To Stop Harassing Phone Calls and Other Collection Actions.

When you file a petition for bankruptcy, you are granted an "automatic stay" from collection actions including: harassing phone calls, wage garnishments, repossession, utility disconnections and collection notices. While this "stay" is not necessarily permanent, it can offer you a much-needed reprieve, and may grant you enough time to get some of your finances in order.

You Desire a Quick Resolution.

Chapter 7 Bankruptcy is designed to be a relatively quick process, sometimes taking only three to four months to obtain a discharge of debt. It was designed to enable you to keep enough personal property to have a real chance at a fresh start.

You Have a Significant Amount of Debt.

When you have a large amount of debt you cannot pay, Chapter 7 may be your best option. While Chapter 13 has a cap on how much debt you are allowed to restructure, Chapter 7 has no such limitations.

You Do Not Have a Regular Income.

Chapter 7 is a liquidation plan. This means that all of your non-exempt assets are liquidated in order to pay your creditors. Unlike Chapter 13, which restructures your debt on the basis that you will pay it off through your income over time, Chapter 7 is an option for those who do not know where or when their next checks will arrive, including: the unemployed, underemployed, and/or disabled.

Your Assets are all Exempt Assets.

Certain assets are considered "exempt" from liquidation under the federal Bankruptcy Code. Some states have granted additional exemptions to certain assets. When you file for bankruptcy under Chapter 7, you are allowed to keep your "exempt assets." If all of your assets are "exempt," your case will be filed as a "non-asset" case, and you may be able to obtain a discharge of debt without losing any of your possessions.

If you live in Ohio or Kentucky, our attorneys can help you file for bankruptcy. For more information on filing for Bankruptcy under Chapter 7, contact Kathleen Mezher & Associates, LLC.