Miami Valley Bankruptcy helps clients in Xenia, Fairborn, Jamestown, Beavercreek, and Dayton, Ohio help clients find the best debt relief solution for their specific circumstances. This page contains answers to common questions about bankruptcy and provides general information. Miami Valley Bankruptcy attorneys can offer specific information to help consumers make informed decisions.
When is the best time to file for bankruptcy?
How do changes to bankruptcy law affect my situation?
Will bankruptcy eliminate all my debts?
What should I expect at the bankruptcy hearing?
How much money can I have in the bank?
When is the best time to file for bankruptcy?
The decision to file is not easy and making the decision to file is a last resort when people can’t find any other way to meet their financial obligations. Planning is essential for a smooth process. When faced with foreclosures, repossessions or wage garnishments, it is definitely time to seek debt relief options before you end up losing your car, home, or wages.
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How do changes to bankruptcy law affect my situation?
The Bankruptcy Abuse Protection and Consumer Protection Act of 2005 has changed bankruptcy law to include stricter requirements to file for bankruptcy. These changes include mandatory debt counseling, income limits, and changes to the amount of personal property that can be retained when filing for bankruptcy. There are additional requirements to qualify for Chapter 7 and those not meeting the new requirements may only have the option of Chapter 13.
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Will bankruptcy eliminate all my debts?
This is a common misconception, but the reality is that not all financial obligations can be discharged under Chapter 7. Some debts do not qualify for bankruptcy protection, such as child support, federal student loans, certain types of taxes, and debts incurred via theft or fraud. Miami Valley Bankruptcy attorneys can provide specific information about the debts that can be eliminated.
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What should I expect at the bankruptcy hearing?
Preparation is essential when you file for bankruptcy. If you are not properly prepared, the case can be dismissed and you may need to file again in the future and pay court costs for the dismissed case. You need to make sure you have all the documentation and forms required to file for bankruptcy, a valid photo ID, and your social security card or a W2 with your full SSN.
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How much money can I have in the bank?
This is not the best time to start saving, or you could risk having money seized and given to your creditors. If you have a lot of money in savings, a repayment plan or settlement may be better than filing for bankruptcy.
Although general information is helpful, you need specific advice for your situation. If you are looking for an experienced bankruptcy attorney in Xenia, Fairborn, Jamestown, Beavercreek, or Dayton Ohio, please contact our office to schedule a free consultation and get answers to your questions.
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