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No one wants to admit that their debt has become overwhelming. However, in some cases, your circumstances can make it impossible for you to pay what you owe. If you are struggling with debts you cannot afford, chapter 7 bankruptcy may be your best option.

About Chapter 7 Bankruptcy

Chapter 7 bankruptcy, which is also known as “liquidation,” is a legal process that allows you to eliminate most or all of your outstanding debts when you cannot afford to pay. When you file chapter 7 bankruptcy, a court-appointed trustee collects all of your non-exempt assets and liquidates them in order to pay back some of what you owe. The remaining debt is then discharged by the court and you are no longer responsible for paying it. In the state of Ohio, property exempt from liquidation includes part of your equity in your personal residence, pension plans, insurance, public benefits and a certain amount of personal property.

Not every debtor will qualify for chapter 7 bankruptcy. Before you can file, you must first pass the means test, which is a test designed to verify that your income and assets aren’t sufficient to repay your debts. If you cannot pass this test, you may be able to file chapter 13 bankruptcy instead. However, this type of bankruptcy functions differently.

Hiring an Attorney

Filing for bankruptcy protection can be tricky. To ensure that you are able to discharge your debts and keep the maximum possible amount of property exempt from the proceedings, you need to hire an attorney who has experience in this practice area.

Here at the J.S. Porter Law Office, LLC, we understand all of the complex bankruptcy laws that apply to debtors in the state of Ohio. We can review your financial situation and help you determine whether chapter 7 bankruptcy is right for you. If you choose to proceed with bankruptcy, we can also help you complete all of the necessary paperwork, protect as many of your assets and possible and discharge your debts quickly.

Please contact our office for a free bankruptcy consultation. Prior to meeting with the attorney, please click on the button below to download a questionnaire to complete prior to your consultation. The information you provide to the attorney through you completion of the questionnaire will be beneficial in allowing the attorney to get a full understanding of your current financial situation.

Please click on this link to download our Bankruptcy pdf form. Please have this completed prior to your visit with our Attorney. Thank you!

If you are considering bankruptcy, please contact the J.S. Porter Law Office, LLC, today to discuss your financial situation, schedule a consultation or learn more about filing for bankruptcy protection. We look forward to working with you!


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