Written By: Katy Brewer & Brian Wood

Why call Wood & Brewer, LLC if you are considering filing chapter 7 or 13 bankruptcy in Columbus, Ohio?

Why Call an Attorney If You’re Thinking About Filing for Bankruptcy?

Filing for bankruptcy is a decision that you shouldn’t take lightly. It is also a process that you need to navigate with precision if you want to get the maximum benefit from your decision to file. Therefore, you’ll want to call the professionals at Wood & Brewer LLC to learn more about the process of filing as well as the various ways to obtain relief.

Which Type of Bankruptcy Do You Qualify For?

Typically, individuals qualify for either Chapter 7 or Chapter 13 bankruptcy. Chapter 7 is referred to as a liquidation bankruptcy because you agree to liquidate your assets to settle your debts. Chapter 13 is referred to as a wage earner’s plan because you need a steady income to make payments over three or five years.

To qualify for Chapter 7, your income must be below the median household income for the state. You must also show that you lack the disposable income needed to make regular payments. To qualify for Chapter 13 protection, you must show that you have sufficient disposable income to make plan payments over a period of three or five years.

Our firm will review your financial situation to determine which type of protection you may be able to receive. We’ll also take time to go over any unique circumstances that might impact your case. For instance, if you just lost your job, waiting a few months to file may allow you to eventually qualify for Chapter 7 protection.

Minor Mistakes Can Be Costly

Actions that you take today could have serious consequences for your case if you’re not careful. For instance, buying luxury goods on a credit card or selling assets to friends or family to hide them from a bankruptcy court may result in having your case dismissed. At a minimum, you could be forced to pay for those goods or pay creditors the fair market value of whatever you sold.

An attorney may be able to help you minimize the damage before you head to bankruptcy court. Legal counsel may also give you insight that could prevent you from making those or other errors that might jeopardize your case or even result in fraud charges.

If you are planning on filing for bankruptcy, give our firm a call today. We’ll be happy to talk more about your case, how we can help and what to expect before, during and after your case has been filed.