There are two chapters of the Bankruptcy Code under which consumers usually file – Chapter 7 and Chapter 13. A Chapter 7 bankruptcy is traditionally known as a “fresh start” filing. Most individuals and families that file a Chapter 7 case are not in a position to make any payment to their creditors and simply want a clean slate to restart their financial lives. In most cases, individuals that file under Chapter 7 choose to keep their homes, motor vehicles, and retirement accounts.
A Chapter 13 bankruptcy is a reorganization of the financial affairs and is commonly used by individuals and families who need the assistance of the bankruptcy court in catching up on back taxes or missed mortgage payments. In a Chapter 13, a plan of reorganization is proposed by the filer and approved by the Court to allow the filer to repay based primarily on their ability to repay, not based on the demands of their creditors.
If you are facing foreclosure, wage garnishment, bank attachment, or repossession, call the experienced and dedicated professionals at Oberholtzer & Filous today to begin your journey to a better financial future.
*Communication with this form does not form a client-attorney relationship.
Disclaimer: The laws governing legal advertising in the State of Ohio require the following statement in any publication of this kind. "THIS IS AN ADVERTISMENT". This web site is designed for general information only. The information presented in this site should not be construed to be formal legal advice or the formation of a lawyer client relationship. We are a debt relief agency. We help people file for relief under the Bankruptcy Code.
© Oberholtzer & Filous, LPA