Whether you are filing a Chapter 7 bankruptcy or Chapter 13 bankruptcy petition, it is not a process you will wish to go through alone. You will need to organize a variety of financial information. Inaccurate or incomplete information on your petition could result in delay or dismissal of your case. And a dismissal could mean you end up having to pay off your creditors on their terms.
The lawyers at Rauser & Associates Legal Clinic LLP handle Chapter 7 and Chapter 13 filings for thousands of Ohio residents every year. We understand what steps to take to discharge your debt. Through our services, we can help you achieve a fresh financial start.
The Steps Concerning A Bankruptcy Filing
There are certain steps in common concerning a Chapter 7 and a Chapter 13 filing. This includes the requirement to go through credit counseling before filing a bankruptcy petition. And in both instances, you will need to organize and provide a great deal of paperwork.
A Chapter 7 Filing
A Chapter 7 filing allows for you to discharge much of your unsecured debt. Under a Chapter 7 filing, you must:
- File a Chapter 7 petition and schedules. Such filings will describe your current financial condition.
- Complete the Ohio bankruptcy means test. Qualification for Chapter 7 bankruptcy is not automatic. The means tests contain certain income requirements to determine if the individual earns too much income to qualify for Chapter 7 bankruptcy
- Provide a listing of creditors for the bankruptcy trustee. You also will need to separate secured from unsecured debts as a Chapter 7 filing will only result in dismissal of unsecured debt.
- Analyze possible exemptions. You must do this to protect key assets such as retirement funds and your home.
A Chapter 7 filing will result in an automatic stay. A stay prohibits creditors from contacting you directly until the bankruptcy court provides further direction. The process itself will take some months before the court will render its decision.
A Chapter 13 Filing
Rather than discharge debts, Chapter 13 allows you to reorganize your secured and unsecured debt in a more manageable manner. Under a Chapter 13 filing you will also need to follow many of the same requirements as a Chapter 7 filing. Additionally, you will have to:
- Participate in a 341 meeting of creditors. While creditors rarely attend such a meeting in a Chapter 7 filing, they may attend such a meeting in a Chapter 13 filing to protect their interests.
- Prepare a Chapter 13 repayment plan. You will need to submit a payment plan to the court describing how you plan on repaying your existing debts. Such a plan will require the approval of the bankruptcy judge. If approved, the payment plan will allow you to discharge your debts in their entirety.
Call Today For A Free Consultation
With offices in Columbus, Cleveland, Canton, Akron and other localities, we have been providing bankruptcy services for over 20 years. To find out more and to contact our office, call 888-843-5787 to set up a free case evaluation.
