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Chapter 7 Bankruptcy Bits

We are bankruptcy attorneys located in Eastgate, Ohio.  We specialize in chapter 7 bankruptcy and chapter 13 bankruptcy.

WHAT IS BANKRUPTCY?

Bankruptcy is a legal status of a person who cannot pay their debts owed to creditors.  Bankruptcy is not only the legal status that an insolvent person or other entity may have, and the term bankruptcy is not a synonym for insolvency.   Bankruptcy in the United States is a matter placed under federal jurisdiction by the United States Constitution, which allows congress to enact “uniform laws on the subject of bankruptcies throughout the United States.”  The Congress has enacted statutes governing bankruptcy, primarily in the form of the Bankruptcy Code, located at Title 11 of the United States Code.  Federal law is amplified by state law in some places where federal law fails to speak or expressly defers to state law.

Generally, a debtor declares bankruptcy to obtain relief from debt, and this is accomplished either through a discharge of the debt or through a restructuring of the debt.  Generally when a debtor files a voluntary petition, their bankruptcy case commences.

THE PROCESS OF BANKRUPTCY

The first step for filing for bankruptcy protection is calling in and setting up your free consultation.  At this free consultation you will be able to sit down with an experienced bankruptcy attorney and discuss your individual situation.  The attorney will then be able to advise you on the best plan to get your finances back on the right track.  This may be a bankruptcy filing but it may not be in your best interest to file at this time.  Either way when you leave our office you will have an idea of what road you are going to take.

If it is in your best interest to file for bankruptcy and you decide this is what you want to do you will then need to put down a retainer towards your fees.  Your fees will be quoted to you during your free consultation.

You can pay your retainer fee, which is a very fair retainer fee and then we will accept monthly payments until you pay your fees in full.  Once you retain this office you will quit paying on any debts that you do not wish to keep and then refer your creditors to our office and let them know that you are in the process of filing for bankruptcy protection.

We will then gather your information and accept your monthly payments.  Once your fees are paid in full your case will be ready to file.

AFTER FILING FOR BANKRUPTCY

Once your case is filed all of your creditors will be notified by the Bankruptcy Court of your bankruptcy filing.  You will then be under the protection of the bankruptcy stay, this will stop all forms of collections.  It is against federal law for creditors to harass you while under the bankruptcy stay.

You will have a court date, which is referred to as a 341 Meeting of Creditors.  At this time your creditors will have a chance to object to your discharge if they wish.  You will receive your discharge around 90 days from your filing.

MORE INFORMATION

For more information check out our website at Keegan

Call our Eastgate, Ohio bankruptcy attorney today for your free consultation.

What is Bankruptcy?

We are a bankruptcy firm located in Eastgate, Ohio.

Not sure what bankruptcy is? Bankruptcy is a process in which consumers and businesses can eliminate or re-pay some or all of their debts under the federal protection of the bankruptcy stay. Basically there are two types of bankruptcy available for the consumer; Chapter 7 and Chapter 13.

Chapter 7 bankruptcy is designed to clear off or discharge all of your unsecured debt. This will give you a fresh financial start. Creditors can no longer collect on debts by telephone calls or court proceedings. If there were secured items that you wish to keep such as your home or vehicle you would re-sign on these items under a reaffirmation agreement.

A reaffirmation agreement is a bankruptcy document that you would sign to reaffirm debts that you do not want to discharge through your bankruptcy. The debts that are re-signed on will report to the credit reporting agencies and help to re-build your credit.

Chapter 7 is also referred to as a “liquidation bankruptcy” because the trustee may take and sell or liquidate some of your property to pay back some of your debt. However, you will be able to keep most if not all of your property due to the protection of the bankruptcy exemptions. These include such things as your home, vehicle, cash on hand, jewelry, household items, retirement plans, and most other assets. The exemptions vary so you should contact our Eastgate, Ohio bankruptcy firm for further details.

Are you eligible for a Chapter 7 Bankruptcy. Not everyone can qualify for Chapter 7, there are several factors to consider, but most can qualify. Contact our office today for your free consultation to see if you qualify for Chapter 7 Bankruptcy.

Chapter 13 Bankruptcy is also referred to as a “wage earner” plan because in order to file for Chapter 13 protection you must have a reliable source of income so that you can repay all or a portion of your debt.

In Chapter 13 bankruptcy you will pay back a percentage of your unsecured debts, this can range from 1% to 100% depending on your individual situation. Chapter 13  can also stop a foreclosure action or a vehicle repossession and allow you to make up your missed payments through the chapter 13 plan.

If you file for Chapter 13 be prepared to be in the case for a minimum of 3 years and a maximum of 5 years. It will be up to the creditors to file a claim in order to be paid during this case. During this time period you will repay a percentage of your unsecured debts, your secured debts and any missed payments you had on your house or vehicle. At the end you will receive a discharge as to all remaining debt.

For more information check out our website at Keegan

If you are thinking of bankruptcy, contact our Eastgate, Ohio bankruptcy attorneys today. We offer a free consultation, fair fees and monthly payment plans.

Bankruptcy and Medical Debt

We are bankruptcy attorneys located in Eastgate, Ohio.

Bankruptcies resulting from unpaid medical debt will affect nearly 2 million people this year, making health care the main reason for bankruptcy filings in the United States. Health care debt surpasses bankruptcies due to credit card debt and unpaid mortgages. Even having health insurance does not protect consumers from incurring massive medical debt. Even outside of bankruptcy millions of adults between the ages of 19 and 64 struggle with health care debt. If you think only Americans without health insurance face troubles, think again. There is an estimated 10 million adults with year-round health insurance that will still acculumate medical bills they can’t pay for this year. High-deducible insurance plans are requiring consumers to pay more out-of-pocket costs, this is a challenge to many households.

If you are struggling with medical debt, bankruptcy may be the solution for you.

What medical debts are dischargable through bankruptcy? All medical debt is discharable through bankruptcy. Hospital and emergency service providers cannot refuse you service in the future if you were to file for bankruptcy protection. However, family doctors can refuse you service in the future so would not want to file on them unless you were not going to use their services in the future. The same theory goes for your family dentist.

For more information check out our website at Keegan

If you are struggling with medical debt, we will be able to help you. Contact our Eastgate, Ohio office today for your free consultation with a bankruptcy attorney.