Chapter 13 Bankruptcy Service in Columbus, Ohio
There are two types of bankruptcies that individuals can file, Chapter 7 and Chapter 13. Regardless of the chapter, debt is characterized into 3 categories:
Secured: Debt that is secured by a house, car, business assets, etc.
Unsecured: Credit cards, medical bills, student loans
Priority: Most tax debt and all domestic support obligations like child support.
A Chapter 13 bankruptcy can provide relief from secured debt. It is essentially a “reorganization” of debt. For example, if you are behind on your mortgage payments, we can use chapter 13 to create a plan that will get you current. As long as you are paying the payment according to the plan, your mortgage holder can’t foreclosure on the house. In some cases, if your car is worth less than what you owe on it, a chapter 13 could be used to pay the value instead of the balance owed. This creates a lower monthly car payment and gives you more money each month to pay other household bills. Chapter 13 is the best option for someone who is facing foreclosure or repossession.
How do I get started? Your path to financial freedom starts with a free office consultation*. At the meeting, an attorney will go through your debt, income, and monthly living expenses to determine which Chapter will benefit you the most. If you would like to schedule a free consultation please call us at 614-389-4942. Call today and leave your burdens behind.
*Caudill Law Group may charge a consultation fee if the debt is primarily business.