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Overwhelming Debt? Bankruptcy may be right for You.

Are you struggling with debt?  The phone calls begin in the morning and continue all day?  The stack of new bills in the mail become confusing as creditors sell your debts to new collectors who do not identify who they are collecting for?  Does it not matter anyway, as you cannot pay them?

Many factors can lead to overwhelming debt: illness, divorce, job loss, cuts in overtime, car problems, etc.  There is HOPE! Bankruptcy may be a way to get a fresh financial start. Several hundred thousand people file in the U.S. every year.

Chapter 7 and Chapter 13 are the most common consumer bankruptcy filings.  We have consultations. Sit down with one of our experienced attorneys and discuss what option is best given your unique situation.

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For more information contact us at 513-752-3900.

Contact your Eastgate and Middletown, Ohio  bankruptcy attorney today to see if bankruptcy is the fresh start you need!

Bankruptcy & Foreclosure

FACING FORECLOSURE? WE CAN HELP!

Job loss, a medical emergency or any number of other issues can cause you to fall behind on your mortgage payments. A mortgage company usually will not start a forclosure until you get about 3 to 4 months behind on your mortgage.  Once a foreclosure is started it will take approximately 6 months for it to complete.  In foreclosure your home will be auctioned and transferred out of your name.  But you can stop this process.

The problem that caused you to get behind may now be resolved but you may still be behind on your mortgage.  Your mortgage lender will almost want all delinquent funds paid in a lump sum before stopping the foreclosure.  Most people are not able to come up with this large sum of money. A chapter 13 will stop the foreclosure and force your mortgage holder to accept back payments over a three year period.

If you are considering withdrawing retirement savings to save your home STOP! This could be a very costly mistake. First, schedule a free consultation with one of our attorneys to discuss your options.

CHAPTER 13 BANKRUPTCY CAN HELP

Once you are behind on your mortgage almost all lenders want all the back payments paid at once.  Few people have these funds available.  This is when you need to consult with a bankruptcy attorney.  Chapter 13 bankruptcy is available.  Chapter 13 can save your home. Once you are under the protection of Chapter 13 your mortgage company must stop all foreclosure proceedings.  Through your bankruptcy case you will have 3 years to pay back the arrears to your mortgage lender.  Your mortgage company must comply with these rules and must stop the foreclosure.

As to your unsecured debts, Chapter 13 can help you with that too. You will be only paying back a percentage of your unsecured debt and at no interest.

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If you are struggling with your mortgage or other debts call us today.  We offer a free consultation, fair fees and monthly payment plans.  We can help you get out of debt and save your home.

Time for a fresh financial start!

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.

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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.

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

 

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.

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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.