Bankruptcy is the name of a federal court process that was put in place to help individuals who need a second chance from a financial point of view. This federal court process was created to help consumers as well as businesses get rid of debt or repay their debt while they are protected by the bankruptcy court. There are two different categories of bankruptcy including liquidation bankruptcy and reorganization bankruptcy. A Bankruptcy Attorney in Hamilton, OH would be able to help you figure out whether or not bankruptcy is really the best option for you; and then they would help you figure out what kind of bankruptcy you need to file.
Liquidation Bankruptcy
Liquidation bankruptcy is officially known as Chapter 7. It is when a consumer asks the bankruptcy court to dissolve all over their debts that are capable of being dissolved. In exchange, the court can take any of the individual’s valuable assets or property in order to liquidate them to pay back some of the money that is owed to the creditors.
Reorganization Bankruptcy
The official name of reorganization bankruptcy is Chapter 13. This is when a consumer is telling the court that they want to pay back their debts; they just need help setting up a new payment plan that works better than their current one. The bankruptcy court will help them set up a three to five year payment plan. During the payment plan, they will be protected by the court so creditors cannot hassle them for money anymore.
Regardless of what kind of bankruptcy you decide to file for you are going to benefit from hiring a Bankruptcy Attorney in Hamilton, OH to help you with the process. The first benefit to reaching out to a law firm such as Domain and hiring a bankruptcy lawyer is the fact that they have a lot of knowledge and experience when it comes to the bankruptcy process. They know how the paperwork needs to be filled out. In fact, they have filled out that paperwork so many times they could probably do it in their sleep. This is beneficial because you really do not have to worry about them making a mistake when they file.
