Time for a fresh financial start!

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We are bankruptcy attorneys located in Eastgate and Middletown, Ohio. Since 1992, we have served the people of the Greater Cincinnati area.

Can you never get ahead and are always struggling?   Do you start to get ahead and an emergency comes along and you have to use credit cards again?  Or maybe you don’t have enough income to cover your monthly expenses and debts? If you didn’t have all of those debts, would have the funds to make it through each month?

Do you think it is time for a fresh start? Bankruptcy can provide this for you.  There is no reason to keep struggling.

If you are struggling, consider a bankruptcy filing.  Many mistakenly believe they will lose everything they own.  This is simply not true.  Hundreds of thousands of people file for bankrupt in the United States each year – it is just not something that people go around talking about.  Most of your assets will be protected under bankruptcy exemptions.

What exactly is bankruptcy?  Bankruptcy is a federal law which will allow you to discharge your debts, wipe them clean, and get a fresh financial start!.  There are two main chapters for consumers, Chapter 7 and Chapter 13.

CHAPTER 7

Chapter 7 is the most common chapter.  Under this chapter you discharge all of your unsecured debts and get a fresh financial start.  You will not have to pay any of your debts.  Once you receive your discharge the creditors cannot harass you in anyway, including sending you bills, calling you, taking you to court or garnishing your wages.

CHAPTER 13

Chapter 13 can save your home from foreclosure or prevent repossession of your vehicle.  Under this chapter you make a monthly payment to the Chapter 13 Trustee and they disburse this money monthly to your creditors.  You pay back a portion of your unsecured debts at anywhere from 1% to 100%.  After you complete your case you receive a discharge of debts and a report of all debts which were discharged through the case.

MORE INFORMATION

Call 513-752-3900 to schedule your free consultation with an experienced bankruptcy lawyer. We have 2 convenient offices – Eastgate, Clermont County & Middletown, Ohio. Since 1992,  Keegan & Company Attorneys has helped thousands of people protect assets and enjoy relief from overwhelming debt.

Credit After Bankruptcy

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BUILDING CREDIT AFTER FILING FOR BANKRUPTCY

It will not be difficult to re-build your credit after a bankruptcy filing.  Any debt that you keep through a bankruptcy (such as a home or vehicle) will automatically report on your credit report and start to re-build your credit score.  The important thing is to pay all debts on time after bankruptcy.  You may even qualify to buy a home two years after bankruptcy with a clean credit report after filing.  After you file, you may be surprised at the amount of credit card offers you will receive after bankruptcy.  Some creditors know that you can’t file again for some time and are therefore willing to extend credit. Be careful with this!

We will walk you through the process and make it as easy as possible.  Our attorneys have a combined experience of over 55 years and the goal of our office is to make filing for bankruptcy protection as simple and stress free as possible. After bankruptcy, our clients are usually excited to create a new budget that includes saving for the future!

HOW TO GET STARTED

Call 513-752-3900 to set up your free consultation to sit down and discuss your unique situation with an experienced attorney.  Our attorneys will advise whether bankruptcy is your best option. Fees are quoted based on your individual case.

WHAT DOES IT MEAN TO REAFFIRM YOUR MORTGAGE IN A BANKRUPTCY?

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While bankruptcy can help you get rid of your debt in general, you may want to recommit to the terms of your mortgage. People who can can afford to pay the mortgage and want to keep the home may choose to reaffirm.  The promise to repay a mortgage after bankruptcy is known as reaffirming the  debt. Whether you want to take this step depends on your circumstances and the type of bankruptcy you file.

A “reaffirmation agreement” is a legal contract that states your promise to repay all or a portion of your debt which might have otherwise been released in a bankruptcy case.

WHY REAFFIRM YOUR MORTGAGE DEBT

If you are current on your loan payment and able to make future payments, reaffirming informs the lender that you intend to pay the mortgage.  This allows you keep your home during bankruptcy as long as you abide by the terms of the reaffirmation agreement and make payments.  When you reaffirm your debt this payment will be reported on your credit report and help rebuild your credit.

 SHOULD YOU REAFFIRM?

Each situation is unique and differs based on your payment history and your ability to pay in the future.  If you are able to make your mortgage payment, reaffirming may help ensure the mortgage company reports your payments to the credit reporting agencies.

However, if financial difficulties prevent you from making this commitment and you want to be released from your mortgage in bankruptcy, you should not sign a reaffirmation agreement.

MORE INFORMATION

If you are struggling financially bankruptcy may be your best option.  Contact Keegan & Company Attorneys to schedule a free consultation to discuss your unique situation with an experienced attorney.

Debt Consolidation, Debt Management, Debt Settlement vs. Bankruptcy- Which Way is Best?

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Are you struggling with debt?  Many Americans struggle with debt every year. Looking for the best way out of debt can be exhausting and time consuming.  The most common ways out of debt are debt consolidation, debt management, debt settlement, do it yourself, and bankruptcy. As to debt consolidation, management and settlement companies, be careful, there are many unreliable and even predatory companies that will take advantage of you. We advise you to consult with a knowledgeable attorney before you decide.

DEBT CONSOLIDATION

Debt consolidation may mean getting a new loan to pay off your existing debts. The term “consolidate” means to group several things together into one. Doing this may lower your monthly payment and interest rate.

The problem with debt consolidation is you have not reduced your amount of debt, you have simply lumped all of your debt into one loan with one payment.  You are still accruing interest on your high balance and it may take years to pay off this loan.

 

DEBT MANAGEMENT

A debt management plan is a program offered by companies or non-profit groups that say they will help you negotiate a new payment plan with your current creditors.  The debt management company may negotiate your debts with your creditors and you will make a monthly payment to them directly on your behalf.

There are several problems with these debt management plans. Unfortunately, not all of these companies are honest about what they are selling and how they distribute your funds.  We have had many clients tell us that they paid one of these companies for years without ever seeing their balances go down.

 

DEBT SETTLEMENT

Debt settlement occurs when you work directly with your creditors for lower payments or amounts due. Usually, you must have that full amount to immediately pay. This can be good if you have the funds to pay.

Even if you do have the funds for debt settlement, not all creditors will work with you.  Creditors who do reduce your debt will send you a 1099 tax form and the forgiven amount is treated as income to you.  You will likely owe the IRS a part of the savings of debt settlement.

 

DO IT ON YOUR OWN

If you don’t have much debt and can tighten up on your expenses for a short period of time then this can work.  Start by paying extra on your high interest debt while paying minimum on other debts. When that debt is paid off then snowball the funds into the next highest interest debt.  This is not an option if you can only make minimum payments.

 

BANKRUPTCY IS OFTEN THE BEST OPTION

There are hundreds of thousands of bankruptcies filed in the US each year.  Most are filed by families.

Bankruptcy is often the fastest and easiest way out of debt.  Creditors can refuse to participate in consolidation and debt management cases but they cannot refuse to participate in a bankruptcy. Bankruptcy filing will stay on your credit report for up to 10 years, but all of the options above will affect you for about the same amount of time.  The key to credit after bankruptcy is paying all your debts on time, and careful consideration of any future debt. You will be able to get new credit rather quickly if that is what you desire and can afford. Under federal bankruptcy protection you can protect your assets and wipe out your debts.  There are no negative tax implications for discharging debt in bankruptcy.

MORE INFORMATION

Call 513-752-3900 today for your free consultation with an experienced attorney and then decide for yourself if bankruptcy is your best way out of debt. Keegan & Company Attorneys is located in Eastgate and Middletown, Ohio. Since 1992, our experienced lawyers have helped people protect their hard earned assets and wages and obtain relief from overwhelming debt. Our office helps consumers get financial relief through the use of Bankruptcy.