Category Archives: Creditors

BANKRUPTCY

We are bankruptcy attorneys located in Eastgate, Ohio.  Our main focus of practice has been bankruptcy for over 27 years.

Are you struggling with debt?  Of course if you are considering bankruptcy it probably means that you are looking at debts with you are unable to pay.  Bankruptcy in most cases may help you get rid of your debts and give you a fresh financial start.

Chapter 7 and Chapter 13 are the most common consumer chapters.  Each chapter has its own rules so you must know which chapter best fits your circumstances.  At our office you will be able to sit down with a knowledgeable attorney and he will be able to advise which chapter is best for you.

CHAPTER 7

Most thinking of bankruptcy would prefer to be able to file Chapter 7.  This is the most common filing for most consumers.  Under Chapter 7 you will be able to discharge all of your unsecured debts under the bankruptcy code.  A discharge is a federal court document releasing you from your debts.  This document automatically releases you from most of your unsecured image7sdebts.  Debts which cannot be discharged include such things as student loans, newly incurred tax debt, spousal or child support and court costs for criminal charges.  As to your secure debts such as your home, vehicle or jewelry you will have to make a decision if you will want to resign on these debts through a reaffirmation agreement or surrender them.  A reaffirmation agreement is a document basically re-entering the terms of the original debt, once you sign the reaffirmation agreement this debt will be excluded from your bankruptcy and will report going forward on your credit.  If you decide to surrender your collateral this debt will be discharged through your case.

Chapter 7 is sometimes referred to as a liquidation bankruptcy because the trustee may take some of your assets, but most bankruptcy attorneys refer to Chapter 7 as a simple or straight bankruptcy, because most assets are covered under state regulated exemptions and are protected.

CHAPTER 13

Chapter 13 bankruptcy is designed for those who are over the income limit for Chapter 7 or are behind on their home or vehicle and would like to retain these going further, or some who just do not like the idea of not paying their debts, but just cannot make the minimum monthly payments and would like to stop all interest and charged going forward.  Chapter 13 is a re-payment plan, you will pay back between 1% to 100% of your debts depending on your individual circumstances.  An unsecured creditor cannot charge you interest during a Chapter 13.  Once you complete your case you will be receive you discharge and all debts will be discharged.

AFTER DISCHARGE

Once you receive your discharge creditors are not allowed to collect on these debts in any way images5or form.  They cannot send you a bill, they cannot call you, they cannot take you to court, they cannot garnish your wages.  You are free and clear from these debts and you have gotten your fresh financial start!  Congrats!  Now how to stay that way and re-build your credit going forward.  The most important thing is to make any payments for debts that you reaffirmed on on time and try not to let debts get into collection.  Your credit will improve in no time.

MORE INFORMATION

Bankruptcy is serious decision, call today for your free consultation to see if it is the right one for you 513-752-3900.

Check out of website at www.keegancolpa.com.

Contact your Eastgate, Ohio bankruptcy attorney today!

 

Can I file bankruptcy separate from my spouse?

We are bankruptcy attorneys located in Eastgate, Ohio.  We specialize in Chapter 7 and Chapter 13 bankruptcy filings.

If you are considering bankruptcy you should contact our office for your free consultation.  At this consultation you will be able to sit down with one of our attorneys and discuss your individual situation.

Your spouse does not have to file bankruptcy.  You can always file bankruptcy without your spouse, but whether they should file depends on the circumstances. Here are some of the most common situations that may make you question whether or not to file with your spouse.

All (or Most) Debts are in One Spouse’s Name

This happens often either in a relatively new marriage, or one in which one of the spouses had operated a failing business. The person with little or no debt doesn’t want to participate in filing bankruptcy if it’s not necessary to do so. And often the person with the debt, out of guilt or sometimes more noble motives, wants to avoid harming the other person any further by dragging him or her into a bankruptcy case.

In a newer marriage, the couple may come to realize that the debts of one of them are now hurting their joint financial lives. Possibly the financial stress is jeopardizing the marriage itself. That is especially true if the person with the debts either was not candid about the amount of debts he or she was bringing into the marriage, or has continued to use credit within the marriage without the full knowledge of the other spouse.

Whatever the context, determining whether to file bankruptcy for just one spouse requires a thorough analysis to find out who is liable on each of the debts.  If there is joint liability, the creditor can go after the non-filing spouse for the full amount.  And even if the non-filing spouse does not think he or she is legally liable on some debts, you have to double check before they opt out of being included in the bankruptcy filing.

It is often more difficult than you’d think to know for sure whether one spouse is or is not liable on a debt.  Being an authorized user sometimes creates liability, and sometimes doesn’t. You can discuss this at your free consultation.

Preserving the Other Spouse’s Credit Record

A common reason given for one spouse not wanting to file is to protect his or her credit record. images8That’s a sensible enough goal. And not only for the non-filing spouse. If it works the couple itself could benefit through the non-filing spouse’s subsequent access to credit on behalf of their household. That non-filing spouse may even be able to help the filing spouse re-establish his or her good credit through co-signing of new debts and such.  Many times when one spouse has a small amount of debt, we suggest leaving them out of the bankruptcy.

But be careful with assumptions about being able to keep the other’s bankruptcy filing completely out of the non-filer’s credit record. This is especially if you have a joint debt or two, including ones that you intend to continue to pay and keep “outside the bankruptcy” case, such as a home mortgage or vehicle loan. Although credit reporting agencies are not supposed to refer to a co-debtor’s bankruptcy filing in the non-filer’s credit reports, don’t simply assume that will happen appropriately.

So it’s all the more important for the non-filing spouse to review his or her credit report before the other spouse’s bankruptcy is filed and then very regularly thereafter to make sure there’s no reference, directly or indirectly, to the bankruptcy case.

THINKING OF DIVORCE

Bankruptcy can be good financial planning when anticipating divorce.  If it’s clear, both that you 14734987-businessman-in-crisis-on-the-rockswill be getting divorced, and that you need the financial relief of a bankruptcy, which should come first—and if the bankruptcy is first, should you file with your spouse or by yourself?  Most of the time it is a good idea to file together if you can stomach it.  You save on filing and attorney fees, and you have less to argue about (so you spend less on legal fees) in the divorce.  But, this isn’t always true.

The overly simplified answer for the purpose of this already long blog post is as follows:

  • Do not file a joint Chapter 7 “straight bankruptcy” case with your spouse in anticipation of a divorce without BOTH of you getting independent legal advice from separate attorneys about whether doing so would truly be in each of your self-interests.
  • Be prepared for the possibility that it would not be in one or the other of your self-interests to file jointly, or to file ahead of the divorce, with the result that you would not be filing a joint Chapter 7 case.
  • In virtually NO circumstances would it make sense to file a joint Chapter 13 case in contemplation of a divorce—they take three to five years to complete, and at the time of your divorce would have to turn that case into two separate Chapter 13 cases, or into two Chapter 7 ones, or one of each, usually causing enough of an administrative headache and cost to make filing a joint Chapter 13 case a bad idea.*But even there the other spouse may become liable in various ways. As for debts incurred during the marriage, under many state’s laws the spouse who did not sign the debt papers or did not otherwise participate in the purchase or transaction can still be liable for the debt. And beyond that, in community property states joint liability is even more easily created.

MORE INFORMATION

For more information check out our website at www.keeganandrade.com.

Contact your Eastgate, Ohio bankruptcy attorney today for your free consultation 513-752-3900.

BANKRUPTCY OPTIONS

We are the law firm of Keegan & Andrade Co., LLC.  We are a bankruptcy firm located in Eastgate, Ohio.

Are your struggling with debt?  Credit card debt, medical debt and all types of other debts can become overwhelming.  Bankruptcy may provide you with the financial relief you are looking for.

Many reasons contribute to a person struggling with debt.  Job loss, medical issues, loss of a spouse or even in today’s economy the increase of health insurance costs will play a major factor.  Every year in the United States thousands of people file for bankruptcy protection, bankruptcy can too help you to get a fresh financial start.

FILING FOR BANKRUPTCY PROTECTION

The first step if you are thinking of filing for bankruptcy is to sit down with an experienced bankruptcy attorney to discuss your options.  At our firm we offer a free consultation, at this consultation you will be able to sit down with one of our attorneys and discuss your individual situation.  The attorney would then be able to advise you on your best financial options.

If you decide to proceed with the process of bankruptcy, you will then put down a small down payment and we will accept monthly payments until your paid we then will file your case.

In the meantime we will be gathering information from you.  It is crucial that you are honest as to all your debts, assets, income and expenses, you may feel that it is personal, but bankruptcy is a personal issue.  Of course there could be small things that you forget, but when you sign your documentation you will be given a chance to review all of your information and you will sign that all information is “complete and accurate”, to the best of your knowledge.  Filing your signature on this final page of your bankruptcy petition is basically your signature under oath.  Deliberate omission of requested information could lead to serious repercussions.  A few oversights or errors probably will not ruin your petition and you will likely be given a change to correct them, however, double-check all the information before filing to be sure you did not omit any of your assets or debts.

REPORTING DEBTS

You must list all of your creditors on your case.  There may be creditors you do not wish to list on your bankruptcy filing, including friends or business owners that you have a relationship with.  Although your motives may be well intended, remember that any omission could be considered bankruptcy fraud.  You must list all creditors who you carry a balance with.

You may have debts reporting on your credit that you dispute, these debts also will need to be listed in your case.  If you dispute the debt this is one way to make sure it gets off of your credit.

BANKRUPTCY FILING

Once your case is signed we will then file your case.  You will have a court date, which is called a 341 Meeting of Creditors in 4-6 weeks, we will appear at this meeting with you.  This meeting gives creditors a chance to object to your bankruptcy filing, however, most of the time creditors do not show up at these meetings.  They must have good reason to dispute your discharge.

A discharge is the document you will receive which will deem all of your debts listed on the case uncollectable, and creditors will not be able to contact you regarding these debts in any form.

MORE INFORMATION

For more information check out our website at www.keeganandrade.com

FREE CONSULTATION

Contact our Eastgate, Ohio bankruptcy attorney today for your free consultation to see if bankruptcy will give you the financial relief you are looking for.

 

 

 

Bankruptcy Consultation

We are bankruptcy attorneys located in Eastgate, Ohio.

Are you considering filing for bankruptcy protection?  If so, you should contact our office today and make your appointment for your free consultation.

At this free consultation you will be able to sit down with an experienced knowledgeable bankruptcy attorney.  He will listen to your situation and then be able to advise you which steps you need to take next.

You do not need to bring much to this free consultation.  Just basically bring yourself.  Everything you will need to know will be in your head.  Such as how much debt you have and what your income is.  Are you current on your home or are you behind, has there been a foreclosure filed?  Are you current on your vehicle or are you behind on your vehicle.  All of this information will allow for the attorney to determine which Chapter of bankruptcy would be best for you.

There are several bankruptcy chapters, but most consumers file Chapter 7 or Chapter 13 bankruptcies.  What are the differences in the chapters?

Chapter 7 Bankruptcy

Chapter 7 is referred to as straight bankruptcy.  In Chapter 7 Bankruptcy you will be able to discharge (clear) all of your unsecured debts while retaining secured items that you wish to keep and continue to pay on.  Once you receive this discharge your creditors cannot collect on this debt at anytime, now or in the future.

Chapter 7 Bankruptcy will stop all collection proceedings including, phone calls, mailings, garnishments and court proceedings.

Chapter 13 Bankruptcy

Chapter 13 is a re-payment plan that will stop a foreclosure or repossesion of a vehicle.  Chapter 13 Plans last for three to five years.  During this re-payment period you will be able to pay back all your missed payments on your home or vehicle.  Your creditors will file claims with the court to be paid and the Chapter 13 Trustee will disburse your funds to your creditors for you.  At the end of Chapter 13 Bankruptcy you will receive a discharge under the bankruptcy code. 

Retention

Once you decide to file for bankruptcy protection and retain this office you will then be able to let your creditors know that you have decided to file for bankruptcy and refer them to our office.  This will relieve alot of stress for you.

A small retainer fee will get the process started, we will then accept monthly payments until your fees are paid in full.  At that point we would file your bankruptcy case.

Fore more information check out our website at www.keeganandrade.com

Contact our office today and schedule your free consultation with one of our Eastgate, Ohio Bankruptcy Attorneys.

 

Tired of Being Harassed by Creditors?

Are you sick and tired of being harassed by your creditors all day and night.  You might find financial relief by filing for bankrutpcy.  We will give you personalized assistance and walk you through your case.  You may be able to eliminate credit card, medical and other types of debt.  Start today and get your life back on track.  Call our office for your free consultation, we have offices in Eastgate, Middletown and Fairfield to serve you.