Chapter 7 Bankruptcy Attorney Columbus Ohio
Need to Get Out of Debt? A Bankruptcy Attorney Can Help
If you need to get rid of debt, take the first step and speak with a bankruptcy attorney at Jump Legal Group in Columbus, Ohio. Each attorney has years of experience helping individuals and families in the Columbus, Ohio area get out of debt and get back on their feet. Imagine how peacefully you’ll sleep knowing that your debt is under control. No more annoying creditors calling at all hours of the day. No more worrying about which bill to pay next. It’s time to change your life, and we can help!
Chapter 7 bankruptcy, also known as “straight” or “liquidation” bankruptcy, enables a debtor to eliminate some or all of their debt at one time. A bankruptcy lawyer will work closely with you to help you understand your debt relief options and your rights provided by the Bankruptcy Code.
Schedule a Free Consultation With Our Columbus Ohio Law Office
Ready to find out if filing Chapter 7 bankruptcy is the right choice for you? Schedule a free debt consultation with an attorney at Jump Legal in Columbus Ohio. Our office is conveniently located in the Columbus area. An attorney will evaluate your entire financial situation, including your income, your debts and your goals. They will then make recommendations on your best options for resolving your debt problems. Most importantly, your Chapter 7 bankruptcy attorney will treat you with respect and dignity. We understand how difficult it is to have the courage to visit an attorney’s office. You will leave your first meeting feeling relieved and full of hope.
Contact Us Today
As Chapter 7 bankruptcy attorneys in Columbus Ohio, we can help you change your life. If you are ready to change your financial future, contact us today to schedule a free initial debt relief consult and start the process. You will always speak with an attorney and all communications remain confidential. There are no hidden costs and we quote all fees upfront. We also offer payment plans to help with legal fees; however, we will begin representation immediately. We look forward to helping you on your path to a solid financial future.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy gives you a fresh start and creates the foundation for a solid financial future. Rather than creating a plan for you to repay your unsecured debts, a bankruptcy trustee will gather and sell your nonexempt assets to repay creditors. You can wipe out credit card debt, medical bills, taxes, and home and automobile debt without owing a monthly payment. You may also be able to renegotiate the terms of your student loans. With this type of bankruptcy, you get to keep your house, vehicle, retirement fund, and your college fund. A temporary stay is placed on your existing debts, forcing creditors to stop collecting payments. You’ll also stop garnishments, repossession, foreclosure, and calls from creditors, restoring a little bit of normalcy to your day-to-day life.
Even if you claim bankruptcy, you will still be responsible for repaying a few debts, such as child support, student loans, under water 2nd and 3rd mortgages, and recent taxes, which cannot be discharged in bankruptcy. A Columbus bankruptcy attorney at our firm can provide you a complete list of debts that cannot be discharged in a Chapter 7 filing in Columbus, Ohio.
How Does Bankruptcy Affect My Credit?
Chapter 7 bankruptcy will appear on your credit reports for up to 10 years from the day you file. If you’re worried that your credit will suffer from a bankruptcy remark, remember that it’s better than doing nothing to fix your current situation. By filing Chapter 7, you get to start over and begin rebuilding your credit immediately after you receive a discharge. You may even be able to improve your credit score faster than if you don’t file bankruptcy.
Will My Property Be Liquidated if I File Bankruptcy in Columbus?
While it’s possible some of your assets could be liquidated, it’s very unusual to lose any in a Chapter 7 filing in Columbus. You will be able to retain certain exempt personal property and you will only lose the assets in your estate that are not encumbered by liens (for example, a mortgage on a home) and that are not protected by exemptions. The starting point is the fair market value of your asset, less the amount owed and your exemption.
There are exemptions for all types of personal property. It’s important to note that even though bankruptcy is a part of the federal court system and is based largely on federal law, many states, including Ohio, are “opt out” states. This means Ohio uses its own exemptions. So, you may come across different exemptions under the Bankruptcy Code itself that would not apply to Ohio filers.
If you have assets in excess of the allowable exemptions for Ohio, it may be better to file Chapter 13 rather than Chapter 7 in order to protect those assets. In Chapter 13 bankruptcy, you can create a monthly repayment schedule to pay off the money you owe over time rather than selling your assets to repay debts. A bankruptcy lawyer in Columbus will discuss your options with you and help you choose the best solution based on your specific situation.
How to File for Chapter 7 Bankruptcy in Columbus
If you’re considering filing Chapter 7 bankruptcy in Columbus, Ohio, talk with a bankruptcy lawyer. We’ll take the time to understand your situation, talk through the different relief options available to you, and help you start the process of filing for bankruptcy if that’s the chosen solution.
If you choose Chapter 7 bankruptcy, you’ll file a petition with the bankruptcy court as well as provide any necessary documents. This typically includes a list of your assets and liabilities, income and expenditures, student loans, and other information about your credit, debt, and finances. Our Columbus bankruptcy lawyers will walk you through each step so you can feel confident throughout the entire bankruptcy process and when rebuilding your credit.
How to Qualify for Bankruptcy in Columbus
Chapter 7 bankruptcy eligibility is not determined by the actual amount of debt you have. Instead, it’s based on income, including past income over the last six (6) months and projected future income, expenses, and family size. The first step in figuring out if you qualify for Chapter 7 bankruptcy is to take a look at your gross income from the past six (6) months. This will determine if you and your household are above or below the median income. To qualify for Chapter 7, your gross income will need to fall below the median. When you’re ready to file, you’ll be required to attend counseling within 180 days of filing as well as within 60 days of a creditor meeting, which will be set up after you file.
You’ll need to file forms that include information about your income, property, creditors, exemptions, tax returns, and more. When you’re done filing the appropriate paperwork and have attended counseling and the creditor meeting, you’ll submit a certificate of completion to the court, which will then discharge your debts.
What Happens After Filing for Bankruptcy?
There are several steps involved in the bankruptcy process. Our lawyers will guide and support you every step of the way. After submitting the necessary paperwork for Chapter 7, an automatic stay is put in place to prevent creditors from contacting you. A meeting of creditors is held to allow creditors and the trustee or bankruptcy administrator to ask you questions about your finances. Then, specific assets are sold to repay your debt.
It’s important to note that if you’re getting a divorce, declaring bankruptcy before your divorce is final can delay the divorce proceedings.
An Automatic Stay is Established
When you declare bankruptcy with the bankruptcy court, an automatic stay is initiated to stop creditors from trying to collect your money or property. During the stay, creditors are also forbidden from initiating or continuing lawsuits and garnishing wages.
A Meeting of Creditors is Held
A few weeks after your bankruptcy filing, your lawyer, case trustee, and creditors meet with you during a meeting of the creditors. Everyone will review your financial situation, and the creditors can ask you questions to learn more.
Certain Assets are Liquidated
In Ohio Chapter 7, the bankruptcy trustee collects your nonexempt assets and liquidates them, using the money raised to pay off your debt in accordance with the law. You will be able to keep some exempt assets, but bankruptcy law says that the rest must be sold. Some of your loan debt, such as debt from student loans, may be able to be discharged.
Alternatives to Bankruptcy
Chapter 7 isn’t the only option when it comes to declaring bankruptcy. Additionally, there are alternatives to bankruptcy, such as debt consolidation, debt settlement, mortgage restructuring, and more. It’s important to work with experienced lawyers who know the law and how bankruptcy alternatives affect your credit. Our team always takes the time to learn about your financial situation, goals, and needs before recommending a solution.
Jump Legal Bankruptcy Attorneys Can Help With Chapter 7 Filing
Filing bankruptcy can feel overwhelming. Luckily, you don’t have to go it alone. A bankruptcy attorney at our Columbus firm can help you every step of the way for a much smoother bankruptcy and debt relief process. Instead of trying to figure out how federal law and state law apply to your case, let a bankruptcy lawyer do it for you. Located in Columbus, Ohio, we are a bankruptcy law firm with the experience to ensure your home and car are protected and your debts are eliminated.
Our Columbus firm works for you to improve your life through bankruptcy and other debt relief solutions. We discuss how the bankruptcy process works and answer any questions you have.
Our Columbus, Ohio Bankruptcy Practice Areas
Knowledge is power, and you will leave our office feeling better than when you arrived. Each attorney in our Columbus law firm handles a full range of debt relief options including settlement, Chapter 7 bankruptcy, Chapter 13 bankruptcy, and student and mortgage loan modifications. You can feel confident that you’re working with knowledgeable, capable attorneys who have your best interests in mind.
What to Expect When Working with a Jump Legal Bankruptcy Lawyer
Our law firm also tells you all of your costs upfront. Many firms advertise low Chapter 7 fees to attract naïve clients only to add on additional fees after the case is filed. At Jump Legal, your initial consultation is free. We will evaluate your case and then let you know the cost for representing you and filing your case.
In addition to our honest and upfront pricing, we won’t bill you for separate services such as composing a reaffirmation agreement or fielding harassing creditor calls. Our bankruptcy attorneys know that these services are often part of the process and we are willing and able to take care of them and alleviate stress from you and your loved ones.
Get Out of Debt with Help From a Columbus Bankruptcy Attorney
When you’re overwhelmed by debt, bankruptcy can give you a fresh start. Our bankruptcy Columbus lawyers are ready to help you get on the path to a stronger financial future. Contact us today to learn more.