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Christmas Debt

We are bankruptcy attorneys located in Eastgate, Ohio.

Did you know that half of all shoppers plan to borrow money to pay for Christmas.

Taking on debt isn’t the end of the world as long as it gets paid off promptly. But many Americans don’t seem to have such a fiscally responsible outlook: 36 percent in one survey said that buying presents for loved ones was more important than sticking to a budget or not taking on more credit card debt. Retailers will be happy to note that of the 90 percent of Americans planning to buy gifts this season, almost a third of them (31 percent) approach the task with no predetermined spending limit. This is just what they want. Of course they are in business to make money, but does that really have to be at your cost. Once those monthly statements come rolling in, debtors may not be able to make the monthly payments. Cutting corners in other areas such as food and their utilities. Every time you go to the grocery store it seems they’ve raised the prices again and many americans will be facing increased health insurance rates in the coming year.

All of this will add up to more people struggling to pay their living expenses. Some may resort to pay day loans, which is a viscious cycle, once you pay them back you need to take out another loan because you have paid them all of your money and the same the next time you get paid!

We can help you file for bankruptcy. Bankruptcy may be the solution to your financial problems. At our office we offer a free consultation where you can sit down and talk to an experienced knowledgable bankruptcy attorney. He will be able to explain your options and you will know what you plan to do by the time you leave our office. Bankruptcy does not hold the old stigma of the past, in todays economy bankruptcy is quite common.

For more information check out our website at https://keegancolpa.com

If you are interested in filing for bankruptcy contact our Eastgate, Ohio bankruptcy attorney today.

Bankruptcy Consultation

We are bankruptcy attorneys located in Eastgate, Ohio.

Are you considering filing for bankruptcy protection?  If so, you should contact our office today and make your appointment for your free consultation.

At this free consultation you will be able to sit down with an experienced knowledgeable bankruptcy attorney.  He will listen to your situation and then be able to advise you which steps you need to take next.

You do not need to bring much to this free consultation.  Just basically bring yourself.  Everything you will need to know will be in your head.  Such as how much debt you have and what your income is.  Are you current on your home or are you behind, has there been a foreclosure filed?  Are you current on your vehicle or are you behind on your vehicle.  All of this information will allow for the attorney to determine which Chapter of bankruptcy would be best for you.

There are several bankruptcy chapters, but most consumers file Chapter 7 or Chapter 13 bankruptcies.  What are the differences in the chapters?

Chapter 7 Bankruptcy

Chapter 7 is referred to as straight bankruptcy.  In Chapter 7 Bankruptcy you will be able to discharge (clear) all of your unsecured debts while retaining secured items that you wish to keep and continue to pay on.  Once you receive this discharge your creditors cannot collect on this debt at anytime, now or in the future.

Chapter 7 Bankruptcy will stop all collection proceedings including, phone calls, mailings, garnishments and court proceedings.

Chapter 13 Bankruptcy

Chapter 13 is a re-payment plan that will stop a foreclosure or repossesion of a vehicle.  Chapter 13 Plans last for three to five years.  During this re-payment period you will be able to pay back all your missed payments on your home or vehicle.  Your creditors will file claims with the court to be paid and the Chapter 13 Trustee will disburse your funds to your creditors for you.  At the end of Chapter 13 Bankruptcy you will receive a discharge under the bankruptcy code. 

Retention

Once you decide to file for bankruptcy protection and retain this office you will then be able to let your creditors know that you have decided to file for bankruptcy and refer them to our office.  This will relieve alot of stress for you.

A small retainer fee will get the process started, we will then accept monthly payments until your fees are paid in full.  At that point we would file your bankruptcy case.

Fore more information check out our website at Keegan

Contact our office today and schedule your free consultation with one of our Eastgate, Ohio Bankruptcy Attorneys.

 

Bankruptcy

We are bankruptcy attorneys located in Eastgate, Ohio.

Are you thinking of filing for bankruptcy protection? If so, you probably have some questions regarding the issue.

At our office we offer a free consultation. At this free consultation you will be able to discuss with a qualified experienced attorney your current situation and ask any questions you may have. The attorney will at this free consultation advise you which bankruptcy chapter you will qualify for.

There are several bankruptcy chapters available under the federal bankruptcy code, however, Chapter 7 and Chapter 13 are the most common among general consumers.

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is also referred to straight bankruptcy or liquidation bankruptcy. This chapter of bankruptcy is available for most consumers. Under Chapter 7 Bankruptcy protection you will be able to discharge all of your unsecured debts under the bankruptcy code. A discharge is a bankruptcy document which deems your debt non-collectable by creditors. Once you file for Chapter 7 Bankruptcy protection all collection practices by creditors must stop. This includes but is not limited to phone calls, mail harrassment, court proceedings and garnishments.

Chapter 7 Bankruptcy is sometimes referred to as a liquidation bankruptcy because the Chapter 7 Trustee may take some of your assets and sell them to pay on your debts. However, most people are happy to find out that they are able to keep most of their assets as there are exemptions to protect these assets. There are cases, however, where you may have equity and have to pay back some to the Trustee. Most people are happy to pay back this small amount compared with the debt that they are discharging through the bankruptcy.

In Chapter 7 Bankruptcy you will be able to keep your home and vehicle. You must however, be current on your payments on these assets if you wish to keep them. The creditor will have a reaffirmation agreement for you to sign and this will deem the debt non-discharged through the bankruptcy. This document will also guarantee that the creditor will continue to report your payment history to the credit reporting agencies, thus rebuilding your credit after your bankruptcy filing.

As many as 65% of consumer bankruptcy filings in the US are Chapter 7 Bankruptcy filings.

Chapter 13 Bankruptcy

In Chapter 13 Bankrutpcy also referred to as a wage earner plan you will retain ownership and possession of all assets that you wish to keep. But you may also surrender assets through Chapter 13 Bankruptcy. In Chapter 13 Bankruptcy you must have the income to support the case as you will be making monthly payments to the Chapter 13 Trustee and they will be disbursing your funds to your creditors for you. It is up to the creditor in a Chapter 13 to file a claim in order to be paid.

Chapter 13 Bankruptcy can stop a foreclosure. If you are in foreclosure and want to save your home you can file a Chapter 13 Bankruptcy and stop your foreclosure. Your mortgage holder cannot object to your bankruptcy filing and must file a claim in your case to be paid. Chapter 13 Bankruptcy generally lasts for a three to five year period. During this time you will be able to make up all your missed payments and current payments as they come due.

If you are behind on your vehicle, Chapter 13 Bankruptcy can also stop this and give you time to make up your payments over the three to five year period.

For more information check out our website at https://keegancolpa.com

All cases are unique so contact our Eastgate, Ohio office today for your free bankruptcy consultation.

Bankruptcy and Vehicles

We are bankruptcy attorneys located in Eastgate, Ohio.

One major concern for most of our clients thinking of filing bankruptcy is what will happen with their vehicle. There are several factors that affect this outcome, so there is no simple, easy answer. The answer to this is based on your individual situation.

There are several stages that you could be in with your vehicle. You could be current on your payments, you could be upside down on your vehicle, you may be behind on your payments or your vehicle may have already been repossesed by the creditor.

You are current on your vehicle

When you are current on your vehicle and it is your intention to keep your vehicle through Chapter 7 bankruptcy what you will need to do is to continue to make your payments. Just continue making your payments through the bankruptcy filing, there will be a reaffirmation agreement for you to sign. A reaffirmation agreement is a bankruptcy document in which you will re-sign on your vehicle loan. This reaffirmation agreement makes the debt that you owe on your vehicle non-discharged through your bankruptcy and guarantees that the creditor will report your payments to the credit reporting agencies. Once you sign the reaffirmation agreement is it as if you never did file for bankruptcy when it comes to your vehicle.

You are upside down on your vehicle

The simple explanation is that you owe more for your vehicle than it is worth. You could be in this situation for one of several reasons, it is usually because a person had traded in a previous vehicle that they still owed on and just tacked in on to their current loan. This can also happen just because of how quickly vehicles do depreciate. There is a program that is out there that will help you to re-finance your vehicle for the amount that the vehicle is worth, but this can only be done through bankruptcy. Through the banklruptcy court this option is called redemption.

You are behind on your vehicle payments

If you are behind on your payments you cannot do a Chapter 7 bankruptcy and keep your vehicle. You can do Chapter 7 if you plan to immediately make your account with the vehicle creditor current. If you are not current on your vehicle, the creditor will want you to get current before they will allow a reaffirmation agreement to be entered into. If you are behind on your vehicle, and want to keep it and do not have the funds to get current on your payments, then Chapter 13 would be able to help you. Under Chapter 13 bankruptcy you can catch up the payments you are behind on your vehicle over the next 3-5 years.

Repossession

Once your vehicle has been repossesed and you wish to get it back the only way to do that is through a Chapter 13 Bankruptcy. If your vehicle has been repossesed and not yet sold at auction, that’s right a Chapter 13 Bankruptcy filing will be able to get your vehicle back.

If the vehicle is repossesed and you do not want to retain the vehicle, once the creditor sells the vehicle at auction you would than carry a “deficiency balance“. What this is is the balance that is due after they applied the amount received at an auto auction. This unsecured debt could then be discharged through a bankruptcy.

For more information check out our website at https://keegancolpa.com

WE CAN HELP

Everyones situation is unique. To find out the best way to handle the situation you are currently in, contact our office for your free consultation. At this consultation the bankruptcy attorney will be able to discuss all your options with you.

Contact our Eastgate, Ohio Bankruptcy Attorney today.