Hamilton County Bankruptcy Attorneys

No one wants to file bankruptcy, but the law exists so people with financial difficulties can get a fresh start or more time to pay all or part of their debt.

Most people want to file for Chapter 7 bankruptcy because they can discharge some of their debt and start rebuilding their finances. In order to qualify for Chapter 7, your household income must be below the median household income for your county. Your income is calculated using paycheck stubs for the 6 full months before the month in which you file.

You may retain your home so long as the equity in it is less than $30,000 for a married couple and below $15,000 for a single filer. You may retain your cars and personal property so long as the equity in all those items together is less than $16,000 for a married couple and $8,000 for a single filer.

It is important that you have a complete list of the name, address, account number, and balance due for every creditor you owe. You will also be required to list and value your property and provide a household budget.

You can only file Chapter 7 bankruptcy once every 8 years.

Chapter 13 is sometimes referred to as a “wage earner” bankruptcy. You may be required to file Chapter 13 instead of Chapter 7 if your household income exceeds the median household income for your county. You can choose to file Chapter 13 in order to avoid a foreclosure of your home or to pay off a tax debt.

Essentially, debtors in Chapter 13 pay the excess of their income over their expenses, as measured by a “Chapter 13 Statement of Your Monthly Income and Commitment Period,” to a Chapter 13 Trustee who takes that money and pays the creditors according to a “Chapter 13 Plan” that the debtor proposes and the bankruptcy court approves.

Chapter 13 Plans usually last between 36 and 60 months.

Are you ready to get started on your bankruptcy case? Give us a call at to speak to a lawyer at our firm to find out if you are eligible to file for Chapter 7 or Chapter 13 bankruptcy.