Why hire Badnell and Dick to handle your bankruptcy in Fairborn, Ohio?

Bankruptcy – the word in itself sounds disturbing, and it is. However, if you are facing financial loss in Ohio, you can be helped by two types of bankruptcy that are most frequently followed in the state. Your debts may be erased and creditors cannot hound you for money.

The two main bankruptcy options are Chapter 7 and Chapter 13 of the Bankruptcy Code:

* Chapter 7 is the most common type and is known as a liquidating bankruptcy.
The bankruptcy trustee gets all property from the person in debt except for
what is so-called exempt property, which is then sold to pay all debts. Although
there is not usually enough money in the exempt property to pay all debts, the
debtor now has no financial obligations. To qualify for Chapter 7 in Ohio,
your average monthly income in most cases must be below the state’s median

* Chapter 13 covers someone who owes money but wants to retain assets with a
promise to pay the debts over what is usually a three- to five-year period.
This plan is not often approved by creditors. However, if the court does
approve Chapter 13, your repayment plan cannot last longer than 36 months if
you make less than median income. If the court grants an extension, it usually
lasts no longer than 60 months.

Ohio has a list of exemptions for property you get to keep when filing bankruptcy. They include property used as a residence and equity valued as high as $21,625; an automobile valued as high as $3,450; and a 75% minimum of disposable income or 40 times the federal minimum wage.

There are two districts in Ohio for filing bankruptcy, and you must file in the district where you live. They are the Northern District with filing courts in Akron, Canton, Cleveland, Toledo, and Youngstown and the Southern District with locations in Cincinnati, Columbus, and Dayton.

If you are faced with the distress of bankruptcy, don’t face it alone. We are well experienced with the laws that cover all bankruptcy situations in the State of Ohio. Let Badnell and Dick handle your bankruptcy case in Fairborn, Ohio. We know the laws and we really can help.