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Top Three Advantages of Filing for Chapter 7 Bankruptcy in Fairfield, OH

Bankruptcy By Aiden Armstrong 2 min read

Nobody likes to admit to having financial problems, but most people will have some form of money problem at some point in their life. Some key signs of debt issues include letters threatening wage garnishment and frequent harassing calls from creditors. The two common ways to fix debt issues are paying off the debt or filing for chapter 7 bankruptcy. Chapter 7 bankruptcy allows the debtor to eliminate most kinds of debts. It is usually quicker than chapter 13 bankruptcy, and most debtors are allowed to keep most of their property. However, not everyone is eligible for chapter 7 bankruptcy. A debtor cannot be allowed to use a chapter 7 bankruptcy if their income is sufficient to fund a chapter 13 repayment plan. Here are the top three benefits of filing for chapter 7 bankruptcy in Fairfield, OH.

Eliminates Most of the Debts

Chapter 7 bankruptcy allows a debtor to have a fresh new start by eliminating certain types of debts. However, some types of debts are not dischargeable, such as certain taxes, child support and alimony, debts incurred by fraud and student loans (unless the court rules otherwise). Certain liens on properties, such as mechanic’s lien, tax lien or mortgage remain after the completion of chapter 7 bankruptcy.

Debts Are Discharged Quickly

A typical chapter 7 bankruptcy takes as little as three months. After filing for bankruptcy, the court will issue a discharge order within 2 to 3 months. After the trustee distributes the debtor’s properties to unsecured creditors, the court will close the case.

There Are no Repayment Plans

Unlike chapter 13 bankruptcy, persons filing for chapter 7 bankruptcy do not have to create a repayment plan. The debtor does not have to repay the debts after they are discharged in a chapter 7 plan. Additionally, chapter 7 bankruptcy rules do not impose a limit on the amount of debt an applicant may have.

These are just some of the main advantages of filing chapter 7 bankruptcy in Fairfield, OH. To ensure that the entire bankruptcy process is handled professionally, it is important to hire a proficient bankruptcy attorney. Please Contact Dean Snyder Attorney at Law for more information about chapter 7 bankruptcy.

Aiden Armstrong
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Aiden Armstrong

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Aiden Armstrong is a versatile wordsmith driven by a fervent desire to curate compelling and enlightening content across a diverse spectrum of subjects. Armed with a meticulous attention to detail and a talent for thorough research, Aiden consistently produces captivating articles and blog posts that both engage and inform audiences. Drawing upon a rich and varied background, Aiden delves into an array of topics ranging from cutting-edge technology and scientific advancements to the intricacies of modern lifestyles and cultural phenomena.

With a wealth of experience in the realm of writing, Aiden has perfected the art of simplifying complex concepts into easily understandable narratives, ensuring accessibility for readers from all walks of life. Whether dissecting the latest breakthroughs in artificial intelligence or unraveling the mysteries of bygone eras, Aiden's writing style is characterized by its clarity, depth, and a dash of ingenuity.

But Aiden's passion extends beyond the written word; they are an enthusiastic explorer of ideas and a perpetual student of the world. This insatiable curiosity not only informs their content but also drives a commitment to staying ahead of the curve on emerging trends and developments across diverse industries. Through Aiden's work, readers are not only educated but also inspired to interact with the world around them in fresh and meaningful ways.

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