Why Make Wood & Brewer Your First Call if You Are Looking for Chapter 7 or 13 Bankruptcy Attorneys in Westerville, Ohio?

Many residents of Westerville, Ohio struggle to pay their bills. When you’re heavily in debt, it can be burdensome to afford even basic necessities. If it’s impossible to pay off what you owe through all other means, bankruptcy might be the best option. This is what you need to know and why you’ll want Wood and Brewer attorneys to represent you.

When Is Bankruptcy Appropriate for You?

Filing for Chapter 7 or 13 bankruptcy should always be a last resort. It can bring you relief if you have attempted to pay back your creditors but are unable to afford the minimum. Options like debt settlement and debt management plans don’t always work. If your creditors have refused to accept anything but the total amount owed, you may have nowhere else to turn.

Struggling with your car payments and especially the mortgage puts you at risk of losing too much. Getting harassed by collection agencies through daily calls or mail can cause excess stress. All of these situations warrant filing for bankruptcy because it puts a stop to all of it.

Chapter 7 Bankruptcy Explained

Chapter 7 bankruptcy is appropriate if you have limited to no assets and cannot afford to pay all your debt. To qualify, you must pass the means test, which determines whether your income is under the state’s median during the previous six months. Also known as liquidation bankruptcy, Chapter 7 is the more common type. The court appoints a trustee to review your assets, sell them and use the proceeds to repay your creditors. Once this happens, your debt is considered discharged.

With Chapter 7 bankruptcy, you can keep most of your property. Your vehicle, home, clothing, household items and many other things are considered exempt.

How Does Chapter 13 Bankruptcy Work?

Chapter 13 bankruptcy may be right for you if you can afford to repay your debt but need more time to do so. It helps by giving you a repayment plan that lasts three to five years. Also known as a debt reorganization plan, it allows you to pay your creditors in regular monthly installments. Chapter 13 bankruptcy allows you to keep all of your property and catch up on late payments. For example, if you have defaulted on paying off your car loan, you can catch up and prevent your vehicle from being repossessed.

Why You Need a Bankruptcy Attorney from Wood and Brewer

A bankruptcy attorney from Wood and Brewer might be the best way to go if you’re dealing with debt and considering filing for Chapter 7 or Chapter 13. They can protect your assets and rights and ensure you file for the appropriate type of bankruptcy. Your attorney will also help you take action against creditors and debt collectors who continue to contact you after you file Chapter 7 or Chapter 13.

If you are considering bankruptcy, contact Wood and Brewer at your earliest convenience to discuss your case with an experienced attorney.