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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.

 

Can I Afford to File Bankruptcy? Can You Afford Not To?

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The main concern for many when considering ways to fix their financial problems, is how much will it cost? Many debt consolidation services come with high interest rates and fees that make your situation worse.

It is important to look at the big picture and decide if debt consolidation will allow you to get out of debt and get a fresh financial start. With the help of a qualified, experienced bankruptcy lawyer, you will be able to approach this difficult and stressful process in the most effective manner while keeping costs at a minimum.

Like any other service professional s, such as doctors or mechanics, bankruptcy attorneys base their fee on their experience and ability to perform the task, along with the specifics of your individual case. Going with the attorney that offers the lowest fee is not always the best. Remember, you get what you pay for and the lowest fee may not get you the best result.

We offer a free consultation. At this consultation the attorney will quote you a fee based on your individual situation. There are two fees involved in a bankruptcy filing. One is the court filing fee and the other is the attorney’s fee. When it comes to attorney fees, Keegan & Co Attorneys works on a flat fee basis in nearly all cases.

 

Bankruptcy and Medical Debt

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Bankruptcies resulting from unpaid medical debt will affect nearly 2 million people this year. Medical debt is the main reason for bankruptcy in the United States. Having health insurance does not necessarily protect consumers from incurring massive medical debt. Millions of adults struggle with medical debt. There are an estimated 10 million adults with health insurance who still have medical bills they can’t pay. High-deductible insurance plans require consumers to pay more out-of-pocket costs.

If you are struggling with medical debt, bankruptcy may be the solution for you. Hospital and emergency service providers cannot refuse you service in the future if you were to file for bankruptcy protection.

Call our office 513-752-3900 to schedule a free consultation with an experienced bankruptcy attorney.