Partner with a Compassionate and Experienced Bankruptcy Lawyer in Gahanna, OH

Bankruptcy is a legal process that allows a debtor to address their debts under the protection of the Bankruptcy Court. As soon as you file bankruptcy, your creditors will be notified that they are prohibited from contacting you or pursuing collection actions of any kind. There are several different types of bankruptcy, each with different eligibility requirements and potential outcomes. For individual consumers, the most common forms of bankruptcy are Chapter 7 and Chapter 13.  

Chapter 7 Bankruptcy: Chapter 7 Bankruptcy is also called “straight bankruptcy” or “liquidation bankruptcy”. In a Chapter 7 case, the debtor’s non-exempt property is liquidated in order to pay off some of their debt. Remaining debt is then discharged, meaning they are no longer obligated to pay. Many believe that they will lose everything they own if they file Chapter 7 bankruptcy. This is simply not true. In fact, most Chapter 7 debtors are able to file exemptions on all of their property and get a discharge without losing anything at all. If you have questions about the process and want to find out if you are eligible, contact our firm and discuss your situation with a Chapter 7 Bankruptcy attorney.  

Chapter 13 Bankruptcy: Chapter 13 Bankruptcy is typically utilized by debtors who earn too much income to qualify for Chapter 7. In a Chapter 13 case, the debtor proposes a repayment plan to pay off some or all of their debt over a 3-5 year period. At the end of that period, remaining debt is usually discharged. A Chapter 13 bankruptcy lawyer can help you create a plan that is likely to be accepted by the court and represent you throughout the process.