Chapter 7 is commonly known as liquidation or straight bankruptcy. It is the easiest and quickest way to get a financial fresh start when you feel that you are overwhelmed by the debt burden. If you are considering filing for Chapter 7 Bankruptcy in Hamilton OH, several things you need to know to do it right are:
Eligibility
It is important to note that not everyone that applies for chapter 7 qualifies. Here are a few requirements that you must fulfill.
* If you are earning less that medium income for a family your size in your state, you can file for chapter seven; however, if you earn more, you will not be eligible.
* You have to agree to mandatory credit counseling and analysis of your budgets.
In most states, you must be a person that has not received any unemployment benefits for at least six months.
* You must have a disposable income of less than $6,000.
* It must be proven that you cannot manage to pay a quarter of your debt within the 60-month period.
As you can see, the process of determining whether you qualify is a little bit tricky. This is why you need to hire a bankruptcy attorney. They will help you determine if you are eligible before you move on to the next step.
Filing for bankruptcy
The process starts when you or your attorney files an official petition in a bankruptcy court. In addition to that, a statement of financial affairs is needed from the person filing for bankruptcy. The following things should be included.
* A list of your debtors and how much you owe each
* The source of your income, the amount and how often you receive it
* A list of the property you own
* Your living expenses per month
After you have filed, the debtors will be notified to stop all collection efforts. This is what is known as an automatic stay. It also prevents your debtors from filing any lawsuits against you.
With the help of an attorney, filing for Chapter 7 Bankruptcy in Hamilton OH can be quite easy. For more information and to get in touch with a competent attorney, go to Domain URL.
