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Chapter 7 Bankruptcy Lawyers in Dayton, Ohio

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Chapter 7 bankruptcy is filed more often than any other type of bankruptcy. Typically, a Chapter 7 is best suited for debtors who have few assets and mostly unsecured debt. If you choose to file Chapter 7, the trustee liquidates your non-exempt assets and uses the proceeds to pay creditors. The bankruptcy lawyers at Fox & Associates Co., L.P.A. can review your debt and help you decide whether Chapter 7 is a viable option.

Chapter 7 Bankruptcy Qualifications

Under the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), debtors are required to take an income test to determine their eligibility. The income test is commonly referred to as the means test. The means test compares your income to the median income of Ohio residents for your household size. If your income is the same as or less than the median, you qualify for Chapter 7. However, if your income is greater than the median income, other calculations must be done to evaluate the disposable income for debt payment. Depending on the calculation results, you may or may not be eligible. Additionally, a debtor may not qualify for Chapter 7 bankruptcy or any other chapter if the debtor was dismissed from a prior bankruptcy petition and failed to appear before the court in the last 180 days. In addition, the debtor must have completed a credit counseling from a approved credit agency in order to continue with Chapter 7 Bankruptcy.

We can help you determine your eligibility to file Chapter 7 and also advise whether it is your best option based on the assets you hold. In certain cases, Chapter 13 is the only bankruptcy option available, and — especially if you have substantial equity — you may want to use Chapter 13 bankruptcy to preserve your assets.

What Assets in Ohio Are Exempt Under Chapter 7?

Each state has its own laws that determine exempt property in bankruptcy. Ohio Revised Code (ORC) §2329.66 determines exempt property in Ohio. Whether the asset is exempt, in whole or in part, also depends on its value, and the ORC sets different value amounts for different types of assets. A bankruptcy attorney can help you determine the value of your assets and explain which assets would be exempt.

Under this law, some examples of property that Ohio gives an exemption amount for include:

  • Residences
  • Burial plots
  • Personal property
  • Appliances
  • Ovens
  • Refrigerators
  • Household goods
  • Furniture
  • Firearms
  • Musical instruments
  • Books
  • Jewelry
  • Bedding
  • Motor vehicles
  • Disability benefits
  • Life insurance
  • Retirement accounts
  • Pensions

Seek Legal Help with Filing Chapter 7 Bankruptcy

Legal help makes the process easier for filing bankruptcy. For your convenience, we have locations in Dayton and Huber Heights. We also serve individuals across Fairborn, Alpha, Riverside, and the surrounding areas.

Contact Fox & Associates Co., L.P.A. online or call (937) 204-1555 today to arrange a free consultation.

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