Avoid Collection Actions By Filing Chapter 13 in Dayton OH

Divorce, prolonged illnesses and death of a family member can cause many people to get behind on their bills. Although some people are able to catch up and merely have to pay a few late fees or penalties, other people watch their debt spiral out of control. To add to the stress of not being able to make payments on time, creditors may call regularly asking for the balance. Ignoring these debts may only make the situation worse, as creditors filed lawsuits and repossess property. Anyone who is in financial trouble they don’t know how to get out of should consult an attorney to find out more about Chapter 13 in Dayton OH.

Many people delay consulting with a bankruptcy attorney because they are worried about the effect bankruptcy will have on their credit score. The truth is, missing payments, losing judgments and having property repossessed is just as detrimental to a credit score and when these things start to happen, there’s a good chance the person is going to file for bankruptcy protection. By that point, months may have passed and the problem may have gotten much worse. Additionally, the time they wasted not filing for chapter 13 will mean a longer length of time before the filing will come off of their credit report.

Chapter 13 bankruptcy offers options not available with other debt relief programs. Unlike Chapter 7 bankruptcy, people who apply for reorganization do not have to surrender any of their property. If they own a home, they can keep it. They can also keep their cars and other belongings. In exchange for this privilege, they’ll have to devote all of their income that is not used for essentials like food and shelter to their debt. To learn more about how Chapter 13 can help an individual or family resolve their debt problems, Visit us online. An experienced attorney may help an individual or married couple assess their financial situation and determine the best route to debt reduction. Getting started right away might help a family avoid additional debt and endure collection activities initiated by the creditors.

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