Bankruptcy Lawyers in Dayton, Ohio Can Help People Drowning in Medical Bills

by | Feb 7, 2015 | Law

Many Americans are living from paycheck to paycheck. They aren’t able to build up a financial reserve to help them weather a financial storm. So when they are hit with a major illness, they have no reserves to fall back on. Once they have used up their sick leave and vacation time, they may lose their job. That usually means that they lose their health insurance, because they can’t afford COBRA payments. They are then left with staggering medical bills. Even when they regain their physical health, there is no way for them to regain their financial health. They have no choice but to contact one of the Bankruptcy Lawyers in Dayton Ohio.

Because their income has been below the Ohio median income for the last six months, they are able to use Chapter 7 to file for bankruptcy. Once their lawyer files the application for bankruptcy, all of the creditors must stop contacting them. For many people, this takes a lot of stress out of the day. They also no longer have to fear that creditors will attempt to garnish their wages. Chapter 7 bankruptcy requires that all of the debtor’s personal property be sold off. The proceeds from this sale will be divided among the creditors. Any debts that are remaining will be discharged. Debtors should realize that student loans, alimony, child support and IRS debts will not be discharged.

Bankruptcy Lawyers in Dayton Ohio keep a close eye on the trustee to make sure that he doesn’t sell any protected asset. If the debtor has lived in Ohio for at least two years their home and car may be protected under state law. If the bankruptcy was caused by factors beyond the person’s control such as an illness, military service or natural disaster, the bankruptcy process may make a special exception and allow them to keep more of their assets. Miami Valley Bankruptcy is one of the Miami law firms that help people regain their financial health. Debtors are sometimes embarrassed to meet with a lawyer. When they are more comfortable, they can call for an appointment.

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