Minnillo & Jenkins, CO. LPA
Hyde Park, Eastgate, Fairfield, Covington: 513-723-1600
Portsmouth: 740-300-2022
Call For A No-Pressure, Free Consultation

Careful consideration may be needed before filing for bankruptcy

Some Ohio consumers are overwhelmed with debts that may have resulted from unanticipated medical expenses or job losses that left them no option but to finance their daily living expenses through credit cards. While filing for bankruptcy may be the most appropriate route to go, it is a drastic step that needs careful consideration. Individuals may want to gain all the relevant information to enable them to make informed decisions that may determine financial stability in the future.

When filing for bankruptcy, the consumer will have to provide the court with details of every asset he or she has along with all outstanding debts. The court will then divide assets into those that are exempt and those that are non-exempt. The latter include assets such as second homes or vehicles and valuable collections that can be taken to cover debts. Equity on the family home, an automobile, and personal items are exempt and may not be seized.

A means test will determine for which chapter under the Bankruptcy Code the person qualifies. Chapter 7 and Chapter 13 are the most appropriate for individuals to file in their private capacities -- not involving businesses. Chapter 7 -- also known as the liquidation bankruptcy is typically suitable for those with few assets and no regular income. All high-value non-exempt assets will be sold at auction to cover debts. Unsecured debts like medical bills and credit cards may be discharged.

Chapter 13 bankruptcy allows consumers to maintain possession of their assets while reorganizing the payments of their debts over a period of three to five years. If the court-approved payment plan is followed, any outstanding balances at the end of the payment period may be discharged. However, utilizing the guidance and support of an experienced Ohio bankruptcy attorney may be helpful. A lawyer can explain the pros and cons of each chapter, and assist with the complicated administrative requirements of filing for bankruptcy.

Source: newswire.net, "Things You Need to Know About Bankruptcy", Linda Graves, Oct. 8, 2016

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help You?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Contact us right now for a free bankruptcy consultation

NACBA - National Association of Consumer Bankruptcy Attorneys

Proud Member NACBA

We are proud members of the NACBA, a national organization dedicated to serving the rights of consumer debtors. Read More

Super Lawyers

Jenkins Named Super Lawyer!

Founding partner, Christian A. Jenkins, was selected by his peers and the media as a Super Lawyer. Read More

Hyde Park Office
2712 Observatory Avenue
Cincinnati, OH 45208

Phone: +1-513-723-1600
Cincinnati Law Office Map

Eastgate Office
792 Eastgate South Dr
Suite 150
Cincinnati, OH 45245

Phone: +1-513-723-1600
Cincinnati Law Office Map

Fairfield Office
447 Nilles Rd
Suite 9
Fairfield, OH 45014

Phone: +1-513-723-1600
Fairfield Law Office Map

Covington Office
526 Philadelphia St.
Suite 5
Covington, KY 41011

Phone: +1-513-723-1600
Map & Directions
Covington Law Office Map

Portsmouth Office
612 Chillicothe Street
Portsmouth, OH 45662

Phone: +1-740-300-2022
Map & Directions
Portsmouth Law Office Map