It is very unpleasant to wake up to the voice of a bill collector every morning. People that don’t own their own home or a car may think that their creditors can’t hurt them. However, one day they find out that a creditor is preparing to garnish their wages. For people who are barely holding their own financially, this could mean ending up homeless. They should immediately contact a lawyer for help in declaring Chapter 7 Bankruptcy in Hamilton OH.
The lawyer will tell them that they have to make a list of all their debts and income. For a person drowning in debt, this can be traumatic. The person has to realize that the lawyer is there to help them. American law believes in second chances. Bankruptcy is a legal process that was created to help debtors regain their financial health. The lawyer is there to help them through that process and will not judge them. If the person has made less than the median income in Ohio for the past six months, then he qualifies for using Chapter 7 Bankruptcy in Hamilton OH.
Chapter 7 is a very quick process. In less than three months, the debtor can be debt free. After the lawyer files the bankruptcy application, the court will appoint a bankruptcy trustee. He will then call a meeting of the creditors. The debtor must attend this. Most people are terrified of facing their creditors. Their lawyer will be there to protect and support them. In truth, most creditors don’t even bother attending the hearing. If they do, they are limited in what they may say or ask. Most only want to know if there has been any change in the person’s financial status. Usually these hearings last less than 10 minutes.
The trustee will then sell off all of the non-protected assets. The profits will be divided among the creditors. Any remaining debt will be discharged. The lawyer will also ensure that the bankruptcy trustee doesn’t sell any protected assets. In most states the debtor can keep their house, car, clothing and equipment they need to make a living. Lawyers have websites explaining this process. There is usually a Contact us link that allows the person to contact them to ask questions or set up an appointment.
