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Differences Between Chapter 7 and Chapter 13 Bankruptcy in Ohio

Filing for bankruptcy is not an easy choice. It is important to have as much information as possible before making this important decision. At Minnillo & Jenkins, CO. LPA, we have helped thousands of clients across Southwest Ohio arm themselves with the knowledge they need to make this decision.

Depending on your situation, one type of bankruptcy may be right for your situation, while another may be disastrous. When you work with our lawyers, you can be certain that if you do file bankruptcy, you will be filing the type of bankruptcy that offers maximum debt relief. Below are just some of the differences between Chapter 7 and Chapter 13.

  • In Chapter 7, your nonexempt assets are subject to liquidation. In Chapter 13, your nonexempt assets will not be liquidated. When you file Chapter 7 bankruptcy, anything you own that is not exempt could be sold to pay your creditors. In most situations, the threat of liquidation is not a concern, since most people filing for Chapter 7 do not own sufficient assets. If any of your property is subject to liquidation, Chapter 13 bankruptcy may be a better option.
  • In Chapter 13, you repay a percentage of all your unsecured debt. In Chapter 7, you do not repay most of your unsecured debt. Under either Chapter 7 or Chapter 13, your unsecured debts are discharged at the successful conclusion of your case, meaning that your creditors can no longer seek payment of these debts.
  • In order to file Chapter 7 bankruptcy, you must pass the means test. If you fail the means test, you still may be able to file Chapter 13. Chapter 7 bankruptcy is available to people whose income levels are lower than the state median income. Chapter 13 is available regardless of income.

Learn More About the Differences Between Chapter 7 and Chapter 13. Contact the Cincinnati Attorneys of Minnillo & Jenkins

Our law firm maintains offices in Cincinnati, Dayton and offers a free initial consultation. Call our Cincinnati office at 513-723-1600 or our Dayton office at 937-550-1030. You can also e-mail our law firm.

We are a law firm and a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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Minnillo & Jenkins, CO. LPA
2712 Observatory Avenue
Cincinnati, OH 45208
513-723-1600
Cincinnati Law Office

Minnillo & Jenkins, CO. LPA
8080 Beckett Center Drive
West Chester, OH 45069
513-723-1600
West Chester Law Office

Minnillo & Jenkins, CO. LPA
792 Eastgate South Dr
Cincinnati, OH 45245
513-723-1600
Cincinnati Law Office

Minnillo & Jenkins, CO. LPA
2034 South Alex Road
Dayton, OH 45449
937-550-1030
Dayton Law Office

Minnillo & Jenkins, CO. LPA
7577 Central Park Boulevard
Mason, OH 45040
513-723-1600
Mason Law Office