What are the Requirements of Filing Bankruptcy in Delaware County, Ohio?
What are the requirements for filing bankruptcy in Delaware County, Ohio? The answer, however, can be a little bit complicated. Every state has its own set of rules and regulations regarding bankruptcy filings, and Ohio is no exception. This blog post will provide a detailed overview of the requirements for filing for bankruptcy in Delaware County, Ohio. So, if you are considering filing for bankruptcy in this area, keep reading!
First and foremost, it is essential to note that there are two types of bankruptcies that individuals can file for in Delaware County, Ohio: Chapter 7 and Chapter 13. Each type of bankruptcy has its own set of requirements, so it is important to understand which one you may be eligible for before moving forward with the filing process.
Chapter 7 bankruptcy is often referred to as “liquidation bankruptcy” because it requires the filer to sell off some of their assets to repay creditors. However, most assets are usually “exempt”, meaning not subject to execution on behalf of creditors. The filer must also pass a means test to qualify for this type of bankruptcy. This test is designed to prove that the filer does not have the financial means to repay their debts through a repayment plan (which is what is required in Chapter 13 bankruptcy).
Chapter 13 bankruptcy is often referred to as “reorganization bankruptcy” because it allows the filer to create a repayment plan to repay their debts over a period of time (between 3-5 years). To qualify for this type of bankruptcy, the filer must have a regular source of income, and their unsecured debt must be less than $394,725. They must also have secured debt that is less than $1,184,200.
Once you have determined which type of bankruptcy you may be eligible for, gathering all the required documentation is crucial. This includes a list of your creditors, a list of your assets and liabilities, tax returns for the past two years, pay stubs for the past six months, and a certificate of credit counseling (if you have not already completed one).
Once you have gathered all the required documentation, you will need to file a petition with the bankruptcy court in Columbus, Ohio. You will also need to pay a filing fee of $338.00 at this time. After your petition has been filed, you will need to attend a meeting of creditors. During this meeting, your creditors can appear and ask questions, however, it is rare for a creditor to appear.
If you can successfully navigate the bankruptcy process, you will be discharged from your debts and will be able to move on with your life. However, it is essential to note that not all debts can be discharged in bankruptcy. These include child support payments, alimony payments, student loans, and taxes.
If you are considering filing for bankruptcy in Delaware County, Ohio, it is important to seek out the guidance of an experienced attorney. The bankruptcy process can be complex and confusing, so having a professional on your side can make all the difference. Our team at Wood & Brewer have the knowledge to assist you with making this decision. We offer a free consultation and invite you to contact us today.