the benefits of filing for bankruptcy in columbus

THE BENEFITS OF FILING FOR

BANKRUPTCY IN COLUMBUS

SCOTT R. NEEDLEMAN COLUMBUS BANKRUPTCY AND FORECLOSURE DEFENSE ATTORNEY

There are Both Pros and Cons of Filing for Bankruptcy in Columbus, and You Need to Compare

the List to Ensure that You are Making a Solid Decision

The Benefits of Filing for Bankruptcy in Columbus thecolumbusbankruptcylawyer.com 2

As an individual with severe

financial concerns, there may

come a time when you begin

to consider bankruptcy. While

this is something that others

have used to their advantage,

you don’t necessarily want to

follow down the same path.

There are both pros and cons

of filing for bankruptcy, and you need to compare the list to ensure that

you are making a solid decision.

Note: with the help of a bankruptcy attorney it becomes much easier to

decide if this is right for you. An experienced attorney can review your

situation, help you understand the pros and cons, and provide you with an

idea of whether or not this is the right choice for you at the present time.

Most people look at bankruptcy and believe it to be the easiest way out of

their financial trouble. This may be the right choice for you, but there is

also a chance that it could cause more harm than good.

HERE ARE SEVERAL OF THE BENEFITS ASSOCIATED WITH

FILING FOR BANKRUPTCY:

1. The automatic stay. If you don’t know what this is, you are going to

be excited to find out. In short, this prohibits creditors from persisting with

collection efforts. In other words, all of those phone calls are going to stop

for the time being.

If you need time to figure things out, without creditors beating you up, this

is by far one of the biggest benefits of filing for any type of bankruptcy.


2. A fresh start. Let’s face it: some people get to the point where they

are no longer comfortable with their financial situation. They believe that

the only way out is bankruptcy, and they may be right.

If you have made poor financial decisions in the past and don’t have the

ability to dig out of the hole, bankruptcy can provide a fresh start.

Tip: just because you are getting a fresh start doesn’t mean things are

going to necessarily work out better in the future. You need to put plenty

of time and effort into ensuring that the choices you make down the road

are better the ones that led to trouble in the past.

3. Depending on the type of bankruptcy, some property is exempt.

It is a myth that you are going to lose all your property when you file

bankruptcy. Despite the fact that you may lose some, especially in the

event of a Chapter 7 filing, this does not mean that everything will be

taken from you.

It can be difficult to understand what is exempt with each type of

bankruptcy, so you should discuss this with your attorney.

CHAPTER 7 OR CHAPTER 13?

Once the decision has been made to pursue bankruptcy the next step

should be to choose an attorney. Technically, there is no legal requirement

that a debtor be represented by an attorney when filing for bankruptcy;

however, given the complexity of the subject matter, the importance of the

outcome, and the sheer volume of paperwork involved it is a wise decision

to retain the services of an experienced bankruptcy attorney.


CHOOSING A CHAPTER

For an individual, these are the two most common types of bankruptcy.

With many differences between

the two, as well as a different

set of eligibility requirements,

you should focus on both the

benefits and drawbacks.

You will never know which type

you qualify for until you speak

with a bankruptcy attorney who

can review your entire case.

HIRING A BANKRUPTCY ATTORNEY

Now that you understand some of the benefits of bankruptcy, you can

decide if contacting an attorney is right for you.

If you are ready to hire a bankruptcy attorney, ask the following questions

as you compare local professionals:

How long have you been working as a bankruptcy attorney?

Are you familiar with the bankruptcy laws in my state?

Can you explain the pros and cons of both Chapter 7 and Chapter 13

bankruptcy?

Are you available to help me with the filing process as soon as I am

ready to move forward?

What is the cost of filing each type of bankruptcy, including court

and attorney fees?

What type of information will be required of me?

How long will the entire process take?


These are just some of the

many questions you can ask a

bankruptcy attorney as you

attempt to decide if they are

the right professional for you.

There is no denying the fact

that there are a variety of

benefits associated with all

types of bankruptcy. At the

same time, you need to be

aware of the many drawbacks

as well. Once you compare the

pros and cons, with the

assistance of an attorney, making a final choice on what to do next should

be easy enough.

The benefits of bankruptcy may have you excited about this, but don’t

move forward until you are 100 percent sure that doing so would be in

your best interest. Only then should you get started.


About the Author

Scott R. Needleman

Every associate at The Needleman Law Office is committed to handling

your case in both a personal fashion and in a professional manner. In other

words, we treat you the way we would want to be treated. We will take a

personal interest in your situation, making sure you understand exactly

what is happening and what options you may have. Then we’ll fight to

ensure the best possible outcome for your situation.

The Needleman Law Office 5300 E. Main, Suite 109

Columbus, OH 43213 614-575-1188 http://thecolumbusbankruptcylawyer.com/

http://thecolumbusbankruptcylawyer.com/