Understanding What is Involved with Filing for Chapter 7 Bankruptcy in Hamilton OH
Many people are under the impression that anyone can file for and receive a Chapter 7 Bankruptcy in Hamilton OH. That is not the case. The courts have specific criteria that must be met in order to be approved for this type of bankruptcy protection. Here are some examples.
The Relationship Between Income and Debt
People who have enough income to manage their obligations and eventually become debt free are not likely to be approved by the court. This is because the court is responsible for protecting the interests of both the debtor and his or her creditors. When the debts are far more than the individual can reasonably manage based on current income levels, the odds of being approved are much better.
Attending Financial Management Classes
Part of the process of being approved for a Chapter 7 Bankruptcy in Hamilton OH involves attending and successfully completing classes that have to do specifically with managing money and creating budgets. Not any class will do. In order for the course to meet the requirements of the court, it must be approved by the court in advance.
Working With a Trustee
As part of the consideration for the bankruptcy action, the debtor will interact with a court appointed trustee. It is the job of the trustee to verify the data provided by the debtor, and to determine if there is any more information in terms of income sources, additional debts, and any other aspect of the financial situation of the debtor. The trustee is also responsible for determining if the debtor has any assets that the court would consider eligible for sale in order to partially satisfy outstanding debts. When the latter is the case, the trustee will arrange for the sale of those assets.
For people who feel that filing a Chapter 7 bankruptcy is their only hope to get a fresh start, it pays to Visit R. Dean Snyder Attorney and discuss the current situation. After reviewing the data, the attorney will be able to advise the client if bankruptcy is possible, and what must take place in order to comply with the demands of the court.