These days more and more people are finding themselves with financial burdens that they cannot get out from under. Losing the home or possessions are a distinct possibility and many do not know where to turn when this happens. Cincinnati bankruptcy attorneys have the knowledge to sort out this problem in a good way and any Cincinnati bankruptcy court will be able to find an amicable solution for all sides concerned.
Of course, in the recession hit economy which has come to the fore in the past few years or so, many people find themselves unable to pay off debts that they have accumulated. When this happens, it must be time to search out the talents of the experts to find a way through this sometimes difficult mess and let the family hang on to what they have worked so hard for.
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If the debts are credit card based there are certain avenues of escape for the homeowner to find a good way to save their home. The court will look at the expenses of the family and decide on what is necessary and what is not. If the income of the family is less than the expenditure, the court will literally wipe out any credit card debt by filing Chapter 7. This means that they will no longer owe the money but it will also mean that they cannot use credit cards again for quite some time.
If the expenditure is less than the income for the family, then the court will file Chapter 13 which means that all the credit card debt will be consolidated into one lump sum and the family will pay off a set amount each month. There will be no additional interest payments or added penalties for late payments which makes it easier to pay off any outstanding debts.
Naturally, the court does not offer this solution freely to all comers and families do have to go through some kinds of means testing which can be a little humiliating. However, the relief that the family will not lose their home and possessions must be worth it.
Filing for bankruptcy itself is not a good thing since the breadwinner of the family will be restricted in what he can do throughout his life. He probably will never again get a mortgage on a property. Nor will he be able to hold credit cards etc which in society today makes him a bad credit risk.
This can also affect any employment that he is seeking since he has to declare this wherever he goes and on any forms he has to fill in for all kinds of benefits or applications.
Even the current debt relief offered by the government has some drawbacks since it affects the credit score for most people making it virtually impossible to get credit or loans for big items like cars. The best solution, obviously, is to manage debt properly and talk to creditors well before any crisis occurs so that credit scores do not get affected.
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