Chapter 7 Bankruptcy Service in Columbus, Ohio
Filing a bankruptcy can be a very daunting decision and the more you understand, the better decision you will make. 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.
Chapter 7 bankruptcy provides individuals and small businesses relief from most unsecured debt. It will not eliminate student loan debt, however it can eliminate tax debt depending on: the type of tax, if you have filed all of your tax returns, and when the tax return was originally due. Most clients come into my office thinking they will lose their car or house if they file a Chapter 7 but this is not true. If you are up to date on your monthly mortgage and car payments you can enter into an agreement with the creditor to retain those possessions and continue to pay each month. This is called reaffirming the debt.
Chapter 7 can also provide a benefit to business owners who have personally guaranteed business debt. Freeing yourself from old business debt can provide you with the fresh start you need to leave financial worries behind.
How do I get started? Your first step 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 . Your escape from debt can begin today.
*Caudill Law Group may charge a consultation fee if the debt is primarily business.