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Some people believe the best course of action when filing for bankruptcy is to wait it out as long as possible. While this may be true in a small number of cases, attorney Harry B. Zornow in Hamilton, OH, says it’s important to know when to file and what can happen if you choose not to. With almost three decades of experience in the area of debt relief, Attorney Zornow provides indispensable insight on how to get your finances back on track. The following are a few considerations to take into account if you’re faced with mounting money woes.

Can Creditors Collect Anything From You?

If your level of income is such that you have very few assets and/or property, you may not need to file for bankruptcy right away. While collection attempts will be continued, people with low incomes who are also without equity or lack significant assets are considered “judgment proof,” meaning creditors can’t collect with depriving the person of the basic necessities.

Is Your Home or Car in Jeopardy?

filing for bankruptcyWhen your home or car is at stake, filing for bankruptcy is crucial. Chapter 13 will allow you to get current on past-due loan payments and prevent your property from being seized. While you can’t do the same with Chapter 7, the discharge of other debts will provide more money for outstanding loan payments.

How Much of Your Debt Will Be Discharged?

You’ll also want to consider how much of your debt will be discharged when filing for bankruptcy. For instance, some types cannot be discharged, and if a majority of your debt falls into one of these categories, you may want to consider another option. Examples of non-dischargeable debt are student loans, child support, and tax payments.

Despite your current financial outlook, attorney Harry B. Zornow recommends filing for bankruptcy to prevent further financial fallout from occurring. Schedule a consultation in Hamilton by calling (513) 737-9770 today. If you’d like more information on their range of practice areas, visit this firm online.

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