Why hire Badnell and Dick if you are thinking of filing for Chapter 13 Bankruptcy in Canton, Ohio?
Filing for Chapter 13 bankruptcy protection is a very serious personal decision that impacts the life of the filer for the next three to five years, and deciding on a path out of debt is very important. Bankruptcy is in many ways the last alternative when a feasible plan for repayment of outstanding debts cannot be negotiated, even though the legal step is viewed as being a fresh financial start. That can be the final outcome when all factors are evaluated diligently. However, the typical person or couple with overwhelming financial liabilities is not always the most educated in this legal process that can get complicated and result in a negative final result if it is not inspected completely with the help of an experienced bankruptcy attorney like the legal professionals at Badnell and Dick in Canton, Ohio.
Why Chapter 13?
Chapter 13 is a particular type of bankruptcy that can be used by individuals and businesses when their debt repayment schedule is greater than their projected earnings for the foreseeable future, usually focused on protecting mortgaged personal property. The goal is to emerge from bankruptcy with minimal damage to personal credit ratings with all outstanding debts settled in some manner. Many times outstanding debts can be excluded from a bankruptcy when creditors are willing to restructure certain accounts that allow them exclusion from the final repayment plan. Creditors are normally focused on recovery of funds instead of repossession of collateral property and some unsecured debts can also still be discharged.
Qualifying for Chapter 13
Along with federal exemptions that apply to all bankruptcy proceedings, states also have certain exemptions for those filers who qualify. The typical debtor normally does not know the totality of these exemptions, and having an experienced bankruptcy attorney like the professionals at Badnell and Dick is the best way to know if you qualify for Chapter 13 protection and what exemptions are allowed. All applicants must pass the means test, with those who fail to qualify only being allowed a Chapter 7 petition in most individual situations. Businesses must qualify as well under designated ownership, but a business entity can file in some cases when the individual may not necessarily need to file. Qualifications can be complicated, and there are common situations where a potential bankruptcy petitioner can adjust personal or company holdings before filing. Advise from your bankruptcy attorney at Badnell and Dick can help any petitioner prepare for qualification before actually beginning the legal process.
It is never a good decision to attempt handling a bankruptcy procedure without the benefit of solid counsel from an experienced Chapter 13 bankruptcy attorney like the legal professionals at Badnell and Dick in Canton, Ohio. Your attorney and their experience can matter greatly, especially if they are retained well before the process after a thorough inventory of your bankruptcy protection possibilities. A fresh financial start can only be achieved when all possibilities have been legally assessed before a feasible long-term plan can be developed that works all parties involved