owe based on what could theoretically be claimed from you. In Chapter 7, this is done directly with the liquidation of your non-exempt assets, which will be sold off to pay what you can to the debtors before discharging the rest.
Exempt assets include a certain amount of home equity, your car, and an allowance for basic household needs and personal items. If you have a second home or rental property that you might lose, you could instead file for Chapter 13 bankruptcy. This system has you consolidate your debts and review your assets to create a repayment plan to cover their value over three to five years without the need for liquidation, allowing you to keep those assets.
In order to be eligible for Chapter 7 bankruptcy in Kettering, Ohio rules state that your financial situation must be suitably dire. You must have fairly extensive debts and, most importantly, not have access to a great deal of wealth or income. While the exact cut-off for the income requirements does vary, if you are not sure if you qualify or not, our bankruptcy lawyers can help you figure it out.
Chapter 13, on the other hand, maybe your only option if your income is high enough to make those monthly payments.
COVID certainly did a number on many Kettering businesses, and if you are a business owner, you might be wondering which chapter you can file under. Chapter 7 bankruptcy is available to businesses that are certain they are going to close, but if you want to stay open and keep operating, it is not a good option.
Chapter 13, however, is not available to business entities at all, though sole proprietors or self-employed folks may be able to get some benefit from it. Instead, businesses that wish to file for bankruptcy but stay open can often file for Chapter 11 bankruptcy, which uses a similar, if more restrictive and complicated, reorganization and repayment plan.
Stamps And Stamps | Kettering bankruptcy lawyers who can help you find the right path to financial relief.
If you are struggling with debt in Kettering, it is easy to file isolated, unsure how to proceed, and even ashamed. But you must not let these emotions stop you from seeking the debt relief you need to keep going. With the help of our bankruptcy lawyers, you can pick the right path for your goals and situation and see it through to a fresh financial start.
To get a free consultation with one of our highly experienced bankruptcy lawyers, just call (937) 247-6447 or reach out to our team online. Take that first step out from under your debts and we will make the law work for you for once.
Dayton Office:
3814 Little York Road
Dayton, Ohio 45414
PHONE: (937) 247-6447
Toll Free: 877-782-6770 / (877-STAMPS-0)
Text Us: (937) 265-6418
Fax: 937-890-4694
