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Thursday, October 10, 2019

Ohio Bankruptcy Exemptions


When we think about filing for bankruptcy, we imagine what it will be like to lose everything. But what many people don’t know is that you can actually protect certain property in an Ohio bankruptcy by utilizing the state’s bankruptcy exemption laws. In fact, certain property necessary to live and work, such as your home, retirement account, and personal items can be protected. 

Although some states give residents the choice between federal and state bankruptcy exemptions, in Ohio you must go by the state’s exemptions and possibly the federal non-bankruptcy exemptions (a short list of additional exemptions).

If the property is exempt, you are permitted to keep it both during and after bankruptcy; but if the property is non-exempt, you must sell it in order to pay your unsecured creditors.
Read more . . .


Monday, October 7, 2019

Just How Many Medical Bankruptcies Are Filed Each Year?


On the campaign trail, one of the central topics discussed among the Democratic Presidential hopefuls is that of medical bills. Several Democratic candidates promise to reform the current medical insurance system in an effort to ensure all Americans have access to the healthcare they need. Senator Bernie Sanders has sought to tie the issue of universal healthcare to that of bankruptcy, asserting a few times on the campaign trail that over 500,000 medical bankruptcies are filed each year.  It is a common notion that medical bills are a top cause of bankruptcy, but do the facts support this? Our Beavercreek, Ohio Chapter 7 bankruptcy lawyers examine the true instance of medical bankruptcies below.

The American Journal of Public Health Study

Senator Sanders’ statistic of 500,000 medical bankruptcies per year is based on a study published by the American Journal of Public Health.
Read more . . .


Friday, September 13, 2019

Can Filing for Bankruptcy Affect My Inheritance?


There is much thought and debate as to whether or not to file for bankruptcy. It is not a decision that people take lightly. However, when you have an overwhelming amount of debt, sometimes it can be the right option. Whether you file for Chapter 7 or Chapter 13 bankruptcy, it can help you to get your head back above water again and work towards a more financially stable future. 

Unfortunately, though, filing for bankruptcy is not always that straightforward.
Read more . . .


Tuesday, September 10, 2019

Exploring the Differences Between Chapter 7 and Chapter 13 Bankruptcy


Which type of bankruptcy should I file for?

Today, the average American has roughly $38,000 in personal debt, excluding mortgage debt, as reported in Northwestern Mutual’s 2018 Planning and Progress Study. Credit card debt comprises some 25 percent of all debt, and two out of ten Americans spend between half and all of their monthly income simply repaying their debts. If you are one of the millions of Americans significantly burdened by debt, you may have considered filing for bankruptcy. There are two main types of bankruptcy which you could seek: Chapter 7 and Chapter 13. Each chapter has certain benefits and drawbacks, as explained by our Read more . . .


Monday, August 12, 2019

You’ve Defaulted on Your Student Debt: Now What?


As the cost of a college education continues to increase, so does the amount of outstanding student debt. Each year, millions of people end up defaulting on their student loans. According to the Federal Reserve Bank of New York, by the end of the first quarter of 2019, nationwide student debt hit a whopping $1.
Read more . . .


Friday, August 9, 2019

Protecting Your House During Bankruptcy


Will I Lose My Home If I File for Chapter 7 Bankruptcy?

For most of us, our home is one of our most treasured assets. In addition to being of monetary value, your home is your castle. It is the place you make your memories, rest your head, and store your most important items. If you are considering filing for bankruptcy, one of your first concerns may be what will happen to your home. In a Chapter 7 bankruptcy, there are several factors that will influence whether you get to keep your home.
Read more . . .


Thursday, July 18, 2019

Medical Debt Remains Top Cause of Bankruptcy


What are the most common reasons Americans file for bankruptcy?

A new study sought to examine the reasons that most often drive Americans to bankruptcy.  Each year, roughly 800,000 people across the U.S. declare bankruptcy. For most, bankruptcy is thought of as a last option.
Read more . . .


Monday, July 15, 2019

Student Loan Debt May Become Easier to Erase in Bankruptcy


Can I eliminate my student loan debt by filing for Chapter 7 bankruptcy?

Students today emerge from school more burdened by loan debt than ever before.  The most recent statistics released by LendingTree reveal that nearly 70 percent of all college students have student loans, averaging close to $33,000.  Americans currently owe more than $1.56 trillion in student debt and 25 percent of the 44.7 million borrowers are in default on their loans.
Read more . . .


Thursday, June 27, 2019

Examining the Income Limits for Chapter 7 Bankruptcy


Can I still file for Chapter 7 if I make over the income limit?

If you are struggling with oppressive debt, it may be time to consider filing for bankruptcy.  Bankruptcy can offer a means for those burdened by debt to erase their debt or reorganize it so that they can start living and enjoying life again.  Those considering filing for bankruptcy will first need to consider which type of bankruptcy they qualify for and what will best suit their needs.  For individuals, Read more . . .


Monday, June 24, 2019

You’ve Filed for Bankruptcy: What Happens to Your Student Loans?


One of the most crippling forms of debt is that of student loans. Next to mortgages, it is the second leading type of debt, accounting for more than 44 million people in the U.S., who cumulatively owe approximately one and a half trillion dollars. 

Scarier than the sheer magnitude of dollars owed, is that unlike other forms of debt, it is generally not forgiven when you file for bankruptcy.
Read more . . .


Thursday, May 23, 2019

Can I File for Bankruptcy…Again?


You made the tough decision in the past to file for bankruptcy, but now you find yourself in the same or similar situation once again. The question on the minds of anyone who finds themselves in this situation is whether or not you can do it once again. Can someone who has filed for bankruptcy before do it for a second time? The basic answer: yes. 

If you have filed for bankruptcy in the past and find yourself in the same difficult position once again, you can in fact file bankruptcy twice. Actually, there is no limit to how many times you may do so.
Read more . . .


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Miami Valley Bankruptcy, Brian Lusardi, Esq., assists clients with Bankruptcy matters including but not limited to: Common Myths, Cost of Bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, The New Bankruptcy Law and Personal Bankruptcy in Xenia, Ohio, and the cities of: Wilberforce, Alpha, Spring Valley, Dayton, Bellbrook, Yellow Springs, Cedarville, Fairborn and Clifton; and the counties of Greene and Montgomery.



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