It is no secret that even very wealthy people have found themselves in dire financial straits in recent years. The variations in the stock market, the housing bubble bursting and the general state of the recessionary economy have all combined to hit everyone in the pocketbook to some extent.
Many things can begin to trigger the domino effect that becomes financial insolvency. For a large number of people, job loss means no more money coming in on a regular basis and the inability to pay the monthly bills. Other families found that their largest investment, their home, was devalued and suddenly worth much less than the amount it had been mortgaged for.
The phenomenon of having a house with a loan that is far greater than the actual current value of the home is often referred to as the mortgage being “under water”. When the largest asset that once held so much equity is suddenly no longer part of the family’s financial security, it can set off a chain reaction in the money situation of the household.
Fresh starts are a possibility for people with money problems and bankruptcy offers the solution to the pressing bills and other debts that so many families are facing these days. Bankruptcy Lawyer Lebanon Ohio clients are able to talk to their lawyer and see just what options await them in the realm of filing either Chapter 7 or Chapter 11.
The process of filling out all the forms and schedules for a bankruptcy tends to resemble the same kind of work that is done when preparing a complicated tax return. There are many required forms and a specific list of information that the bankruptcy courts require for a case to be properly filed and the Bankruptcy Lawyer Lebanon Ohio guides their client, checking on the progress to make sure the forms are all properly taken care of.
Once the forms are all in order, a creditors meeting is set with the US Trustee presiding over the hearing. Dean Snyder Attorney At Law accompanies his clients to these hearings and in the majority of cases, the actual court hearing lasts only five to ten minutes, after which the case is then complete.