Bankruptcy FAQ

At Wood & Brewer, LLC, our Columbus bankruptcy lawyers understand the confusion that many individuals have when they go through the bankruptcy process. There are a number of factors to take into consideration, and making sure your best interests are protected is extremely important. We want all of our clients to understand the process and the many misconceptions that people have regarding bankruptcy. You can count on us to answer any questions you may have during a free case review with our Westerville bankruptcy attorneys. Please click on the question below for explanation:

Is debt settlement a good option?
For many individuals, debt settlement may be a great option to consider. Debt settlement allows you to negotiate with creditors to come up with a more affordable amount. Many creditors often accept settlements because it means they may still receive a portion of the debt owed to them when, in some cases, they may otherwise receive nothing. READ MORE.

What are the different types of debt?
There are different types of debt and each are treated differently in a bankruptcy case. The type of debt you have can determine whether a certain debt is dischargeable under a bankruptcy.READ MORE.

What is the difference between Chapter 7 and Chapter 13?
During a Chapter 7 bankruptcy, non-exempt assets are liquidated in order to pay off certain debts. There are some debts that cannot be discharged, but this allows you to eliminate a number of debts and obtain a start fresh. A Chapter 13 bankruptcy allows you reorganize your debts in order to come up with a more favorable repayment plan. This plan allows you to make more affordable payments and lasts 3 - 5 years. After this time, most remaining debts are eliminated. READ MORE.

Do I need to hire an attorney for bankruptcy?
The bankruptcy process is a complicated one that can have long lasting financial repercussions for those filing for bankruptcy relief. While there is no law requiring a person to have an attorney when they file for bankruptcy in Ohio, having an attorney has a number of important advantages for people to consider.READ MORE

What type of bankruptcy should I file for?
When debt is overwhelming, the law provides a solution. Bankruptcy is the opportunity to shed your current debts and start over with a clean slate. However, there are a few different bankruptcy types available to you. Choosing the right one will help you reach debt freedom more effectively within your resources.READ MORE

Filing bankruptcy and getting a divorce?
Many bankruptcy cases are connected to divorce or separation. This can serve as a wake-up call for individuals who have debts they cannot manage and at the same time are in a marriage that is experiencing challenges. It may be advisable for individuals in this circumstance to first talk to a bankruptcy attorney and then file for divorce. The decisions that are made in the time leading up to the divorce can have an impact on a person’s financial situations for many years.READ MORE

Filing bankruptcy and getting a divorce?
Many bankruptcy cases are connected to divorce or separation. This can serve as a wake-up call for individuals who have debts they cannot manage and at the same time are in a marriage that is experiencing challenges. It may be advisable for individuals in this circumstance to first talk to a bankruptcy attorney and then file for divorce. The decisions that are made in the time leading up to the divorce can have an impact on a person’s financial situations for many years.READ MORE

If I am married, do I have to file with my spouse?
Many of our clients ask this question and the answer is: no. A client is not required to file with their spouse and can file on their own. To prepare the case, we will still need income and expense information from the non-filing spouse. Clients choose not to file with their spouse for many reasons, including to continue to build good credit of the non-filing spouse. READ MORE.

Will I lose my personal belongings if I file bankruptcy?
This is one of the most frequently asked questions from our clients—the fear that filing a bankruptcy will result in a trustee taking property from them. Luckily, the Bankruptcy Code allows debtors to maximize “exemptions”, and in many cases, protect their assets.READ MORE.

Will I lose my home or car if I file Chapter 7 bankruptcy?
There are certain exemptions that can help you protect your home and car. These exempt items have certain monetary limitations and in order to fully understand if you are able to protect your home or car, you should reach out to our skilled bankruptcy lawyers. READ MORE.

Can I file a bankruptcy to stop a foreclosure?
A bankruptcy can be filed to stop a foreclosure or a sheriff sale for your real property. Depending on your intention with the property (i.e., whether you want to leave the property or keep the property), we can determine the type of bankruptcy that will accomplish your goals. READ MORE.

What is secured vs. unsecured debt?
Loans are divided into two types: secured and unsecured debt. While there are some fine differences between the two, the most important difference is the idea of collateral. Unsecured debts are offered by lenders without any guarantee that they will receive their money back. Secured debts are offered by lenders on the basis that you offer up an asset as collateral if you are unable to make payments. READ MORE.

What happens to my second mortgage in a chapter 13?
Our clients seek to file Chapter 13 bankruptcies for many reasons. From stopping a garnishment to paying non-dischargeable tax debt, our clients are usually able to find constructive relief in a Chapter 13. However, there are other reasons to file a Chapter 13 that clients are perhaps not aware of. READ MORE.

What happens to my co-signers in a chapter 13?
When our clients are in a difficult position, they are worried about their financial situation. However, our clients are also worried about any co-signors they have, and want to know how the bankruptcy might affect these co-signors. READ MORE.

How do I repair my credit after bankruptcy?
Bankruptcy can be a huge help in times of need. It provides relief from loans and other payments you simply may not be able to afford. However, when you are getting back on your feet and looking to repair your credit score, bankruptcy seems to linger over your head and make circumstances more difficult. READ MORE.

Will I ever be able to borrow money again?
One common misconception amongst individuals who hesitate to file bankruptcy is that they won't be able to borrow money again. It may take some time, but rebuilding your credit will go a long way to helping you with loans, housing, and other financial benefits that require credit checks. READ MORE.

How long do I have to wait before I can file bankruptcy again?
How often a client can file a bankruptcy depends on the type of case(s) filed. The timeline in between cases is based upon the filing date of each of the Voluntary Petitions. When a client receives a discharge in the first bankruptcy case, the following deadlines apply (READ MORE):
• Chapter 13 to Chapter 13 – 2 Years
• Chapter 13 to Chapter 7 – 6 Years
• Chapter 7 to Chapter 7 – 8 Years
• Chapter 7 to Chapter 13 – 4 Years

Your Case, Your Life, Our Priority

When you work with Wood & Brewer, LLC, you will work directly with your Westerville debt settlement attorney for the most thorough and personalized representation possible. We have more than 15 years of experience with both business and consumer cases. We offer flexible fee payment options for your convenience. Don’t hesitate to contact our firm if you are facing mounting debt. We never take a one size fits all approach, and look forward to the opportunity of helping you find a bright new future filled with financial peace.

Speak with our team at Wood & Brewer, LLC if you are considering debt settlement. We are proud to serve the communities of Southern Ohio including Franklin County, Delaware County, and Fairfield County with 24/7 availability.

Contact our firm today for debt settlement help or legal assistance for other bankruptcy matters in Columbus. CALL (614) 410-6878 Today!