When a person is considering bankruptcy, they do have a few options. They will need to take a look at their debts and income to determine which chapter is going to be right in their situation. For people who make more than the mean income in their area, Chapter 13 is often a good option. The person will want to speak with a lawyer to determine if it is the right one for them, but they may want to understand what a chapter 13 bankruptcy in Fairfield OH, entails before they speak with a lawyer.
Some Debts Are Not Included
There are some debts, like student loan payments and child support, that will not be included in a bankruptcy proceeding. Some debts that are not included most of the time may be included in specific situations. It’s important to find out which debts can be included in the bankruptcy to get a better idea of how the bankruptcy is going to help.
Debts Are Restructured
Once the person has determined which debts they can include, the debts will be restructured. This means they are all combined together into one large amount, and the person will need to make monthly payments on them to reduce the amount owed as much as possible.
Monthly Payments Are Made
The monthly payments are going to need to be made for three to five years. During this period, the person cannot fail to make a payment or make a partial payment. The entire amount must be paid in full.
The Payments Are Completed
At the end of the three to five year period, any remaining amounts may be discharged. The bankruptcy will be finished, and the person will be able to stop making the bankruptcy payments. The bankruptcy will still affect them as it will be on their credit history for a period of time, but they will be back on track with their finances again.
If you’re in debt and considering bankruptcy, talk to a lawyer to determine if Chapter 13 Bankruptcy in Fairfield OH, is the right option for your situation. You can Meet R. Dean Snyder Attorney by contacting him for a consultation visit, and he can help you determine if this is going to be a good choice for your situation. Then, he can help you through the entire bankruptcy process.
