Ohio Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is commonly referred to as, “liquidation”, and it gives the “fresh start” approach that most are looking for, and does so, in the least expensive way, and in shortest amount of time.  However, the federal law changes in 2005, made it more difficult for one to obtain this type of relief, or “protection.” 

Now, before one even wishes to file for Chapter 7 Bankruptcy protection, one must first qualify to do so under the Means Test.

The Means Test is essentially, a computer-generated program, which takes into account factors such as; household income, and how many contribute to it; the amount, and value of, any vehicles you drives/owns; whether one rents or owns; spousal and/or child support, etc.  If the amount calculated is below the standardized level for being eligible to file for Chapter 7 Bankruptcy protection, then you will be permitted to file a Chapter 7 Bankruptcy Petition.  Although the Means Test can seem rather complex, it is also quite generous, and most debtors have no trouble meeting its requirements.

If it is determined that one is eligible for filing for Chapter 7 Bankruptcy protection, one must next complete a Credit Counseling Certificate (Step 1 of 2 requirements under, “Debtor Education.”).

Upon filing one’s Chapter 7 Bankruptcy petition, an injunction, referred to as an Automatic Stay, is enacted, which halts the actions of one’s creditors from attempting to collect one’s debts.

Within approximately thirty (30) days, and no later than sixty (60) days, from the filing of one’s Chapter 7 Bankruptcy Petition, a Bankruptcy Trustee will then schedule a Meeting of Creditors, which ultimately leads to a Financial Management Course (Step 2 of 2 requirements under, “Debtor Education.”).

It is imperative that a Chapter 7 Bankruptcy is not just filed, but acted upon accordingly. The procedures, along with the rules, are very in-depth, and any misstep in one’s filing, may affect one’s rights to a future filing, or the loss of future protections and benefits, such as, an Automatic Stay.

It is because of this importance, we, at Sheppard Law Offices, take a great deal of pride in our confidence with assisting our clients in navigating all of the technicalities and legalities encompassed in filing for successful Chapter 7 Bankruptcy protection.

At Sheppard Law Offices, we understand that there may be nothing more difficult than trying to keep up with seemingly insurmountable debt.  For those looking for a fresh start, bankruptcy may be the right choice.  We will help you investigate all of your options, including Chapter 7 Bankruptcy protection.

CALL 1 (877) 505-9455 TODAY

We are a debt relief agency.  We help file for bankruptcy relief under the Bankruptcy Code.