Bankruptcy is often a last resort for many individuals who are experiencing financial difficulties, but the process of filing can be a complicated undertaking. There are some significant legalities involved with a filing for bankruptcy protection that the novice debtor may not understand, so having an experienced and effective bankruptcy lawyer like Zellar & Zellar, Attorneys at Law, Inc. of Columbus, Ohio can ensure that your bankruptcy case is prepared correctly and submitted to the Court for the best possible outcome for the Debtor and the least possible consequences. The most important part of declaring Chapter 13 Bankruptcy is having a repayment plan that is actually workable within the filer’s family budget.
Chapter 7 bankruptcy cases are liquidation proceedings for individuals who do not have a lot of unencumbered assets and a lot of debt. . There are specific rules associated with what items can be deducted on the Means Test to qualify for high income earners, and as to what debts can be discharged in the chapter 7 proceeding. Having an experienced firm like Zellar & Zellar Attorneys at Law, Inc., to represent you will ensure you get the best possible outcome from your case. That means retaining as much of your personal property that you can and discharging as much debt as possible. Chapter 7 filings are means tested, and your attorneys at Zellar & Zellar Attorneys at Law, Inc., can assure you that your calculations for repayment will be accurate and financially reasonable and that you have taken every allowable deduction to qualify. Just because you fail the means test at the end does not mean you can not file for chapter 7. You can still be eligible for a chapter 7 discharge even if you are above median income, if you pass the test upon completion of same. An experienced practitioner like Zellar & Zellar Attorneys at Law Inc., can ensure you get the maximum allowable deductions for the eligibility determination.
Everyone is not eligible for a Chapter 13 bankruptcy filing who has steady income to fund the plan. Chapter 13 bankruptcy is designed to help the filer retain a significant portion of their personal assets, such as a home, cars and investment properties. However, the debt repayment is based on the asset value. Those who qualify will need a strong presentation of income and expenses to demonstrate feasibility of the plan. A chapter 13 repayment plan can often include making new agreements with creditors for a debt restructuring as well as still including some consumer debt that can actually be discharged. Zellar & Zellar can help you evaluate your situation and consider all assets and liabilities in a thorough and comprehensive manner to ensure you are getting the best possible outcome from your case with the minimum required payback.
A successful bankruptcy filing will result in a fresh start for the filer, where they can begin rebuilding their credit score over time by responsible financial choices. It enables one to wipe out existing debt to obtain that needed fresh start to rebuild and reestablish their credit. Most filers are reestablished within twelve (12) months of timely payments on secured debts after a chapter 7 filing. Zellar & Zellar Attorneys at Law, Inc., can help make sure you get the best possible result from your case in order to reach your goal of financial freedom and a fresh start.