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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.

Credit After Bankruptcy

We are bankruptcy attorneys located in Eastgate, Ohio helping thousands of people get a fresh financial start through bankruptcy filing for over 20 years.

One of the most common questions a debtor will ask is “Will I be able to get credit after my bankruptcy filing?” The short and quick answer is, “Yes!”

There is a large myth that your credit will be tarnished forever by a bankruptcy filing and that this filing will continue to follow you and stop you from getting credit ever again. This myth is largely created by the credit card companies, the same companies that helped lure you into credit card debt by pounding into your head that it was good to spend money and buy things you might not actually really need; they extended your credit limits; send you pre-approved credit cards; give checks for thousands of dollars to turn into cash; and draw you in with low introductory rates. And then say if you file for bankruptcy you will never be able to re-establish your credit.

The truth is the exact opposite. There are too many companies in business to make a profit. And yes, you can help them make that profit. This win-win situation is how to re-establish credit after bankruptcy.

First of all after your bankruptcy filing you will have no debt. This makes you a great prospective customer to creditors, they know that you are debt free and will have the funds available to pay their new debt. This would not be the case if you did not file for bankruptcy and had a ton of debt.

You are also now a lower risk to the creditors since you cannot immediately file for bankruptcy protection again. The lenders know this and know that if they lend to you after a bankruptcy, that you will be around for at least five to six years. This is time that they will make their profit. And again, this is what they are in business to do.

After a bankrupcy filing you will be surprised at the amount of credit card offers you will receive in the mail. Accept maybe one or two of these offers to start re-building your credit. Of course, this is only if you want to re-build your credit. If you are not in a position to pay for these debts, do not take on new debt. This is definately not in your best interest. But, some bankruptcies are filed by people who can still afford debt, but had just created too much of it.

Once you do create new debt, be sure to make your monthly payments on time every month. But, do not pay your credit cards off each month. I know this sounds just the opposite of what you would think you should do, but these credit companies are in it to make money off of you, so month one make the minimum payment and month two pay off the balance. This is a proven way to re-build your credit, this way you are giving them their reward of earning some interest off of you, and you will see your credit limit increase. Of course, you will keep your spending under control. Use the new credit card not because you have to, but because you want to. It is merely a credit re-building tool and that is it.

Keep your credit clean, do not have any accounts go to collection and make all of your payments on time. This will re-establish your credit. You will be able to buy a home in the future by following these simple rules.

Do not let the fear of not being able to get credit in the future stop you from filing for bankruptcy protection now and getting a fresh financial start.

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

Call us today for your free consultation with one of our Eastgate, Ohio Bankruptcy Attorneys.

Bankruptcy Basics

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 through the bankruptcy court. Basically there are two types of bankruptcy available for the consumer; Chapter 7 bankruptcy and Chapter 13 Bankruptcy.

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 Bankruptcy is also referred to as a “liquidation bankruptcy” because the bankruptcy 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 bankruptcy can also stop a foreclosure action and a vehicle reposession 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.