Chapter 7 generally describes bankruptcy as "liquidation." On the other hand, Chapter 13 terms it as "reorganization." Both cases can used by attorneys in court to either eliminate (wipe out) a person's /business's debt -under chapter 7 - or alternatively allow them to clear the same (partially or in full) under the bankruptcy court's shield -under chapter 13.
How a Bankruptcy Attorney Cincinnati Presents Your Bankruptcy Case
The existence of the two chapters basically means that there are two types of bankruptcies, liquidation and reorganization. The attorney normally files their client's bankruptcy case under either of the above chapters. Filing the case calls for activation of an "automatic stay" by the court. This is a court order that limits many creditors from engaging in any debt collection actions from the attorney's client (in this case the debtor) unless the court revokes the stay.
Filing a case under Chapter 13 presents a very interesting scenario in that some debts still have to be repaid in full. However, it is the courts that will determine this fate. Moreover, not all debts can be discharged in bankruptcy, no matter under which chapter you filed the same. Examples of such debts include alimony, some tax debts and back child support. Student loans are also a tough nut to crack with a bankruptcy file. The creditor can also limit you from discharging their debts should they prove to the courts that the debt should sail through your bankruptcy.
How a Bankruptcy Attorney Cincinnati Can Assist You Keep Your Property
When the attorney files your case under Chapter 7, normally they will indicate what property can be taken by the bankruptcy trustee in exchange for dent discharge. This therefore means that they can exempt some of your property from being taken by the trustee and sold to cater for your creditors' losses. Cincinnati state exemptions provide a list of what can be kept.
However, under Chapter 13, you barely lose your property since the lawyer files for you a repayment plan of your debts. In partial repayment, the amount you are required to settle with your creditors will depend on your earnings, the sum of the debt that you owe and the types of the same as well as the total worth of your property.
From the two cases, it is clear that while you can't lose property under Chapter 13, the same is inevitable under Chapter 7.
How Can a Bankruptcy Attorney Cincinnati Assist You in Choosing the Right Type of Bankruptcy?
Your attorney will help you understand if you meet the set requirements of either of the bankruptcies. Depending on a number of factors, they will then advice you accordingly on which type fits your case.
It is important to understand that sometimes, you really don't have much of a choice and therefore have to just stick to the type of bankruptcy that you fit in. Your income will tell this. But generally, many people prefer to file for bankruptcy under Chapter 7.
How Can Other Professionals Assist You Get the Best Bankruptcy Cincinnati Attorney?
Many attorneys work hand in hand with other experts in the field, therefore it might be important to consult them before knocking on the lawyer's door. For instance, bankruptcy lawyers work hand in hand with financial experts and advisors, DUI lawyer cincinnati work with medical experts and so on.
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