Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Bankruptcy law in Hamilton, United States, is designed to help individuals and businesses clear their debt under the protection provided by the bankruptcy court. It's under the jurisdiction of federal law and is executed through the U.S. Bankruptcy Court. In Hamilton, the two most common types of bankruptcy proceedings are Chapter 7, involving asset liquidation, and Chapter 13, involving reorganization of debts.
If you're dealing with overwhelming debt, a bankruptcy lawyer can help you understand your options and can guide you through the entire process. Legal representation can be especially important in situations like complicated financial scenarios, large amounts of debt, business bankruptcy, or if you're at risk of losing your house or other significant assets.
In Hamilton, as per the Uniform Commercial Code (UCC), you're allowed to keep certain "exempt" property during Chapter 7 bankruptcies. In Chapter 13 bankruptcy, you'll repay a portion of your debt but can often retain most of your property. Consulting with a local Hamilton bankruptcy attorney will provide you with specific details about exceptions and other local bankruptcy laws.
Bankruptcy can stay on your credit report for 7-10 years, depending on whether you filed for Chapter 7 or Chapter 13 bankruptcy.
Chapter 7 bankruptcy involves liquidation of assets to repay your debts, whereas Chapter 13 bankruptcy involves creating a repayment plan to pay back debts over time while keeping your assets.
Not all debts can be discharged through bankruptcy. This includes most student loans, child support, alimony, and certain types of tax debts.
For Chapter 7 bankruptcies, you must wait eight years from your previous Chapter 7 discharge. For Chapter 13 bankruptcies, a four-year waiting period is required from a previous Chapter 7 discharge and two years from a Chapter 13 discharge.
Whether or not you'll lose your home depends on the equity in your home and the bankruptcy chapter you've filed. It's best to discuss this with your bankruptcy attorney.
The U.S. Bankruptcy Court's official website and the American Bar Association (ABA) are excellent resources offering information about bankruptcy law. Local Hamilton law libraries also contain a wealth of information.
If you're considering bankruptcy, it's strongly recommended to consult with a bankruptcy attorney to discuss your options. This is a significant decision that can affect your financial future, so make sure to thoroughly research and consult with experts.
