If you are willing to pay off your debts within 3-5 years, but are not unable to pay it now, you can simply go and file a case of chapter 13 bankruptcy. It is true that the laws of bankruptcy are quite complicated in the recent days, but the contents of the chapters are same in all the cases. In Mason, Ohio, if you think that there is a possibility for you to become bankrupt, it is better that you file under this chapter. However, you will have to remember that you will have to clear the debts within this time period.
Get Access To Non-Exempt Properties
One of the best ways by means of which you will be able to retain the non-exempt properties, by means of which you can pay back to the creditors. You will be given a repayment plan, and on the basis of that you will have to follow them accordingly. Moreover, you will also get the alternative option of liquidation process compared to that of chapter 7. There are, in fact, many benefits that you will get when you file the case under this chapter, and there are many people that also have benefitted from this chapter filing.
Debts Are Paid Off
Under chapter 13 bankruptcy, you will definitely get the option and opportunity to pay off your debts under the repayment plan which is monitored by the court in Mason, Ohio. As a debtor, if you have a regular source of income, you will easily be able to pay off your debts within a period of 3-5 years. There are not only benefits that you will get from this chapter, but there is also a particular reason for which you can make the necessary filing.
Reasons For Filing The Case
There are some reasons for which you can file under chapter 13. Take a look at few of the important and effective reasons:
* If you are not discharged in chapter 7, you can file this and include your debts under the repayment plan of chapter 13,
* If you are facing problems in paying your secured loans, and you want to prevent the process of foreclosure,
* If you want to get hold of the property that is non-exempt,
* When your co-debtor has a big problem, you can also file for it.
These are some of the common reasons for which you must file for this case.
Knowing The Eligibility
However, there is a particular eligibility criterion within which you will be able to file the case of chapter 13 bankruptcy in Mason, Ohio. Well, as an individual, you will have to show your regular source of income, while at the same time you should not have unsecured debt more than $250, 000. On the other hand, the amount of secured debt should also not exceed$750, 000. However, if you think it quite difficult to understand, the best thing that you can do is to consult with an attorney that will offer you the best suggestion.
In order to acquire information on chapter 13 bankruptcy in Mason, Ohio, you should seek the assistance of Dean Snyder Attorney.
