Chapter 13 Bankruptcy | Trotwood & Dayton

Guiding Trotwood & Dayton Residents Through the Chapter 13 Bankruptcy Filing Process

If you are overwhelmed by debt, you may be considering filing for bankruptcy in Ohio. Before you begin, it’s important to understand the difference between filing for Chapter 7 or Chapter 13 bankruptcy. As an experienced bankruptcy attorney, Thomas D. Berry will work with you to determine which option best serves your needs.

Understanding Chapter 13 Bankruptcy

Under federal law, filing for Chapter 13 bankruptcy allows you to consolidate your unsecured debts and repay them, interest-free, over a time period of three to five years. It is an alternative form of bankruptcy designed for individuals who do not qualify for Chapter 7, or for those who wish to protect non-exempt assets from liquidation. Filing a petition for Chapter 13 bankruptcy relief will immediately stop phone calls and letters from creditors and collection agencies. It will also delay your bank from foreclosing on your home.

Eligibility Requirements

In order to qualify for Chapter 13 bankruptcy relief, you must have a regular source of income, either through employment or the operation of a business, as this income must cover the cost of a court-approved repayment plan. Keep in mind that your petition may be denied if your secured or unsecured debt limit exceeds a certain amount. Before you take action, it’s best to consult an experienced bankruptcy attorney so you can understand what to expect from the process.

Why Filing For Chapter 13 May Work for You

Although the idea of living debt-free via Chapter 7 bankruptcy relief is appealing, there are a number of reasons why your attorney may suggest that you pursue a Chapter 13 bankruptcy instead, including:

  • You are ineligible for Chapter 7 bankruptcy relief;
  • You wish to repay your debts;
  • You want to prevent your home from going into foreclosure;
  • You want to prevent your car or other vehicle from being repossessed;
  • You wish to retain possession of nonexempt assets;
  • You have debts that cannot be eliminated by declaring Chapter 7 bankruptcy;
  • There are co-debtors involved.

If you are currently thinking about filing for Chapter 13 bankruptcy relief, it’s imperative that you speak with a qualified bankruptcy attorney as soon as possible. Thomas D. Berry can help you determine the best option for you and your family, so get in touch today.

Free Consultation

Contact us today if you feel Chapter 13 Bankruptcy may be right for you. We can guide you through the process, and consultations are free.

If you are considering filing for Chapter 13 bankruptcy, Thomas D. Berry Attorney At Law is here to help. He's committed to providing reliable and effective legal guidance to clients in Trotwood, Dayton and throughout Montgomery County. Call (937) 278-9333 now to schedule your free consultation.