Bankruptcy -Protect Your Hard Earned Assets AND Eliminate Overwhelming Debt

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Since 1992, our office has helped thousands of people protect their assets and eliminate overwhelming debt. Job loss, divorce, a medical emergency or other catastrophic events are usually why people see us.  Millions of people have used the U.S. bankruptcy laws to get a fresh start.  There are several myths about bankruptcy.

I WILL HAVE TO GIVE UP MY HOUSE AND CAR

The bankruptcy law provides for generous exemptions. Everyday, our clients use legal exemptions to protect their home and vehicles. Sit down with one of our attorneys to learn how your assets can be protected.

BANKRUPTCY WILL RUIN MY CREDIT FOREVER

Bankruptcy stays on your credit report for up to 10 years, but once the slate is clean after bankruptcy, you can start to rebuild your credit. In fact, many people enjoy stronger credit scores after filing. Bankruptcy clears debt and gives a fresh financial start. You are a better credit risk to many creditors after bankruptcy with your unsecured debts eliminated. You will be surprised at the amount of credit card offers you will receive after your bankruptcy filing.  Creditors are willing to extend credit because they know you are debt free and cannot file again for some time.  Keep in mind these offers will initially have high interest and fees. We recommend that you consider your budget, long term goals and needs carefully before taking on any new debt. Bankruptcy has helped millions of Americans get out of debt and bankruptcy can help you too.

BANKRUPTCY IS EXPENSIVE

Many people believe that bankruptcy will be too expensive.  Bankruptcy is not free, but the fee is small compared to the amount of debt you will be discharging.

MORE INFORMATION

The office of Keegan & Company Attorneys offers a free consultation with an experienced attorney and discuss your unique situation. Our attorneys will go over all of your options and quote you a fee.  Our offices are conveniently located in Eastgate and Middletown, Ohio.  Call 513-752-3900 to set up your free consultation appointment.

 

Bankruptcy Terms Explained

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If you are facing financial difficulty and considering bankruptcy protection you want to educate yourself on the process and terms before moving forward. Here at Keegan & Company our attorneys will take the time to explain the process in plain English.

Following is an explanation of the most common terms.

BANKRUPTCY –  A legal procedure for businesses and individuals to eliminate debt.

BANKRUPTCY PETITION – The document filed with the bankruptcy court to open a bankruptcy case.

CHAPTER 7 – The chapter of the bankruptcy code in which you eliminate unsecured debts.

CHAPTER 13 – The chapter of the bankruptcy code in which you will pay back a portion of your debts over a three to five year period.

BANKRUPTCY TRUSTEE –  The representative of the bankruptcy estate who exercises statutory powers, principally for the benefit of the unsecured creditors, under the general supervision of the court and the direct supervision of the U.S. trustee. The trustee’s responsibilities include reviewing the debtor’s petition and schedules and bringing actions against creditors or the debtor to recover property of the bankruptcy estate. In chapter 7, the trustee may liquidate property of the estate, and makes distributions to creditors, although this is relatively rare.

AUTOMATIC STAY – An injunction that automatically stops lawsuits, foreclosures, garnishments and all collection proceedings against you the moment the bankruptcy petition is filed.

341 MEETING OF CREDITORS – The meeting required by section 341 of the Bankruptcy Code at which the debtor is questioned under oath by a trustee about his/her financial affairs. Also called creditors’ meeting. Currently, this meeting is held over the phone at our office.

EQUITY – The value of a debtor’s interest in property that remains after liens and other creditors’ interests are considered.

The offices of Keegan & Company Attorneys provide free consultation, fair fees and monthly payment plans.  We allow plenty of time for you to sit down with an experienced attorney to discuss your individual situation. Our attorneys will guide you toward the best path to solve your unique problems. Fees are based on your individual situation and will be quoted at the consultation. During and after your case, we are available to gladly answer any of your questions. Call 513-752-3900, to schedule your free, no obligation consultation.

How Can Bankruptcy Help Me?

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WHAT IS BANKRUPTCY?

Bankruptcy is a legal procedure giving debtors federal protection from creditors.  Under the bankruptcy code you can protect certain assets, get relief from most debts and enjoy a fresh financial start!

HOW CAN BANKRUPTCY HELP YOU AND YOUR FAMILY?

Filing bankruptcy can wipe out credit card debt and other unsecured debts. Once filed, no creditor can collect on those debts.

Bankruptcy can stop creditor harassment.

Bankruptcy can stop repossession of your car and  foreclosure of your home. You may still keep your home even if a foreclosure has already been filed.

Medical debt is discharged through bankruptcy. Overall, medical bills are the main reason in the U.S. for bankruptcy. Hospitals and ER services cannot refuse you service in the future because of your bankruptcy.

 

WHICH BANKRUPTCY OPTION BEST FITS MY SITUATION?

The most common filings for bankruptcy are Chapter 7 and Chapter 13. Chapter 7 will wipe out all your unsecured debt (credit cards, medical debts, utilities, etc.). In most situations, you can keep your house and vehicle in Chapter 7, as long as your current on payments. Chapter 7 is a straight bankruptcy. Chapter 7 bankruptcy will stop all collection proceedings including phone calls, mailings, garnishments and court proceedings. Most bankruptcy filings in the U.S. are Chapter 7.

Chapter 13 is a repayment plan and is sometimes referred to as a wage earner plan. You must have a reliable source of income. Chapter 13 will stop a foreclosure of a home and/or repossession of vehicles. It is designed to help you catch up on your home and/or vehicle payments if you are behind. You will repay 1% to 100% of your unsecured debt, depending on your individual situation. This will last a minimum of three years and maximum of five years. During this time it will be up to the creditors to file claim in order to be paid during your case.

WHAT DEBTS WILL A BANKRUPTCY NOT ERASE?

Most of your debts can be discharged in a bankruptcy. Some kinds of debt can never be discharged. Call and set up a free consultation if some of the following items are part of your debt picture.

Student Loans – Most student loan debt is not dischargeable. In some situations a debtor can discharge student loan debt if they can prove the debt causes an extreme hardship. This is usually an uphill battle but possible.

Taxes – Some income tax debt can be discharged in bankruptcy, but this varies. Make an appointment to discuss your individual situation.

Alimony and Child Support – Back payments (arrearages), current child support and alimony are non-dischargeable .

Fines and Penalties – Most fines that are imposed by a court and most penalties that are assessed by a government agency are non-dischargeable.

WHAT HAPPENS AFTER BANKRUPTCY?

You can improve your credit after the discharge (or completion) of your case. Through bankruptcy people gain the opportunity to rebuild their credit that without the fling would be much more difficult.

FREE CONSULTATION

Contact Keegan & Company Attorneys at 513-752-3900 to schedule a free consultation with an experienced attorney. Choose one of out convenient offices both with free parking: Eastgate and Middletown, Ohio.

Bankruptcy and Vehicles

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A major concern when thinking of  bankruptcy is the potential loss of your vehicle.  The best solution depends on many factors such as the value of your car and the status of your loan.

You own your car free and clear

There are certain exemptions that can allow you to keep your car.

You are current on your vehicle

If your intention is to keep your vehicle, continue making your payments during the bankruptcy. You will need to sign a reaffirmation agreement where you re-sign on your vehicle loan. This reaffirmation agreement makes the debt you owe on your vehicle non-discharged in bankruptcy.

You are upside down on your vehicle

Do you owe more than you vehicle is worth.? You could be in this situation for several reasons, usually because you traded in a previous vehicle that had a loan balance. This also happens as vehicles depreciate. One benefit of bankruptcy is access to a special program that allows you to re-finance your vehicle for what it is currently worth. This “redemption” program may not be suitable for everyone.

You are behind on your vehicle payments

If you are behind on your payments and want to file Chapter 7 and keep your vehicle you will need to get current. Creditors will allow a reaffirmation agreement if you are current. If you are behind on your vehicle and want to keep it but do not have the funds to get current on your payments, then Chapter 13 may help you. Under Chapter 13 bankruptcy you can catch up and pay off your vehicle over 3-5 years.

Repossession

If the vehicle is repossessed and sold at auction you may have a “deficiency balance”. This is the amount owed after the amount received for your car at auction. This unsecured debt can be discharged through bankruptcy.

WE CAN HELP

Every situation is unique. Call us at Keegan & Company Attorneys, 513-752-3900, and schedule a free consultation at one of our convenient offices. Our free consultation with an experienced attorney will allow plenty of time to discuss your individual circumstance.