If your debts have become overwhelming and all you seem to be doing is taking threatening calls from creditors, filing for bankruptcy may be your best option. Two types of bankruptcy are Chapter 7 and Chapter 13. To know which is best for you, it is best to consult a bankruptcy attorney who is experienced in this kind of law and can help you find the best solution for your financial worries. How to determine if you qualify for filing Chapter 7 bankruptcy in Ohio is important. This is because Chapter 7 allows you to liquidate many debts while Chapter 13 requires you to make payments.
If you file for Chapter 7 bankruptcy, you can have any unsecured debts removed once you have sold “non-exempt” assets. That money goes to your creditors. However, in most cases your assets will be exempt from being liquidated, so you can keep them. Because Chapter 13 bankruptcy results in you having a three- to five-year repayment plan to pay on your debts, Chapter 7 may be a better option for you. However, there are limits to who can get relief under Chapter 7.
Ohio has an income test to determine who qualifies for Chapter 7 bankruptcy. An experienced bankruptcy attorney will help you determine if you qualify. An attorney will use the test, called the “means test,” to determine if your income is in the correct range. The means test calculation shows if you have sufficient disposable income to pay back at least part of your unsecured debts.
The means test that is used to see if you qualify for filing Chapter 7 is based on how your income compares with the Ohio median household income. The numbers are updated every year so your attorney will use the most recent figures. The median income used will depend on if you are a single earner, a two-person household, or if you have more members in your family. The numbers go up with each additional person in your household. The calculation takes your average income over the last six months and compares it with the Ohio median income. You will automatically qualify if your income is lower than the median.
However, when your income is higher than the median, your attorney will attempt to demonstrate that you do not have sufficient disposable income to handle a Chapter 13 repayment plan. This is where the services of a competent bankruptcy attorney such as David A. Bhaerman are essential. You want to include absolutely all income and every single qualifying expense in the calculation.
For sound advice about filing for bankruptcy and to know if you qualify for Chapter 7 bankruptcy, contact David A. Bhaerman at 614-834-7110.
For a local expert in bankruptcy issues, with extensive legal experience and a nearby lawyer in the Central Ohio area, it will be difficult to find a better bankruptcy attorney to represent you than David A. Bhaerman. David is compassionate, caring, and non-judgmental in his approach to helping his clients navigate their way through financial challenges.
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To determine if Chapter 7 of Chapter 13 bankruptcy will help relieve the stress of your current financial situation, call 614-834-7110 for a free initial consultation. You may also use our convenient scheduling form on this page to book an appointment.