Bankruptcy proceedings are judicial proceedings that debtors are entitled under federal law if they are not in a position to pay back their creditors. Once bankruptcy is made, the creditor must wait for the court to decide how their money will be reintroduced. A declaration of bankruptcy releases the bankrupt entity or individual from the legal obligation to repay most or all debts.
The law does not require a person declaring bankruptcy to a lawyer. However, bankruptcySubmissions are complicated, and it can be difficult, the type of bankruptcy that you understand the most appropriate in a given situation. Certain types of assets and bankruptcy vulnerable. Lawyers can help an individual understand the bankruptcy proceedings. A lawyer may also be in a position to determine whether a client to consumer credit counseling can be a better alternative than bankruptcy advice.
Of the five types of insolvency proceedings, which are used most frequentlyChapter 7 and Chapter 13 bankruptcy. In Chapter 7 bankruptcy, outstanding personal debts are discharged, or be removed, especially with the debtor to start a new financial. However, certain types of claims can not be met, and objects can not be exempt sells, distributes the proceeds to creditors. Chapter 13 bankruptcy proceedings include a repayment plan for outstanding debt over three to five years.
Friends or family members may be able to recommend a goodBankruptcy lawyer. Ohio state and local bar associations can also contact information for lawyers who specialize in bankruptcy law. It can be expensive to hire a bankruptcy lawyer, especially at a time when the individual may be subjected to considerable financial burden. The Ohio State Legal Services Association partners with private bankruptcy lawyers offering reduced fee assistance for eligible persons. Several organizations such as the Columbus BarAssociation Legal Aid Referral Project offers pro bono legal assistance to low-income individuals who are not able to afford a lawyer.
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