Facing significant financial debt can take a toll on you mentally, emotionally, and physically. The insurmountable stress it can cause can take over every aspect of your life. Millions of individuals face financial challenges every day, but many choose to continue in their struggle without seeking help. If you feel overwhelmed with your financial situation, it may be time to consider consulting with a qualified bankruptcy attorney in Troy, Ohio.
Fesenmyer Cousino Weinzimmer has extensive experience helping clients just like you. When you’re ready to take the first step, contact our office at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). Our firm offers free initial consultations to help ease your mind and get you on the right path to financial recovery.
How Do I Choose a Bankruptcy Attorney in Troy, Ohio?
We know there are many Ohio bankruptcy lawyers to choose from, but we are confident our attorneys at Fesenmyer Cousino Weinzimmer are among the most skilled and affordable.
Going the legal route can yield promising results for difficult financial problems. However, bankruptcy law is complex. Our Troy bankruptcy lawyers have extensive knowledge and decades of experience. Our attorneys work with clients to create a personalized plan, as every case is unique. We understand what it takes to help get you the most favorable outcome possible and work toward your financial freedom.
How Much Does a Bankruptcy Lawyer in Troy, Ohio, Cost?
ATTORNEY FEES CAN VARY SIGNIFICANTLY. DO YOUR RESEARCH BEFORE COMMITTING.
Affordability is one of the key qualities Fesenmyer Cousino Weinzimmer prides itself on. We know more than anyone that when you come to us, money is scarce. Therefore, we try to take some of the added stress away by providing affordable services. Our highly skilled and experienced bankruptcy lawyers in Troy, Ohio, provide a swift and streamlined approach to bankruptcy so that you are not racking up legal fees over time. To learn more about our affordable rates, call Fesenmyer Cousino Weinzimmer at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati).
Two Types of Personal Bankruptcy
WHAT IS CHAPTER 7 BANKRUPTCY?
Chapter 7 is the most common form of bankruptcy. It will eliminate most or all debts, but you can use it only once every eight years. The process only requires a few months, so you can begin rebuilding credit. There are exemptions (Exemption Laws of Ohio) that can protect your property, but it is advisable to consult with an attorney to confirm that your particular property is protected. Exemptions can include clothing, cars, equipment used for work (like tools), and household furnishings.
WHAT IS CHAPTER 13 BANKRUPTCY?
Chapter 13 bankruptcy allows for a repayment plan, giving you the chance to save your assets. Under Chapter 13 bankruptcy, you can consolidate payments to repay some or all of your debt affordably over three to five years. This plan is best for those who don’t qualify for Chapter 7, want to keep an asset they are behind on, or have equity in an asset they want to protect. Once you file for Chapter 13, harassing calls and letters from creditors stop, and when you successfully complete the payment plan, qualifying debts covered by the plan are discharged.
What Is the Difference Between “Secured” and “Unsecured” Debt?
SECURED DEBT
“Secured” debt is backed by collateral. For example, if you have a mortgage or a car loan, then your house or vehicle stand as “collateral” behind those loans. This means that an item of value – like a house or car – can be repossessed if the loans are not paid. In these cases, you likely signed a contract with a financial institution stating that a creditor can attach a lien to the property and seize it if you fail to make payments.
UNSECURED DEBT
“Unsecured” debt is an obligation not backed by collateral. For example, if you did not agree that a merchant, bank, or creditor could repossess an item purchased when you entered into the credit agreement, then that debt is unsecured. Generally, most unsecured debt can be discharged in Chapter 7 bankruptcy.
Debts that Typically Can be Discharged in Bankruptcy
THESE UNSECURED DEBTS ARE DISCHARGEABLE IN CHAPTER 7 BANKRUPTCY
When a debt is discharged, it means you no longer have an obligation to pay it. A discharge gives you a “clean slate,” allowing you to start fresh financially. The following are debts that can typically be discharged in Chapter 7 bankruptcy:
CREDIT CARDS
Whether you have a VISA, Mastercard, American Express, or other credit card (including department store and gas station cards), these are all typically dischargeable under Chapter 7 bankruptcy. However, there are guidelines that apply, so you’ll want to consult with a bankruptcy attorney in Troy. You are not allowed to intentionally run up charges on credit cards in the few months prior to filing for bankruptcy in hopes of getting this debt dismissed.
MEDICAL BILLS
Hospital, doctor, laboratory, pharmaceutical, rehabilitation, and other medical bills are generally dischargeable under Chapter 7 bankruptcy. Debt from home health care and medical supplies may also be discharged.
UTILITY BILLS
Electric, gas, water, trash, phone and other necessary utilities are usually dischargeable in Chapter 7 bankruptcy. Other household maintenance bills, like snow removal and lawn service, may also be discharged.
BACK RENT
If you have been evicted and have a lease deficiency or owe a previous landlord back rent, these liabilities are dischargeable in a Chapter 7 bankruptcy.
PERSONAL LOANS
Personal loans from a bank, friend, or family member can typically be discharged in a Chapter 7 bankruptcy.
If you’re unsure of whether your debts can be discharged in a Chapter 7 bankruptcy, it is best to consult with a Troy bankruptcy lawyer. Contact Fesenmyer Cousino Weinzimmer today at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati).
Debts That Usually Cannot Be Discharged in Bankruptcy
THESE DEBTS TYPICALLY ARE NOT DISCHARGEABLE IN BANKRUPTCY
CHILD SUPPORT
If a court has previously ordered you to pay child support, a bankruptcy court will not discharge these payments.
STUDENT LOANS
Student loan debt is particularly common. Student loans are not dischargeable under bankruptcy, but relieving yourself of other financial responsibilities can provide enough help for you to be able to meet your monthly loan payments.
TAX DEBTS
Most tax debts are not dischargeable in bankruptcy. An experienced bankruptcy attorney can review your situation to go over the exact details with you.
DEBTS INCURRED THROUGH FRAUD OR THEFT
Any debt incurred as a result of fraud or theft is not dischargeable in bankruptcy. If a court does determine that fraud was involved, you could face fines and prison time in addition to having to pay back the debt.
LUXURY PURCHASES OR CASH ADVANCES OBTAINED SHORTLY BEFORE FILING BANKRUPTCY
The court will review all assets you own to determine whether they are protected in your bankruptcy. If you own expensive properties or luxury vehicles that are above the allowable exemption amounts, they may not be protected in a Chapter 7 bankruptcy. The court will also review any major charges you incurred right before you filed bankruptcy.
How Can a Bankruptcy Lawyer in Troy, Ohio, Help Me?
Many individuals attempt to take on their bankruptcy case completely on their own, but soon realize how daunting and confusing the process can be for someone who is inexperienced. A bankruptcy lawyer will handle every part of your bankruptcy case, including:
- Addressing your questions and concerns
- Providing legal advice
- Drafting and filing bankruptcy documents
- Representing you in court.
A bankruptcy lawyer can be your best ally, helping you get the outcome you need quickly and efficiently.
Consult with an Affordable Troy Bankruptcy Attorney
If you feel you can barely keep your head above water, it may be time to consider taking legal action. Bankruptcy can provide much-needed peace of mind and financial freedom. Bankruptcy can seem scary and overwhelming, but Fesenmyer Cousino Weizimmer is here to guide you from start to finish.
To connect with a qualified bankruptcy lawyer, contact our office today at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). We’re ready to help you.
