byAlma Abell

Usually by the time someone is considering bankruptcy, their lives are in so much turmoil that it’s difficult to make a decision. Family relationships are tense and every phone call or collection letter makes everything seem more hopeless. It’s time to talk with someone who understands what the options are and can explain them clearly.

Individuals must go through a qualification process to determine whether they should pursue a Chapter 7 or Chapter 13 bankruptcy. Most people go through Chapter 7 bankruptcy, which liquidates their nonexempt property and divides the proceeds among the creditors. Chapter 13 bankruptcy is designed for debtors with higher, more stable incomes. They enter into a court-approved repayment program; debtors have the opportunity to retain more of their property under Chapter 13. Once a debtor files for bankruptcy, all of the collection demands must stop immediately, including foreclosures, repossessions and wage garnishments.

Whether people qualify for Chapter 7 or 13, they will be required to participate in credit counselling and to attend a creditors meeting. At that meeting, the trustee and creditors will ask the debtor questions about their finances. The Chapter 7 process is much faster than Chapter 13. In Chapter 7, the bankruptcy will be discharged after any nonexempt property has been sold (if there is any). In Chapter 13, the debtors work with their credit counselors on a proposed repayment plan. Another hearing is scheduled to get the creditors’ approval of the plan. The repayment to creditors is done over several years. It would be difficult for someone who is already under considerable pressure to go through bankruptcy without representation that is able to achieve the best possible outcome.

Dean Snyder is a very experienced Bankruptcy Lawyer in Fairfield, OH. Since he entered private practice in 1993, he has been advising and representing clients who have found it necessary to go through bankruptcy. A graduate of Washington University in St. Louis, St. Louis, MO with a B.A. degree, he received his Juris D% of his time dealing with bankruptcy and related areas. Mr. Snyder has done pro bono work throughout his career, working with Volunteer Lawyers for the Poor. He offers free consultations and can be reached at www.deansnyderattorney.com.