Filing For Bankruptcy In Ohio To Find Debt Relief

Last updated on January 3, 2025

Financial difficulties can be incredibly stressful, leading to sleepless nights and overwhelming anxiety. If you are sinking into credit card debt, experiencing overwhelming medical debt, or behind on house payments with extreme mortgage debt, you are not alone. Others are struggling, too. We want you to know that debt relief is possible and that an experienced bankruptcy lawyer can help you understand your options.

At Dahlberg, Stanley & Foderetti, LLC, our bankruptcy attorneys have dedicated their legal careers to helping families in Columbus and the surrounding communities with their legal challenges. They can help you keep your car or keep your home and find financial stability. We offer affordable bankruptcy guidance to help you achieve a fresh economic start.

What Is Chapter 7 Bankruptcy?

Bankruptcy is a legal proceeding that helps individuals or companies find debt relief. In a Chapter 7 bankruptcy filing, debtors can eliminate a substantial portion of their unsecured debts. It is an ideal option for debtors with limited income and no way to repay their debts.

However, in order to be eligible for a Chapter 7 bankruptcy, debtors must satisfy the means test. The means test compares a candidate’s income to Ohio’s median income. If your income is below the median, you may be eligible for Chapter 7 bankruptcy. Clients often choose Chapter 7 because it allows for a relatively quick discharge of debts, facilitating a fresh start financially. An experienced bankruptcy lawyer can help you evaluate whether or not you might be eligible for a Chapter 7 bankruptcy.

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is another type of bankruptcy filing for those struggling with debt and contemplating bankruptcy. Unlike Chapter 7, a Chapter 13 bankruptcy involves creating a repayment plan. This repayment plan usually spans between three to five years. A Chapter 13 bankruptcy is a good option for debtors who have a regular income and have the ability to repay some of their debts.

To qualify for a Chapter 13 bankruptcy, you must have a stable income and meet certain debt limits. Clients may prefer Chapter 13 because it allows them to catch up on missed mortgage or car payments and keep their valuable assets while reorganizing their financial affairs.

What Property Can You Keep If You File For Bankruptcy?

One common concern about filing for bankruptcy is the fear of losing your personal property. Fortunately, bankruptcy laws allow you to keep certain essential property. In Ohio, you can often keep your home, car, and personal belongings thanks to state exemptions. Chapter 7 and Chapter 13 both have provisions that protect your assets, although the specifics can vary. Our bankruptcy lawyers at Dahlberg, Stanley & Foderetti, LLC, will be able to help you understand what property you can keep and help you protect necessary assets throughout the process.

What Debts Cannot Be Discharged In Bankruptcy?

While bankruptcy can provide significant debt relief, some debts cannot be discharged in a bankruptcy filing. These debts typically include:

• Court-ordered child support payments
• Court-ordered alimony or spousal maintenance payments from a divorce
• Most student loan debts
• Certain tax debts

Additionally, any debts that were incurred through fraud or willful injury to another person may not be dischargeable. Our debt relief attorneys will work closely with you to clarify which debts can be discharged and how best to manage those that cannot. Together, we will discuss your goals and the many different debt relief options, including bankruptcy. With every client, we customize a strategy designed to meet their unique legal goals.

Consult A Columbus Bankruptcy Lawyer

Are you contemplating bankruptcy? At Dahlberg, Stanley & Foderetti, LLC, we make bankruptcy an affordable option. Our experienced bankruptcy attorneys are available for initial consultations. To schedule an appointment with a bankruptcy lawyer, contact our office by calling 614-670-8103. You can also reach out to us by sending a message through our online form.

We look forward to hearing about your circumstances and telling you more about how we can help you find financial freedom and debt relief.

 

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.