Bankruptcy Lawyers in Columbus, Ohio

Columbus Sees Bankruptcy Rate Rise

Lack of Jobs Forces Columbus Residents to Make Difficult Choices

A sign of the times in Columbus—Hundreds of job seekers waited in line for hours to apply for 120 temporary jobs with the summer Ohio State Fair.  Residents of Columbus trying to keep up with debt payments are being forced to make a difficult choice.  Bankruptcies filed in 2008 hit record levels with over 58,000 in Ohio alone, and over 97% of those filed by consumers.    It is estimated that 1.4 million consumer bankruptcies will be filed in the U.S. in 2009, the surge triggered by the foreclosure crisis and economic downturn.

Columbus Bankruptcy Process and Procedure

The Federal Bankruptcy Law involves processes, procedures and evaluations which can be complex and confusing, including major revisions made in 2005.  Seek the advice of an attorney/law firm with specific long-term experience in Columbus bankruptcy matters.  Check references, if possible.  A competent attorney will help you weigh your different options, make informed decisions, help you protect the security of your family and reduce your stress, while facing the realities of the situation.

Alternatives to Bankruptcy in Columbus

Contact your creditors to try to work out payment arrangements that you can manage.  Contact the non-profit Consumer Credit Counseling service to get help with a manageable repayment plan.  Sell as many assets as you can and pay down your debt to a manageable level.  Debt consolidation may be considered, but approach this option with caution to make sure it actually helps your situation.

The Most Common Filing in Columbus is Chapter 7

Chapter 7 is the “fresh start” chapter of the Bankruptcy Code and most commonly used.  This filing results in a fair distribution of your available nonexempt property to creditors.  Included in this process is a “means test”, used to determine your ability to pay your creditors, verifying whether Chapter 7 is appropriate or indicating that you should be filing Chapter 13.  Median Family Income by Family Size and current poverty guidelines are factors evaluated when determining appropriate filing status for a given situation.

• If you are at risk of filing for bankruptcy or already in the process, Submit Your Case for a Free Review from a Bankruptcy Attorney in Ohio, Columbus.

Non-Dischargeable Debts in Your Columbus Bankruptcy:

• Taxes owed to government agencies, such as the I.R.S., State, County, etc.
• Student loans (unless undue hardship can be proved),
• Debts incurred after the bankruptcy is filed
• Debts owed to a spouse for divorce-related obligatory expenses
• Debts not listed or scheduled or which the debtor waived discharge
• Debts for willful and malicious injury by the debtor to another person or property owned by another

Final Words Regarding Your Bankruptcy Filing in Columbus

Columbus residents continue to suffer, as the State’s economy struggles to recover.  If you are considering filing for bankruptcy in Columbus, decisions you make and actions you take can have a positive or negative effect on the outcome of your bankruptcy proceedings.  The U.S. Bankruptcy Court warns that “Bankruptcy has long-term financial and legal consequences - hiring a competent attorney is strongly recommended.”