Dayton Bankruptcy Attorneys
Offering legal and financial help during a stressful time
Bankruptcy is a legal remedy to obtain relief from debt. Fox & Associates Co., L.P.A. provides bankruptcy legal services in Dayton and surrounding areas. The bankruptcy code enables relief of debts through liquidation or reorganization. Before filing a bankruptcy, consult our experienced and skilled Dayton bankruptcy attorneys for solid advice on your financial situation and the best way to improve it.
Liquidation or fresh start bankruptcy
Chapter 7 bankruptcy is known as liquidation or fresh start bankruptcy. In Chapter 7, a bankruptcy court-appointed trustee may sell or liquidate your non-exempt property or assets to pay all or part of your debts. These generally include luxury items and high value assets.
However, state law exempts some of your property from liquidation such as:
- Your home or equity in your home
- Your vehicle
- Your furniture
- Your clothing
The trustee only liquidates assets that provide cash to pay your creditors. Any debts not paid through liquidation are typically discharged and creditors may not pursue further collection efforts. However, it is normally two years before you can obtain a mortgage or other type of loan from a bank. Interest rates are much higher on these loans than on others, so this is not an option to take lightly. Contact a Dayton Chapter 7 bankruptcy attorney today.
Chapter 13 Reorganization Bankruptcy
Filing Chapter 13 bankruptcy in Dayton allows you to reorganize your finances so you can pay creditors over time. This is the preferable bankruptcy solution if you have a reliable, regular income source. Depending on your situation, conditions for a Chapter 13 may include:
- Paying all or a portion of debts
- Funding a payback plan
- Meeting debt and asset limits
- Resolving Federal, State or local tax obligations
Under Chapter 13, you submit a plan detailing payment of your debts from disposable monthly income over a period of up to five years. The plan is monitored by a court-appointed trustee and supervised by the bankruptcy court. Upon successful conclusion of the plan the court issues a discharge order.
Bankruptcy is intended to unburden consumers. A bankruptcy may remain on your credit report for at least ten years.
Contact an Experienced Bankruptcy Law Firm in Dayton
Though other types of bankruptcy exist, most individuals file Chapter 7 or Chapter 13. Filing bankruptcy through experienced Fox & Associates Dayton bankruptcy law firm immediately stops collection efforts and creditors must defer to the court’s adjudication of your debts. Contact our Dayton bankruptcy law firm to discuss your bankruptcy needs today.