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Dayton Bankruptcy Lawyer

Offering Debt Relief Options During a Stressful Time

Whether you're struggling with credit card debt, student loans, or other financial setbacks, bankruptcy may help you obtain relief. The bankruptcy code enables relief of debts through liquidation or reorganization.

Before filing, consult our experienced and skilled bankruptcy attorneys for solid advice on your financial situation and the best way to improve it. At our law firm, we provide thorough bankruptcy legal services for Dayton and surrounding areas.

Liquidation or Fresh Start Bankruptcy in Ohio

Chapter 7 bankruptcy is known as liquidation or fresh start bankruptcy. In Chapter 7, a court-appointed trustee may sell or liquidate your non-exempt property or assets to pay for 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.

Ohio bankruptcy exemptions include: 

  • Your home or equity in your home
  • Your furniture
  • Your clothing
  • Your vehicle

The trustee only liquidates assets that provide cash to pay your creditors. Any debts not paid through liquidation are typically discharged. An automatic stay is also put in place when filing, meaning 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.

Reorganization Bankruptcy

Filing Chapter 13 bankruptcy 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:

  • Resolving federal, state or local tax obligations
  • Paying all or a portion of debts
  • Meeting debt and asset limits
  • Funding a payback plan

Under Chapter 13, you submit a plan detailing payment of your debts from disposable monthly income over a period of up to 5 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.

Contact Our Experienced Bankruptcy Lawyers

Though other types of bankruptcy exist, most individuals file Chapter 7 or Chapter 13. Filing bankruptcy with the experienced lawyers at Fox & Associates Co., L.P.A. means you will have our quality counsel and representation for your case. Our bankruptcy firm serves individuals across Montgomery County and throughout Western Ohio.

Contact us at (937) 204-1555 to get started on your fresh financial start today.

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Why You Should Hire Us
  • More than 70 years of combined legal experience.

  • We develop effective legal strategies and provide innovative options.

  • We have a successful track record in handling cases just like yours.

  • We listen and create tailored solutions to meet your needs.