Filing for bankruptcy may provide a valuable lifeline for borrowers unable to meet their financial obligations, but the complexity of the process often leaves debtors confused. You might be unsure about the benefits of debt relief, or may not even know how to begin. Below are answers to some of the most common questions about filing for bankruptcy protection.
Answers to Your Questions About Filing for Bankruptcy
Will I lose all of my property?
Debtors filing for chapter 7 protection may be required to surrender some of their assets to the trustee in exchange for eliminating qualifying unsecured debts. However, state law allows petitioners to exempt a wide variety of property, so many applicants achieve debt relief without giving up valuable belongings.
Should I file for chapter 7 or chapter 13?
Chapter 7 bankruptcies are appropriate for those who will likely never be able to pay down their debts, while chapter 13 is designed for those who want to catch up on missed mortgage or auto loan payments. After reviewing your financial situation, an experienced bankruptcy attorney will recommend the ideal program for you.
How much does filing for bankruptcy cost?
No two situations are the same, so the cost of filing for bankruptcy may vary. However, the long-term cost of struggling with debts you can’t pay is often much higher than the immediate expense of hiring an attorney and paying filing fees.
Do I need a lawyer?
Filing for bankruptcy is a complex legal process, and even minor errors or omissions can cause your case to be dismissed or leave you responsible for debts you could have discharged. An attorney will explain all of your legal alternatives, prepare your documents, and represent you at the meeting of creditors and any other hearings.
Since 1989, Nancy V. Jacob has helped struggling borrowers throughout Cincinnati get the debt relief they need, establishing herself as one of the most respected bankruptcy attorneys in the area. She is dedicated to helping people get a fresh start on their finances and put a stop to overwhelming debt issues. Visit her website to learn more about her background and experience, or call (513) 921-1400 to discuss filing for bankruptcy.