What To Expect When Filing Chapter 13 In Dayton, OH

Ohio consumers utilize bankruptcy to settle debts quickly. These cases help them to find a better solution for managing their debts without major repercussions. With Chapter 13 in Dayton OH, the consumers could acquire adequate time to pay off their debts through more affordable measures.

Credit Counseling Programs

All consumers who file for any chapter of bankruptcy are required by law to attend credit counseling programs. The program must be certified by the state and show provide the consumer with a certificate of completion. The consumer cannot progress to the next step of their bankruptcy claim until they finish the program.

Qualifying for Chapter 13

Consumers who want to utilize a chapter 13 bankruptcy must qualify based on their current income. The average income for households in the Dayton area is $48,868. To qualify for these cases, the consumer must have an income that is larger than this value. The consumer must provide full documentation for the previous six months to support their claim of possessing this income level.

Devising a Fair Payment Plan

The attorney helps the consumer create a fair payment plan for their chapter 13 bankruptcy. The cases allow them to expand their payments for all debts over a period that doesn’t exceed five years. The monthly payment for the plan is based on a calculation that reflects the total balance of their debts. This doesn’t include any debts that were discharged by the judge.

Funds for Exemptions

Each property or asset included in the bankruptcy claim acquires an exempted value. The court determines these exemptions based on any equity accumulated for the property or asset. These values are presented to the consumer directly. They are deducted from the total value of the debts. These deductions are included in the bankruptcy claim.

Ohio consumers file for a bankruptcy case when they cannot manage their monthly expenses. With a chapter 13 case, the consumer could reduce their total monthly expenses and find a more affordable choice. The cases also provide benefits such as an automatic stay. Consumers who need to file for Chapter 13 in Dayton OH should contact their preferred bankruptcy attorney now.

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