If you are in a very bad debt and thinking of filing for bankruptcy in Cincinnati, probably you are concerned and overflowing with too many anxieties. Along with avoiding collection calls, you should also think about bankruptcy possibilities, you will be all set to take move ahead to new life, where you will be free of debts.
1. Bankruptcy is not a process of “in and out”
If you have no idea about how the courts of bankruptcy work, you might think that they operate just a like regular court, which gets over within a day. The most common bankruptcy chapter for people is chapter 7, which lasts for at least four months. The 2nd and 3rd chapters are 13 and 11, which last for long time. Bankruptcy plan of chapter 13 will be there for 3 to 5 years. Likewise, a case of chapter 11 may go on for more than two years. You have to be ready for everything if you want to get the desired fresh start after bankruptcy.
2. Your finances will be open to public audit in bankruptcy
I am sure no one is comfortable in talking about his salary with family and friends. In bankruptcy, you should be ready to reveal your financial status, your mistakes and everything to the public. When you file for bankruptcy in Cincinnati, you will have to attend creditors’ meeting. You creditors can ask you any question at the meeting. This can be very uncomfortable and annoying process for many people. Be ready to expose your financial life in front of everyone.
3. Failing to reveal all your financial details lead to huge penalties
Complete honesty is very important in bankruptcy. According to bankruptcy courts only the debtor who is honest is given a power for discharge of debt. That means you should list all of your creditors, debts and information on your property. If you are not being honest, you will not be entitled to bankruptcy discharge, and you may also have to go through an investigation from FBI. Being dishonest in bankruptcy is a major federal crime.
4. Bankruptcy involved complicated forms and needs lot of attention
Some people think that bankruptcy is very simple procedure, as it is mainly based on forms. But, these forms are very confusing just like tax returns forms. The forms include difficult and tricky questions about your financial history. It is important to provide yourself enough time to analyze the forms before filing for bankruptcy.
5. Discharge of bankruptcy is personal
The final goal of bankruptcy is the discharge. It restricts the creditors from trying to collect debts from you. That means it only protects you but doesn’t remove the debt completely. For instance, if you are one among the co-signers for a home loan and you have filed for bankruptcy, the debt is not eliminated completely. The person who gave money still can collect his money from other co-signer of the loan. Resource Box:
Robert F. Holmes LLC is a debt relief agency under the Bankruptcy Code of U.S. The firm assists people to file for bankruptcy relief. You can get more information on their services from their website: http://www.cincinnatiohbankruptcy.com/.
