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Chapter 7 vs. Chapter 13 Bankruptcy

When individuals have unexpected life changes, like sudden unemployment or medical expenses, debt can become a crushing weight. Unpaid bills pile up, and all the sudden you wonder how you are going to feed your family this week. No matter your situation, declaring bankruptcy can help you stand on your own two feet again. There are a couple main types of bankruptcy: Chapter 7 and Chapter 13.

Chapter 7 bankruptcy

Chapter 7 bankruptcy is ideal for low-income families who have had debts piling up for a while, and now they can't see a way out. You must fit specific qualifications to file for chapter 7 and eliminate debts. The first qualification for Cincinnatians is making below the Ohio median income. If you fall into this category, you can automatically file for chapter 7. If you do not, your disposable income after paying monthly bills must not be over a certain amount; contact a qualified attorney for more details. Under chapter 7, your assets will be liquidated to cover your debts, and you will get a fresh financial start.

 

Chapter 13 bankruptcy

The other type of bankruptcy open to individuals and families is chapter 13. This type of filing is meant for those who can pay off their debts, if they are just given more time. Financial hardship may have struck, but just a few months' respite from the towering bills will help them get back on their feet. So, chapter 13 allows individuals to lower their monthly bills and extend the payment terms to make the monthly burden easier.

If you are struggling to make payments in Hamilton County and have exhausted other options, consider filing for bankruptcy to ease the burden and get a fresh start

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