Consumers hoping to file for bankruptcy in the Volusia County area must pass the means test based on their income. The median income for individuals in this county is $25,439; it is $33,015 for families. Consumers with an income that is below these figures is eligible for chapter 7 only. Any consumer who wishes to file for chapter 7 contact a Bankruptcy Attorneys Dayton Ohio to assist them.
Bankruptcy in Miami
Anyone with an income that exceeds the county averages may qualify for chapter 7 with adequate assets, but is also eligible for chapter 13. Any consumers who wish to file for chapter 13 must prove their ability to stick to the repayment plan. They must contribute all of their expendable income to settling any remaining debts which are not listed in their bankruptcy case for at least three years.
Although the processes for filing each chapter seems complex, consumers can follow the guidelines rather easily. For instance, chapter 7 requires the consumer to relinquish the title to key properties and assets. The court handles the sale of these items for them. Any exemption that applied to the specific property is paid to the consumer. The trustee appointed by the court disperses all funds to creditors. Once the debts are settled, the consumer can return to his or her normal life without hindrance.
With this chapter, all the consumer must do is wait until the process is completed. This usually takes up to six months. After which, the consumer can begin to rebuild their credit. The state-approved credit counseling course they are required to take at the beginning of the case provides them with skills that allow them to manage their income more effectively.
Chapter 13 is more complex. However, after the consumer’s repayment plan is approved, all they must do is continue to work. The payment is deducted from their gross earnings before taxes. The plan shows them approximately how much they should contribute to any additional debts. It also provides them with allowances related to their household expenses. Any consumers who wish to file either chapter should contact Bankruptcy Attorneys Dayton Ohio to assist them.