Posts

How Can Bankruptcy Help Me?

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.

Is Personal Bankruptcy Filing Made Public?

Are you considering filing for bankruptcy protection, but concerned neighbors may read about it in the paper or on the internet? Bankruptcy filings are public record but the fact that you filed is not something that is easily obtained by the general public.  There is a public access system known as PACER which contains information regarding all federal court filings in the United States.  To gain access to that system you must register and pay per page for each document you obtain. Pacer is more or less used for bankruptcy professionals, lenders, and others who have direct need to look up prior bankruptcy cases in detail.

The fact that you filed bankruptcy will appear on a credit report for up to 10 years.  Therefore, if you apply for a job, rent an apartment, or apply for credit, those obtaining your credit report with your consent will become aware of your bankruptcy filing. Additionally, in certain applications there may be questions concerning whether or not you have ever filed a bankruptcy before.

For the most part, the fact that you filed for personal bankruptcy will be known by just you and the others you inform.  When you file for either Chapter 7 or Chapter 13 bankruptcy, you are required to list all of the people to whom you owe money.  If you owe a family member or a friend or anyone else, that person’s name and address must be listed on your petition.

BENEFITS

What kind of relief are you obtaining?  Are you saving your home from foreclosure?  Are you stopping a wage garnishment that’s taking 25% of your pay?  Are you getting a drivers license that is currently suspended due to reinstatement fees?  Are you unable to make ends meet because of your debt commitments?  The psychological relief our clients receive from riding themselves of debt is usually great.

MORE INFORMATION

Since 1992, Keegan & Company Attorneys has helped thousands of people protect their assets and gain freedom from overwhelming debt. Call 513-752-3900 to schedule a free consultation with an experienced attorney. We have 2 convenient locations: Eastgate, Ohio and Middletown, Ohio. We offer fair fees, expert advise, and flexible appointment times.

Bankruptcy and Vehicles

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.

 

Bankruptcy and Medical Debt

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.