helped more than 2,000 clients in the regionCincinnati Bankruptcy Lawyer is a law firm that is based in Cincinnati, Ohio. It started in 2001 and has already helped more than 2,000 clients in the region. Legal services for developing businesses, managing real estates, and addressing commercial disputes are some of their specialties. About Us
Are you in a situation where it seems impossible for you to pay your debt? Maybe you’re at a point where you’re planning to file a bankruptcy for your business?
Here at Cincinnati Bankruptcy Lawyer, we’ll help you in working with your creditors toward debt restructuring and financial settlement. We’ll recommend some strategies that will increase chances of successfully freeing you from overwhelming debt.
Why Do You Need Experienced Bankruptcy Lawyers?
If you have been into this kind of situation before, filing for bankruptcy can still surely be an intimidating and scary experience. For you who are still new to this kind of situation, this may also be mind-boggling as you likely don’t know what to do and how to start.
Actually, one of the most important things to do is to reach out for help and to get the service of an expert — a bankruptcy lawyer.
If You Can’t Pay Your Debts, Hire a Bankruptcy Lawyer
If you or your company is no longer able to pay debts and your financial situation has taken the worse, the best way to go may be to file for bankruptcy. This means you would need to find a competent and reliable attorney to represent and help you all throughout the process. That way, you can still protect your assets and can get you back on track as soon as possible.
How do you find or hire a bankruptcy lawyer?
Your lawyer is going to be your partner as you try to get yourself out of the big financial hole. It’s, therefore, necessary that you find the right bankruptcy attorney who can handle your financial needs.
For this, take your time and avoid the pitfall of picking just any name out of the phonebook or choosing any attorney with the lowest advertising fee.
A company often files for bankruptcy so it gets legal protection from its creditors. How does it work? It’s simple. A bankruptcy filing would prevent creditors from collecting debts outside the process of the bankruptcy filing.
Although some people or companies consider a bankruptcy filing an effective way of freeing themselves from debt obligations, many of them still make this as their last option. This is because of bankruptcy’s long-lasting consequences.
One of these is the negative effect on their credit report and standing. When they file for bankruptcy, creditors will refuse them from obtaining new lines of credits. This may also give them a hard time applying for new jobs. Moreover, they are sure to get several enemies like their guarantors. This is because guarantors are still required to pay their debts even if they have already filed for a bankruptcy.
Types of Bankruptcy in the US
There are four types of bankruptcy that a person or a company may choose to file depending on a couple of factors.
Chapter 11 is considered the most complicated bankruptcy filing ever. When a debtor files for a Chapter 11 bankruptcy, it can still continue performing its functions and maintain ownership of all its assets. They can also try to devise a reorganization plan to pay off its creditors.
Debtors have 120 days to submit their payment and reorganization plan. If they fail to do so, creditors will have the option to submit their own payment plans.
Also called liquidation bankruptcy, Chapter 7 is often what’s meant when a person or a company says they’re filing for a bankruptcy. In liquidation bankruptcy, a trustee sells off all of its non-exempt assets so that it can repay its debts to the fullest extent possible. If in any case there’s a portion of the debt that can’t be paid through liquidation, this can be discharged.
Partnerships, corporations, and individuals are all entitled to file for Chapter 7 bankruptcies.
Chapter 12 is filed by farm owners. When a farm owner files for Chapter 12, he will still have ownership and control of all his assets while he’s still working out a plan to pay his creditors.
Chapter 13 may only be filed by individuals. When filing for Chapter 13, a debtor still continues control and ownership of all his assets and also creates a repayment plan. Depending on the debtor’s income, some portion of his debt may be discharged.