Ohio Sample Letter for Fee Structures for Bankruptcies
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How to fill out Sample Letter For Fee Structures For Bankruptcies?
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FAQ
In Chapter 7 bankruptcy, there are two reasons why it is possible to lose your property: you have secured debt (tied to real property, like a car or a house) and you have stopped paying on it and have no means to continue to pay on it, or your property is deemed valuable enough by the court to sell in order to satisfy ...
Also, general unsecured debts are generally discharged under Chapter 7 without you having to repay them. In a Chapter 13 case, most people will be able to discharge all unsecured debts, however, higher income earners may have to pay a portion of the general unsecured debts depending on their income.
Or somewhat more accurately, Chapter 13 can give you more power over and flexibility with certain kinds of creditors, and if you have non-exempt assets. However, if you do not have those kinds of debt or assets, or not much in terms of tangible assets, then Chapter 7 would likely be the faster and easier option.
You are typically allowed to keep a certain amount of equity in your house and personal property (like a car, retirement account, and wages). It's rare that you're allowed to exempt much cash or money in the bank. Also most household goods and clothing usually are exempted unless they are extremely valuable.
(Cases Filed Between November 1, 2022 and March 31, 2023, Inclusive) .FAMILY SIZESTATE1 EARNER2 PEOPLEOhio$57,364$70,490Oklahoma$51,256$64,056Oregon$64,492$78,16351 more rows ?
