What You Should Know about Chapter 7 Bankruptcy
Chapter 7 bankruptcy is one of the most popular forms of bankruptcy protection available to both individuals and businesses in the United States. Because it can potentially liquidate many of an individual’s debts, leaving them in a much stronger financial position, Chapter 7 bankruptcy is often an attractive choice for many people.
However, there are many complexities and aspects about Chapter 7 bankruptcy that attorney Ryan J. Ruehle, LLC, believes people in Cincinnati should be aware of when considering this option for alleviating their debts. Fortunately, with the right resources and the guidance of a lawyer, you can better understand the nuances of Chapter 7 bankruptcy and make the right decision for your situation.
The Process and Benefits of Chapter 7 Bankruptcy
Anyone considering filing for Chapter 7 bankruptcy protection should be aware of the following important information:
- Chapter 7 bankruptcy requires debtors to pass what is known as the means test in order to qualify to file for this type of bankruptcy.
- Debtors must go through debt counseling before they can file for Chapter 7.
- Some types of property may be liquidated in order to pay off debts.
- Some property can be exempted from the liquidation process.
- Not all types of debt can be discharged in Chapter 7 bankruptcy.
With this information in mind, debtors can better decide whether Chapter 7 bankruptcy is right for them.
Discuss Chapter 7 Bankruptcy with a Lawyer in Cincinnati
If you would like to know more about Chapter 7 bankruptcy or are interested in pursuing it, Ryan J. Ruehle, LLC and his legal team can help. Call (513) 621-0999 today to speak with us about your questions and concerns or get started developing a course of action for tackling your debts.