Bankruptcy law protects debtors from losing their property, and ensures that creditors will get paid. When debtors file for bankruptcy, the law protects them from creditors repossessing their homes and other valuable property. A Bankruptcy Lawyer Mason Ohio offers legal advice on all legal issues regarding filing for bankruptcy and represents the client in all hearings with creditors ensuring that all exempt property is safe from repossession.
A bankruptcy attorney helps clients file all the necessary paperwork in the case, and helps them get the full benefits of bankruptcy. The processes involved in filing for bankruptcy can be complicated, which is why a lawyer is important to ensure that the client does not miss any important step in the process.
Errors in filing for bankruptcy may constitute fraud, especially in cases where paperwork errors misrepresent the true earnings of the debtor. The judge sets a specific time frame for the debtor to clear all his outstanding debt by paying monthly instalments towards the clearing of the debt. As long as the debtor complies with the set rules of repayment, his property cannot be used to pay the debt. Bankruptcy Lawyer Mason Ohio can act as a mediator to facilitate payments to the creditors and ensure the rights of both parties are upheld.
Timing is important in filing for bankruptcy, as debtors can only do this every six years. All debt accumulated after filing for bankruptcy cannot be pardoned by law. Reorganization is different as it protects both exempt and nonexempt property from being repossessed. However, the debtor is required to disclose all his earnings truthfully so that the court can determine how much he is able to pay to creditors each month.
Failure to do this may constitute bankruptcy fraud, leading to the revocation of any bankruptcy filings which could leave the debtor in risk of losing his property. Once the debt is fully paid, the debtor is discharged from all legal liability and regains all the rights he had prior to the bankruptcy filing. Domain can provide information on the appropriate situations when filing for bankruptcy can be exploited as a way of escaping debt obligations.