Deciding to file for bankruptcy is a serious decision. Some people choose to do so only after they have exhausted all other options for recovering from tough financial situations. If you are thinking about filing for bankruptcy, you need to first be aware that there are three options for filing. They are referred to as Chapter 13, Chapter 11 and Chapter 7. Bankruptcy filing is a complex topic, and this is the reason why many consumers opt to seek the services of an attorney for bankruptcy filing. Your individual circumstances will affect which option is best for you.
Under Chapter 7 Bankruptcy in Hamilton OH, consumers need to be aware that they will need to sell some of their assets. If you think you may have a problem separating with some of your property, then this option may not be for you. The purpose of the sales are to generate money to pay the creditors who are owed money. Some items are exempt from the bankruptcy sale, so do not assume that you will only walk away with the shirt on your back. Some people refer to the process of selling the non-exempt items as auctioning.
It is possible for people to lose all of their assets during a Chapter 7 filing. This often is not the case because under the law there is a clause that allows people to retain some of their assets. For example, you may not want to sell your home or one of your vehicles. You may be allowed to keep these assets even if you file for Chapter 7 Bankruptcy in Hamilton OH. The issue is that you need to be aware that you would still be expected to make payments on these assets if they are not part of the bankruptcy sale. So, it will come down to whether or not you are able to afford to make payments on the assets you want to keep.
Contact Dean Snyder Attorney if you are thinking about filing for bankruptcy. He can help you determine if filing for Chapter 7 is a good idea for your situation. Many people enter the bankruptcy process with “blinders” on. They do not fully understand what has to take place. You can ensure that you are making an informed decision by working with an attorney.
