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 not
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 
bankruptcy, 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.
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.
one 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.
also 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.
a 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,