Tag Archives: Eastgate Ohio

BANKRUPTCY AND YOUR RETIREMENT ACCOUNT

We are bankruptcy attorneys located in Eastgate, Ohio.  Our primary practice is focused on Chapter 7 and Chapter 13 bankruptcy filings.

Are you struggling with debt, looking for a way out of debt.  The feeling can be overwhelming.

Worry to check the mail box or answer the phone.  Looking for a way out of debt!  You are not13593348-wereldwijde-financi--le-crisis-zakenman-valt-business-concept-ge-----soleerd-op-wit

SHOULD I CASH IN MY RETIREMENT TO PAY MY DEBT?

The straight up answer here is NO!  This is a bad idea!  You have worked hard and saved up your retirement for your whole life.  Your retirement is just for that, your retirement.  Funds you will need as you grow older and will no longer be  able to run the race everyday like you do now.  Most likely you are currently employed which provides funds for your needs just as your retirement funds will provide for your needs in the future.  If you are already retired then you needs these funds now, these are your funds to provide for your needs, you need these funds, do not cash them in to pay debts.

Bankruptcy may be available for you.   Under the federal code your retirement funds are protected.  You can file for bankruptcy protection and keep your retirement accounts for when they will be needed..when you retire.

WHAT IS BANKRUPTCY?

A federal code set up which will allow a debtor to discharge all of their unsecured debts.  Once a discharge is issued creditors can no longer collect on debts included in the bankruptcy.  You do not have to pay any of these debts and you do not need to report the filing to the IRS as income.  There are two main chapters filed by most consumers which are Chapter 7 and Chapter 13.

CHAPTER 7 

Chapter 7 is the most common bankruptcy filing.  It goes by many names, Chapter 7, straight image7sbankruptcy, simple bankruptcy, liquidation bankruptcy and so forth.  In a Chapter 7 you will be able to discharge all of your unsecured debts.  If you have secured items you would like to keep such as a home or vehicle you will be able to reaffirm on these debts through your case.  Chapter 7 is sometimes referred to as a liquidation bankruptcy because the trustee in a case may liquidate some of your assets, however, most assets are protected under the state exemption levels.

CHAPTER 13

Chapter 13 is designed for those who are over income for Chapter 7 or who are behind on their homes or vehicles.  Chapter 13 is a repayment plan.  Under Chapter 13 you will have three to five years to make up payments you are behind on your home or vehicle.  The trustee will make these payments for your.  You will pay back a percentage of your debts to your unsecured creditors.  You will receive a discharge at the end of your case.

MORE INFORMATION

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

Contact your Eastgate, Ohio bankruptcy attorney to see is bankruptcy is the right decision for your.

CHAPTER 13 BANKRUPTCY BASICS

We are bankruptcy attorneys located in Eastgate, Ohio.  Our main focus of practice has been Chapter 7 and Chapter 13 bankruptcy filings for over 28 years.

In this blog, however, we will be focusing on Chapter 13.

WHAT IS CHAPTER 13 BANKRUPTCY

Chapter 13 is designed for people who are behind on their mortgage payments who would like to save their home or their income is too high to qualify for Chapter 7.  Chapter 13 involves paying your disposable income to creditors over a three to five year period.  During this time you will be able to make up any missed mortgage or vehicle payments.  Your unsecured creditors will be paid a percentage of what you owe them, once you complete your case and receive your discharge the remaining balance will be deemed discharged through the case.  This means that creditors will not be able to collect on these debts in any way or form.  They will not be allowed to contact you by phone, mail or any other means.

WHAT IS DISPOSABLE INCOME?

To determine your disposable income we will need to know your income for the last six months.  If you have had a pay cut or loss of overtime hours we can reduce your current income for images (2)these situations, same if you are making more money at the time we would have to increase your current income.  We would then need to subtract your expenses from your income.  This includes all of your expenses required to take care of your family such as food, rent or mortgage,vehicle payments, utilities and other such needs.  Then we consider things that you know you will be spending such as car repairs, home maintenance or medical expenses.  Then we need to look at things you may not be spending money on but it would be in your best interest to do so such as health insurance, life insurance or maybe a retirement savings account.  If you have expenses not mentioned that doesn’t mean we can’t count it as long as it is reasonable and necessary.  Once all of these expenses are counted they get deducted from your income and the remainder is an idea of your disposable income.

WE WILL BE THERE FOR YOU

It is not a good idea to try to file a Chapter 13 on your own at your court hearing the trustee will evaluate the reasonableness of your expenses and will try to cut them down so that there is extra money to pay your creditors.  Our job as your attorney is to protect the money that is necessary for you to take care of yourself and your family.  This is why we sit down with you and go over your unique situation and expenses with you thoroughly before the case is filed.

HOW MUCH WILL MY CHAPTER 13 PAYMENT BE?

Your Chapter 13 payments must be enough to cover certain required payments.  Your plan payment must be enough to pay for your mortgage arrears over the next five years, your current mortgage payment (as the 13 office would make your regular mortgage payment through the case), if you have a vehicle payment this will be included and a small amount for your unsecured creditors.

FREE CONSULATION

Every situation is unique.  We offer a free consultation where you will be able to sit down with 25604196-a-person-drawing-and-pointing-at-a-bankruptcy-consulting-chalk-illustrationone of our attorney and discuss your situation.  The attorney will be able to give you an approximate amount of what your Chapter 13 payment would be at this free consultation.  They would also quote you a fee.  If you decided to move forward a small retainer would get things started and then we would take payments, once paid your case will be filed.

For more information see our website at www.keegancolpa.com.

Contact your Eastgate, Ohio bankruptcy attorney today for your free consultation.

CHAPTER 13 BANKRUPTCY BASICS

We are bankruptcy attorneys located in Eastgate, Ohio.  Our main focus of practice has been Chapter 7 and Chapter 13 bankruptcy filings for over 28 years.

In this blog, however, we will be focusing on Chapter 13.

WHAT IS CHAPTER 13 BANKRUPTCY

Chapter 13 is designed for people who are behind on their mortgage payments who would like to save their home or their income is too high to qualify for Chapter 7.  Chapter 13 involves paying your disposable income to creditors over a three to five year period.  During this time you will be able to make up any missed mortgage or vehicle payments.  Your unsecured creditors will be paid a percentage of what you owe them, once you complete your case and receive your discharge the remaining balance will be deemed discharged through the case.  This means that creditors will not be able to collect on these debts in any way or form.  They will not be allowed to contact you by phone, mail or any other means.

WHAT IS DISPOSABLE INCOME?

To determine your disposable income we will need to know your income for the last six months.  If you have had a pay cut or loss of overtime hours we can reduce your current income for images (2)these situations, same if you are making more money at the time we would have to increase your current income.  We would then need to subtract your expenses from your income.  This includes all of your expenses required to take care of your family such as food, rent or mortgage,vehicle payments, utilities and other such needs.  Then we consider things that you know you will be spending such as car repairs, home maintenance or medical expenses.  Then we need to look at things you may not be spending money on but it would be in your best interest to do so such as health insurance, life insurance or maybe a retirement savings account.  If you have expenses not mentioned that doesn’t mean we can’t count it as long as it is reasonable and necessary.  Once all of these expenses are counted they get deducted from your income and the remainder is an idea of your disposable income.

WE WILL BE THERE FOR YOU

It is not a good idea to try to file a Chapter 13 on your own at your court hearing the trustee will evaluate the reasonableness of your expenses and will try to cut them down so that there is extra money to pay your creditors.  Our job as your attorney is to protect the money that is necessary for you to take care of yourself and your family.  This is why we sit down with you and go over your unique situation and expenses with you thoroughly before the case is filed.

HOW MUCH WILL MY CHAPTER 13 PAYMENT BE?

Your Chapter 13 payments must be enough to cover certain required payments.  Your plan payment must be enough to pay for your mortgage arrears over the next five years, your current mortgage payment (as the 13 office would make your regular mortgage payment through the case), if you have a vehicle payment this will be included and a small amount for your unsecured creditors.

FREE CONSULATION

Every situation is unique.  We offer a free consultation where you will be able to sit down with 25604196-a-person-drawing-and-pointing-at-a-bankruptcy-consulting-chalk-illustrationone of our attorney and discuss your situation.  The attorney will be able to give you an approximate amount of what your Chapter 13 payment would be at this free consultation.  They would also quote you a fee.  If you decided to move forward a small retainer would get things started and then we would take payments, once paid your case will be filed.

For more information see our website at www.keegancolpa.com.

Contact your Eastgate, Ohio bankruptcy attorney today for your free consultation.

BANKRUPTCY

We are bankruptcy attorneys in Eastgate, Ohio.  We have been in practice for nearly 30 years serving the community.

Bankruptcy is specifically mentioned in the United States Constitution.  The United States Constitution states “The Congress shall have Power to establish….uniform laws on the subject of bankruptcies throughout the United States.”  This means bankruptcy is constitutional.

The founders wanted to ensure that there would be a uniform system of bankruptcy so that 800px-constitution_we_the_peopleone state would not put someone in debtor’s prison for a debt that was discharged in another state.  James Madison, in Federalist Paper No. 42, wrote about how important uniform bankruptcy laws would be for the regulation of commerce in the United States.  In this article the power to pass and regulate bankruptcy was mentioned in the same paragraph as the power to issue currency and regulate the use of foreign currency.

The United States Congress passed the first bankruptcy law in 1800.  However, that law only lased until 1803.  The next bankruptcy law was not passed until 1841, which also had a short life, lasting only until 1843.  After the civil ware, Congress passed a bankruptcy act with a little more longevity, lasting from 1867 to 1878.  Congress finally passed a permanent bankruptcy law in 1898, which remained in place for eighty years.  In 1978, the current structure of bankruptcy laws were enacted.  In 1984, 1986, 1994 and 2005, the bankruptcy act was revised, but the basic structure remained in effect.  The 2005 act added the means test, limits on restructuring vehicle loans and the credit counseling requirement.

Bankruptcy could help you get a fresh financial start.  It is designed to discharge all of your unsecured debts.

At our office we will offer you a free consultation where you can sit down with one of our attorneys and discuss your individual situation.

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

Contact your Eastgate, Ohio bankruptcy attorney today!

Bankruptcy and the Automatic Stay

We are bankruptcy attorneys in Eastgate, Ohio.  We have been in practice for over 28 years and can help you get a fresh financial start.

Are you struggling with debt, garnishments or medical debt?  Under bankruptcy you can discharge all of these debts and get a fresh financial start.

At our office we offer you a free consultation.  At this consultation you will be able to sit down 25604196-a-person-drawing-and-pointing-at-a-bankruptcy-consulting-chalk-illustrationwith one of our experienced attorneys and discuss your personal situation.  The attorney will be able to guide you as to your best interest as far as the next step.  Bankruptcy could be an option, or another avenue may be best for you.  If you do decide to move forward with filing bankruptcy a small retainer fee will get things started and we will then accept monthly payments until your fees are paid in full.  Once you put down this retainer you can discontinue paying on debts which you do not wish to retain and refer your creditors to our office.  During this time we will communicate with your creditors.

Once your case is filed the automatic stay will automatically go into effect.  What is an automatic stay?  The meaning of stay is to stop.  Which means once your case is filed it prohibits creditors from continuing to collect a debt from you.  If there is a garnishment it will have to stop.  Any court proceeding will have to stop.  All collection efforts have to stop.

If it is your intention to surrender a home through a Chapter 7 the creditor will have to seek relief from stay before they will be able to move forward in the foreclosure proceeding.  In essence filing Chapter 7 will slow down the foreclosure procedure and give you more time in your home.

Once you complete the bankruptcy and receive your discharge the debts are discharged which means they are gone, you are not responsible for them, they cannot collect on them from you.  If they were to contact you all you will have to do is give them your case number and filing date and this will resolve any problems.  Of course debts that are incurred after a bankruptcy filing are not included in this category.

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

Contact your Eastgate, Ohio bankruptcy attorney today for your free consultation.  Bankruptcy may give you a fresh financial start!