If so, contact us. We can help. In today's economic climate, more individuals and businesses are finding that the only way to resolve their financial problems is through a bankruptcy proceeding. Most people are reluctant to take this step, but you should know that there have been bankruptcy laws to give relief to debt-burdened individuals and businesses for many years, as established in the US Constitution. If you are in a situation that you feel like you need relief from your overwhelming debt, please contact us. Mina Nami Khorrami is a member of the Bankruptcy Subcommittee of the Columbus Bar Association and has experience as a bankruptcy lawyer to help you through the complicated process of filing for bankruptcy in Columbus, Ohio. mina-nami-khorrami1 Types of Bankruptcies The two main types of bankruptcy proceedings for individuals and some small businesses are Chapter 7 and Chapter 13 bankruptcy. There are other bankruptcy proceedings, such as Chapter 11, known as re-organization, which is usually utilized by larger businesses; and Chapter 12, which applies to farmers. Chapter 7 (Liquidation) Chapter 7 (Liquidation) is designed for debtors who do not have the ability to pay their existing debts, and its purpose is to grant a discharge to such debtors. In consumer Chapter 7 cases, the household income, together with many other factors, is evaluated to determine eligibility. The law allows you to keep certain personal and real property, known as “exempt” property. Many people find that all of their property is exempt and they can keep everything, while obtaining a complete discharge of all of their debts. Some particular debts are non-dischargeable under the law. Thus, you may still be responsible for most taxes and student loans, and certain other debts. Read more about Chapter 7 Bankruptcies. Chapter 13 (Repayment) Chapter 13 (Repayment) is designed for debtors who can afford to pay back all or a portion of their debt over a period of 3 to 5 years. Historically, Chapter 13 has been used by people who are behind on their mortgage payments and want to keep their home and pay back the mortgage arrears, along with a partial payback of all unsecured debts, over a period of 3 to 5 years. At the end of your case, once you complete your payments, you will receive a discharge of your debts. Most of the debts that are not dischargeable in a Chapter 7 case are not dischargeable in a Chapter 13 case either, although there are some exceptions. Read more about Chapter 13 Bankruptcies. Non-dischargeable debts Some debts can be discharged in bankruptcy, like credit card debt, but other types often cannot be discharged, like student loans. Read more about the types of debt that may not be able to be discharged by filing for bankruptcy. Inherited Individual Retirement Accounts If you are considering filing for bankruptcy, you may wonder if you can keep your Inherited Individual Retirement Accounts after the bankruptcy is filed. There are many factors to consider in answering this question. If you have filed in the last 8 years If you have filed a bankruptcy in the last 8 years, you will need to discuss with the attorney whether you are eligible to receive a discharge before filing for a new bankruptcy. Gap Insurance and Bankruptcy Gap insurance is usually offered on a car loan and it is intended to cover the difference between what you owe on your car and how much the car is worth. If you file a bankruptcy petition, depending on the date you purchased your car, you might be able to modify the terms of your car loan. Read more about GAP insurance and bankruptcy. Taxes and Bankruptcy Is the IRS garnishing your wages or threatening to levy your bank accounts or other assets? How to stop IRS garnishments and levies through bankruptcy. Read more about the treatment of taxes in bankruptcy. Contact us. Call us today if you are considering filing for bankruptcy in Columbus, Ohio. Mina is an experienced bankruptcy attorney who can prepare the necessary paperwork and guide you through the complex processes of the federal bankruptcy courts in Columbus, Ohio.

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