A Chapter 7 No Assets Bankruptcy

Bankruptcy Attorney

Going bankrupt is not easy at least in the beginning. It usually takes some time before a person comes to the decision to take advantage of this type of debt relief. At this point most are being hounded by their creditors and are under a great deal of stress. Then once the decision is made it then has to be determined which form of Bankruptcy they will qualify for.

A Cincinnati bankruptcy attorney will help the individual determine this. Once this is known then the process for filing begins and this in itself can be stressful. The individual has to provide all of the pertinent information regarding their debts and assets. Then it may become clearer as to what assets are going to be affected by the bankruptcy. There will be exemptions that have to be considered. Quite often once all of the assets have been determined and the applicable exemptions, it turns out that all of the assets are exempt. This means the trustee then needs to compile a no asset report and the creditors involved in the bankruptcy will not receive anything.

The whole purpose of exemptions is because the courts realize that some assets are necessary to provide for the necessities of life and to allow the bankrupt individual a new start. Bankruptcy is not meant to be a punishment, but at the same time fairness towards the creditors has to be considered as well. Every state is different in what they allow for exemptions. Some are stricter than others and there are also Federal exemptions that may have to be considered. Bankruptcy can be complex and this is why there is such a big need to rely on professional assistance.

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