Tag Archives: Milford Bankruptcy Attorney

We are bankruptcy attorneys located in Eastgate, Ohio.  Our main focus of practice for over 26 years has been in Chapter 7 and Chapter 13 bankruptcy filings.

For most once they decide to file bankruptcy the decision comes down to which Chapter they will be filing.  Both chapters are beneficial in their own way.  Many factors play into which chapter you will file.  Your income and assets are the main considerations.  Many prefer to qualify for Chapter 7 but may not qualify.

BANKRUPTCY TIMELINE

In Ohio a typical Chapter 7 bankruptcy lasts about six months from the day you file until you receive your discharge.  Your actual court date which is call a 341 Meeting of Creditors will be four to six weeks out from your filing date.  For Chapter 13 you will also have a 341 Meeting of Creditors about four to six weeks after your filing date.  Once you file for Chapter 13 expect to be in the case for a period of three to five years as this time period is mandated by federal law.  Once your complete your Chapter 13 you will receive your discharge.

PAY BACK OF DEBTS

In bankruptcy different debts are classified in basically two groups.  Your unsecured debts (credit cards, medical debts, loans) and your secured debts (houses, cars, anything secured by collateral). There is also a sub-category of unsecured loans which are called priority debts, debt-troublesstudent loans and tax debts fall into this category.  If you file for Chapter 7 you will be able to discharge all of your unsecured debts and not have to pay anything back.  Most unsecured debts can be discharged, student loans and most taxes will survive the case.  Any secure debts that you would want to keep (such as your home or vehicle) you would continue to make your payments on and sign a reaffirmation agreement within the case. Chapter 13 is a re-payment plan.  Under this re-payment plan you will pay all of your debts with a single payment to the Chapter 13 Trustee once a month.  Out of this payment the trustee may make your regular house payment.  If you have any back payments on your home they would also make this payment for you.  If there is a vehicle payment involved this will also be made by the trustee. You will pay back a percentage of your unsecured debts.  This percentage is based on several factors and can range from 1 percent to 100 percent.  The debts will be paid in order of priority.  So basically in a Chapter 13 you have one payment a month to the Chapter 13 office and your utilities to pay during the duration of the case.

ASSETS

One big benefit of Chapter 13 is you will not have to worry about losing any of your assets in the case.  You keep all of your assets that you wish to keep.  In a Chapter 7 which is also referred to as a liquidation bankruptcy as the trustee may take some of your assets and liquidate them to gain funds to pay your creditors.  Most people do not have to worry about this though because in Ohio the exemptions are very high and most assets can be protected.

As to your home if you want to qualify for a Chapter 7 you must be current on your mortgage payment to keep your home.  If you file Chapter 7 and are not current on your home the lien holder will require that you get current or they may file for Relief from Stay which once granted they can begin the process of foreclosure.  However, if you are current on your home Chapter 7 is no problem, just continue to make your payments and you may reaffirm the debt in the case is you wish.

Chapter 13 is designed to help you save your home if you are behind on your payments.  Under Chapter 13 you will have the three to five year period to make up your missed payments through the case.  The trustee will also make your regular house payment and at the end of the case the trustee will certify that all payments are current.

MORE INFORMATION

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

Call today for your free consultation to find out which bankruptcy chapter is best for you.

 

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.

BANKRUPTCY & GARNISHMENTS

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

If your wages are being garnished by a creditor you can stop this garnishment by filing for bankruptcy protection.  Once you file for bankruptcy the automatic stay goes into effect that prohibits and stops all collection efforts by creditors.  This means that wage garnishments are NoDebtalso stopped as long as the stay is in effect.  If the garnishment continues after the case is filed all funds must be returned to you.  If for some reason the creditor would want to continue the garnishment they would have to request relief from stay from the court, this would only be granted if the creditor has a valid reason for doing so.  An unsecured creditor such as a credit card or hospital simply wishing to resume a wage garnishment is not a valid reason for the court to lift the stay.

The automatic stay does not apply to domestic support obligations, such as child support or alimony.  These are considered priority debts that are unaffected by the automatic stay and cannot be discharged through bankruptcy.  Domestic support obligations are not able to be discharged through bankruptcy.

The automatic stay end when you receive a discharge, your case is dismissed without 10418205-hulp-van-de-schuld-net-voor-green-road-sign-meer-dan-dramatische-lucht-wolken-en-zonnestraala discharge or when the court lifts the stay.  If you receive a discharge and the underlying obligation for the wage garnishment (such as credit card debt) was included in the discharge, the creditor cannot resume the garnishment to collect the debt after bankruptcy,

When you file bankruptcy you are required to list all your creditors so they can be notified of the bankruptcy.  However, there is a chance that creditors may not be alerted in time to put a stop on the garnishment after they case is filed, so any funds that are garnished after the bankruptcy filing until the garnishment is released will be returned to you.

If you are struggling with debt or a wage garnishment you should contact our office for a free consultation.  At this consultation you will be able to sit down with one of our experienced attorneys and discuss your individual situation.  We offer the free consultation, fair fees and monthly payment plans.

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

Contact your Eastgate, Ohio bankruptcy attorney today!

TAX TIME & BANKRUPTCY

We are bankruptcy attorneys located in Eastgate, Ohio.  We have been in practice for over 28 years.

Are you struggling with debt?  In over your head?  Maybe you have not have made it to the point where you are behind on your debts, but they are just overwhelming.  Maybe you have reached to point to where you are behind on your debts, when the phone rings constantly with creditor calls and your mail box is full of collection letters and even perhaps notices from the court.  No two stories are the same as to where you are when it comes to your debt.  But bankruptcy could be the solution no backmatter where you are with your debts.  Tax time is a good time to consider filing for bankruptcy. Once you receive your tax refund you may consider paying on some of your debts, but most likely there will not be enough cash to pay off all of your debts with your tax refund.  So if pay all of your refund towards one debt (perhaps a credit card, which you will use again) and leave all of your other debts, this has not really helped you because you will still be struggling every month to pay the remaining debts.  You could just blow all of your cash and have a fun vacation and shopping spree, but really if you are struggling with debts this is not a good way to spend your funds.  Using your tax refund for one year to file for bankruptcy protection will not be so bad when you look forward to a fresh financial start with no debt.  All of your debt could be gone and you would then have the funds to fund that vacation or shopping spree.  Then before you know it tax time will come again and you will be able to spend your refund as you wish with no debt hanging over your head.

Chapter 7 bankruptcy will offer you a fresh financial start in the way that it will discharge all of your unsecured debt under the bankruptcy code.  Once you file for bankruptcy protection your creditors must stop all collection efforts, this includes phone harassment, harassment by mail and court proceedings.  It would be a smart idea to use your tax refund to retain a bankruptcy attorney and wipe all of your debts clean.  Instead of just wasting your tax refund you could use it to retain us as your attorney and we will help you with the process of bankruptcy filing.  Bankruptcy is not such a bad thing, it is there for a reason, there is no reason to feel guilt or be embarrassed just because you have hit hard financial times.  Bankruptcy happens to good people.  We will be able to help you get the fresh financial start you are looking for.

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

Contact your Eastgate, Ohio bankruptcy attorney today.  We offer a free consultation and fair fees!