Ohio consumers could acquire a new and different opportunity to settle their debts. They could utilize their existing assets and properties to generate enough funds to pay off their debts. Through Chapter 7 in Dayton OH, these consumers have access to the liquidation process.
Qualifying Property and Assets
If the consumer doesn’t own a business, the liquidation process includes personal property and assets. They must present the court with titles and deeds for these properties to enable a proper appraisal. The court reviews these properties to determine if they could generate the volume of proceeds needed to settle their debts. The assessment is based on the projected market value for these properties and assets. If the consumer is filing as a company, they should include all business-related properties and assets.
Arranging the Sale of Property and Assets
Once the case is accepted, the deeds and titles are surrendered to the court. The judge assigns a trustee to manage the case. They place the property and assets on the market and manage all advertising requirements to generate a quicker sale. They make all attempts to generate the full market value for the property. This could include auctions to increase the appeal of investors.
Receiving the Exempted Value
After each property sells, the exempted value is returned to the consumer. The exempted value is calculated according to specific factors. This could include the equity built up in real property or automobiles. It could also apply to certain personal properties. The trustee manages the return of these funds to the owner.
The Full Impact of Bankruptcy
Despite the fact that the cases are over after a six-month period, the effects of bankruptcy could last up to a decade. This could affect how the consumer utilizes new lines of credit. It could also affect major purchases in the future.
Ohio consumers could use a chapter 7 case to eliminate debts quickly. The proceeds generated through the sale of prime properties could help them settle their debts in under six months. Consumers who need more information about Chapter 7 in Dayton OH and income requirements should contact an attorney now.
