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Thinking of Bankruptcy

We are bankruptcy attorneys located in Eastgate, Ohio.  Our main focus of practice has been Chapter 7 and Chapter 13 Bankruptcy filings for over 30 years,

Many people get over their heads in debt.  This can happen for many reasons, job loss, health
fuelissues, divorce as just a few of the most common reasons people get into debt.   Many will do many things to try to keep their heads above water during this time, but there are some things that you should not do if you are struggling with debt before you consider filing for bankruptcy to get a fresh financial start.

Do not take out a second mortgage on your home to pay your debts.  If you cannot pay your unsecured debts why would you transfer them to a secure debt attached to your home, once you do that if you cannot make these payments the creditor would be entitled to take your home through foreclosure.

Do not pay your debts out of a retirement savings account.  You will need these funds in the future when you are able to retire.  Retirement accounts will also be protected through a bankruptcy filing.

Do not max out your credit cards to stay afloat.  Recently incurred charges may not be able to be discharged through a bankruptcy filing.

Do not transfer your home to another person to avoid having a lien placed on your property.  If you do this you will not be able to file for at least 4 years and this could be considered fraud in the eyes of the court.

Bankruptcy is not the end of the world, just because you have fallen into a bad financial situation does not mean that you are a bad person.  There are hundreds of thousands of bankruptcy filings in the United States each and every year.

Here are some thoughts of things to do when filing for bankruptcy.

Do consider this decision very carefully.  Are you really in so far over your head that bankruptcy is the only way out.  Under Chapter 7 you will only be able to receive a discharge every 8 years.  There are other options if you have filed within the last 8 years and are struggling, contact us for a free consultation to discuss these options, 513-752-3900.

Do follow the advise of your attorney.  At our office we have over 30 years of combined experience and will be able to guide you to make sure your bankruptcy is as painless as possible.

Do be honest in all of your answers on the petition.  Be sure to list all assets and not leave anything out.

Do be sure to list all of your creditors on your petition.

Do close any bank accounts you have any credit lines or credit cards associated with.  This will prevent the account from being seized by the creditor.

41708903-funny-cartoon-guy-in-various-posesBankruptcy is a serious decision and one that should not be taken lightly.  Contact our office for your free consultation to discuss your individual situation to see if bankruptcy is the right decision for you.

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

Call today for your free bankruptcy consultation in our Eastgate, Ohio.

Considering Bankruptcy

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

Are you struggling with debt? The phone is ringing off the hook with creditor calls, the mailbox is bankruptcy-attorneyoverflowing with bills.  Is it all getting too much to handle?  You have tried but the struggle is never ending.  It seems as soon as you start to get ahead something else comes up and gets you behind.  Bankruptcy may be the answer to your financial troubles.

OUR OFFICE

At our office we offer a free consultation.  At this free consultation you will be able to sit down with a qualified experienced bankruptcy attorney and discuss your current situation and ask any questions you may have.  The attorney will at this free consultation advise which chapter will be best for you.

There are several chapters of bankruptcy available under the federal bankruptcy code, however, Chapter 7 and Chapter 13 are the most common filings among general consumers.

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is also referred to as straight bankruptcy or liquidation bankruptcy.  This chapter is available for most consumers.  Under Chapter 7 Bankruptcy protection you will be able to discharge all of your unsecured debts under the bankruptcy code.  A discharge is a document issued by the federal court which deems your debt non-collectable by creditors.  Once you file for Chapter 7 protection all collection practices by creditors must stop.  This includes but is not limited to phone calls, mail harassment, court proceedings and garnishments.

Chapter 7 is sometimes referred to as a liquidation bankruptcy because the Chapter 7 Trustee may take some of your assets and sell them to pay your debts.  However, most people are happy 8923945-debt-free-green-road-sign-with-dramatic-clouds-sun-rays-and-skyto find out that they are able to keep most of their assets as there are exemptions to protect these assets.  There are cases, however, where you may have equity and have to pay back some to the Trustee.  Most people are happy to pay back this small amount compared with the debt that they are discharging through the bankruptcy.  Call our office today for your free consultation to discuss your individual situation.

In Chapter 7 Bankruptcy you will be able to keep your home and vehicle.  You must however, be current on your payments on these assets if you wish to keep them.  The creditor will have a reaffirmation agreement for you to sign and this will deem the debt non-discharged through the bankruptcy.  This document will also guarantee that the creditor will continue to report your payment history to the credit reporting agencies, thus rebuilding your credit after the bankruptcy filing.

As many as 65% of consumer filings in the US are Chapter 7 Bankruptcy filings.

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy also referred to as a wage earner plan you will allow you to retain ownership and possession of all assets that you wish to keep.  But you may also surrender assets through Chapter 13, if you wish.  In Chapter 13 Bankruptcy you must have income to support the case as you will be making monthly payments to the Chapter 13 Trustee and they will be disbursing your funds to your creditors for you.  It is up to the creditor in a Chapter 13 Bankruptcy to file a claim in order to be paid.

Chapter 13 can stop a foreclosure.  If you are in foreclosure and want to save your home you can file a Chapter 13 and stop the foreclosure.  Your mortgage holder cannot object to your bankruptcy homefiling and must file a claim in your case to be paid.  Chapter 13 generally lasts for a three to five year period.  During this time you will be able to make up all your missed payments and the Trustee will disburse your regular house payment.  This is a good thing because at the end of your case the trustee will file a notice with the Court that all payments are current and deems that your mortgage holder cannot come back on you for additional fees incurred while you were under bankruptcy protection.

If you are behind on your vehicle, Chapter 13 can also stop repossession and give you time to make up the missed payments over the three to five year period.

Contact Us

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

Every situation is unique so contact your Eastgate, Ohio Bankruptcy Attorney today for your free consultation.