Chapter 13 Bankruptcy Dayton Ohio
Filing Chapter 13 Bankruptcy may be your best option
Finding the best chapter 13 bankruptcy attorney in Dayton Ohio for your needs is critical to your financial recovery. Richard West Law office is the number one chapter 13 bankruptcy attorney in Dayton Ohio for good reason. More families trust their chapter 13 plan to Richard West Law office because of the proven track record, evidenced by hundreds of 5 star reviews.
Chapter 13 bankruptcy is a powerful tool. Chapter 13 offers flexibility, protection and can do things that no other type of bankruptcy can. Yet, it is under-utilized. Too many people file chapter 7, when they could get better results in chapter 13.
And, while “best chapter 13 bankruptcy attorney” is a matter of opinion, it is a FACT that Richard West law office files more chapter 13 cases than any other law firm in Southern Ohio. More families chose Richard West.
People end up in Chapter 7, when they probably would have chosen to file a chapter 13 bankruptcy, for several reasons.
Afraid of Life in Chapter 13
The idea of a chapter 13 payment plan frightens some people. They fear that they will be living under the supervision of a chapter 13 ever day they are in their plan. They’re afraid that the chapter 13 trustee will be monitoring their spending, questioning their decisions, interfering with their lives and telling then what they can and cannot do
Not true. See https://www.debtfreeohio.com/life-in-chapter-13/
Being in a chapter 13 provides protection from creditor actions the entire time you are in the plan. Of course there are some things you have to be mindful of. But these are common-sense things that nobody objects to.
Being in a chapter 13 bankruptcy payment plan is, in many ways, no different at all than the payment plans we are in whenever we buy a car, or a house, or anything we purchase on credit. We have a monthly payment, and when we’re done, we’re usually ready to get in to the next payment plan, trade the car in, move on to the next house, etc,
Truthfully, all of us spend most of our lives in some kind of a payment plan or plans.
Chapter 13 is not much different.
Bad advice. Being in chapter 7 when chapter 13 would be better.
This is a much more pervasive and serious problem than you might think! It can hurt you in two different ways, one you set yourself up for, and one the attorney sets you up for.
Your own bad advice
First, if you think you cannot afford to be in a chapter 13 plan, (because, after all, you’re looking into bankruptcy, and can’t afford anything, right?) you might seek out a Dayton Ohio bankruptcy attorney who advertises for chapter 7 cases.
If you qualify for chapter 7, these chapter 7 attorneys will be glad to help you file chapter 7 bankruptcy, and you have done yourself a potentially HUGE disservice. You set yourself up for a result that was NOT the best, because you mistakenly decided you were better off in a chapter 7.
This is understandable. Excusable. You’re not, after all, trained and experienced in bankruptcy law.
The attorney’s bad advice
Second, and this is the one that really makes me sad, is the situation where you go to a Dayton Ohio bankruptcy attorney for advice. It is determined that you will qualify for chapter 7. And, not surprisingly, you end up filing a chapter 7. But no analysis of chapter 13 bankruptcy benefits is conducted!
Think about this for a second.
If you’re married and hire a tax professional to do you taxes, you expect that person to figure out the benefits of filing jointly compared to single filing, don’t you? All of us somehow “know” or we “expect” that this comparison will get done.
But not so when visiting a bankruptcy attorney.
Do we assume that the attorney did it and, after careful analysis decided that the benefits of chapter 13 do not outweigh the chapter 7? Did the attorney say so? Were you given a chance to decide?
Often, the answer is no. No such analysis was done.
How do I know?
Having done this work for over 30 years and being the top filer of chapter 13 cases in Southern Ohio, I have done hundreds of “second opinion” consultations. And I see this situation all the time.
This is the second problem situation I see. The one that the attorney creates. And when it happens, the client normally will never know it.
Mistakenly thinking you cannot afford the payments
I know that many people are afraid they won’t be able to afford to be in chapter 13 bankruptcy, because they think the payments will be too high. So, they think that they are better off in a chapter 7, which is, they think, a “no-payment” plan.
While this is understandable, it’s not true, either. In many, many cases, I can construct a chapter 13 plan, what will keep your cars, and house, and wipe out all your debt, and your monthly payment will be LOWER (yes! Lower!) than if you had filed a chapter 7.
Sometimes chapter 13 bankruptcy pays back only 1% of your unsecured debt. Pretty much like the chapter 7, which pays 0%. Not very different, are they? For more information, see my ultimate guide, and look for cram down. https://www.debtfreeohio.com/debt-solutions/bankruptcy-chapter-13/
Why more people will soon be filing Chapter 13 Bankruptcy
The economic disaster caused by COVID-19 is already causing people to miss house payments.
Many will be taking advantage of the CARES Act, which allows federally backed mortgage forbearance for 6 to 12 months.
When the economy recovers, we will see many who have fallen behind in their house payments, if they want to save their homes, file chapter 13. The chapter 13 will give them 3 to 5 years to catch up the missed payments, and will allow them to discharge unsecured debts.
They will keep their homes, their cars, all their property, and will be able to recover financially.
In order to do this successfully in chapter 13, you will want to choose the right Dayton Ohio chapter 13 bankruptcy attorney.
Richard West Law Office has a staff of 20, and three full time chapter 13 paralegals, all of whom worked for bankruptcy trustees in their careers. Our 4 attorneys limit their practice to consumer bankruptcy.
We file more chapter 13 bankruptcy cases than any other firm in Southern Ohio. You want to succeed. Choose a firm with a proven track record of success and expertise, with the staff and resources to support your chapter 13 bankruptcy case.