Why hire Nobile & Thompson as your bankruptcy attorney in Union County, Ohio?
Bankruptcy is a personal financial decision that can impact your life for several years. A Chapter 7 bankruptcy is not merely a discharge of outstanding debt but also can involve personal property being repossessed or ordered sold by the trustee in certain situations with the proceeds applied to creditor accounts. A Chapter 7 lasts four to five months from start to finish.
A Chapter 13 bankruptcy is different. It last anywhere from three to five years. It is actually a form of legal protection that stops a repossession or foreclosure. In a Chapter 13 bankruptcy you propose a plan to pay your creditors based upon the type of debt you incurred. These legal steps can all be complicated for the everyday person and having an experienced bankruptcy attorneys like Nobile & Thompson means you can have an effective financial plan in place after evaluating your personal situation.
Qualifying for Protection
The first step in the bankruptcy process is evaluating what type of bankruptcy you would qualify. Clients are evaluated by the type of debt they have incurred, the amount income they have earned, and the property they wish to keep. In some instances debt can be restructured when creditors are willing to modify loan agreements or rewrite a loan, and your bankruptcy attorney from Nobile & Thompson may most valuable when they are helping eliminate outstanding debt before the process is finalized.
Your attorney from Nobile & Thompson can also evaluate personal exemptions according to both state law and federal law. Maximizing exemptions while minimizing included repayment of debt for the filer is the goal of an attorney in a Chapter 13 bankruptcy filing. This is often accomplished by accurate and thorough evaluation of every potential exemption that is designed to protect certain assets. Of course, the reason most filers want to use Chapter 13 is to protect their assets, including real estate, with a consolidated repayment plan. Chapter 7 filings do not include a repayment plan, so exemptions can be important in protecting personal assets from liquidation while maximizing the amount of discharged debt.
It is important for all individuals who are considering bankruptcy to understand that avoiding bankruptcy may be the best option. Some debts can be restructured, and an experienced bankruptcy attorney can be a real asset in this determination. The real work in a bankruptcy occurs prior to the actual filing, and having an experienced bankruptcy attorney like Nobile & Thompson can ensure the bankruptcy filing accomplishes that purpose.