Moving Forward Toward A More Solid Financial Future With Bankruptcy
While the term bankruptcy still sometimes has a negative stigma attached, this is not how bankruptcy should be viewed anymore. Bankruptcy does not mean that a person was unable to manage their finances or was an overspender. Many things can push anyone into debt, including medical bills, job loss, credit cards and more.
When debt is overwhelming, bankruptcy should be considered, as it is a tool to help you get back on your feet and feel free from debt. At the Columbus office of Willis Spangler Starling, we view bankruptcy as a positive step toward taking control of your finances. Our attorneys work closely with clients from all walks of life who are looking for options to free themselves from the overwhelming stress of debt. We take the time to explain the bankruptcy process and its impact on your life, family and future.
Types Of Bankruptcy
Filing for bankruptcy puts an immediate stay into effect. This means that creditors can no longer contact you about your outstanding debts. While representing you in bankruptcy, all calls or inquiries can be directed to our firm as we are now your representative in the bankruptcy process.
Our firm focuses its attention on handling two types of consumer bankruptcy: Chapter 7 and Chapter 13.
- If you qualify for Chapter 7 bankruptcy, your unsecured debts will be dismissed. You may be able to retain your home and another property as long as it does not exceed the amount of exemption. The bankruptcy trustee will handle the case and will determine what you will be able to keep.
- If you do not qualify for Chapter 7, Chapter 13 bankruptcy may be an option. This type of bankruptcy is a reorganization of your debts, setting up a payment plan through the court to allow you to catch up on home payments and other debt payments over a three- to five-year period.
While bankruptcy does stay on your credit report for several years, it does not have the impact on your credit that many people believe it does. You will be prevented from opening a new credit card or buying a home for a period of time, but this is not forever. It is becoming more well-known now that declaring bankruptcy is a positive step that can help people better manage their money.