If you have trouble paying your past due bills, you may be threatened with garnishment, foreclosures or the repossession of a car or boat. For this and any number of other reasons, you may be considering bankruptcy as a way to handle these issues. Before you make an appointment with a Bankruptcy Lawyer in Hamilton OH, it’s always a good idea to know a bit more about bankruptcy before you go into your initial consultation.
First of all, bankruptcy is a legal process whereby a person is able to start over financially. It can be quite effective in resolving some financial problems, but it must be said it is not the answer to all financial problems or the perfect answer for everyone. Timing is also an important factor to consider, and one the Bankruptcy Lawyer in Hamilton OH can advise you about. One important issue to consider is a bankruptcy can only be filed once every six years, so most consumers want to hold onto the option until they absolutely need it.
If you’re considering bankruptcy, think about this. A Bankruptcy can possibly rid your legal obligation to re-pay most of your past-due debts. Furthermore, it can stop a foreclosure of your house, allowing you to make up the skipped payments. A Bankruptcy could stop your car, truck or boat from being repossessed or even force the creditor to give the item back if it has already been taken from you. Bankruptcies can stop wage garnishments from coming out of your check and alleviate harassing debt collection calls.
Now, you have to think about what a bankruptcy cannot do. A bankruptcy cannot help you with any debts that turn up after the bankruptcy has been filed, so if you go back to your bad financial ways, it will not help you. It also will not eliminate all the rights of secured creditors. For example, if you do not continue to make payments on the house or the car, you will not be able to keep it. A bankruptcy will not get rid of debt such as support for your children or alimony, most educational loans, court restitution, or taxes. Lastly, if you’ve obtained a co-signer on a loan, a bankruptcy will not relieve them of their debt on the loan.
Get more information from your attorney before making a decision about your financial future.