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 . . .

Thursday, May 16, 2019

With Impending Lawsuits, Maker of OxyContin Contemplates Bankruptcy

As the opioid epidemic continues to wreak havoc on the lives of many, one of the companies responsible for making billions off of the prescription painkiller, OxyContin is facing consequences in the form of hundreds of lawsuits holding it responsible.

Purdue Pharma, the maker of OxyContin since 1996, is currently considering numerous legal options and exploring several eventualities due to the sheer amount of litigation it faces. One such possibility is for the company to file for bankruptcy, though no decisions have been made as of yet. 

However, the option of filing for bankruptcy has been seen as a possibility of high likelihood given that the privately held company has sought help with restructuring it over the past year. Members of the Sackler family, who own Purdue Pharma, have given large sums of money to several museums around the world.
Read more . . .

Monday, April 29, 2019

Alternatives to Bankruptcy

Is bankruptcy the only way to stop creditor harassment?

If you are among the millions of Americans struggling with debt, now is the time to explore your options so that you can end the harassment, eliminate the stress, and start living again. For many debt laden Americans, declaring bankruptcy is the most effective method for debt elimination.  However, bankruptcy is not right for everyone and it is important to consider what other options you might have before filing. Our Miami Valley, Ohio bankruptcy lawyers discuss some alternatives to bankruptcy below.

Negotiating With Your Creditors

For some people with debt but also income coming in, it may be an option to try to settle your debt by negotiating directly with your creditors.
Read more . . .

Thursday, April 25, 2019

I’ve Filed Chapter 7 Bankruptcy: Can My Lender Repossess My Car?

You realize that you are in bad financial “shape,” so you decide to file for Chapter 7 Bankruptcy. So on top of everything can your car loan lender repossess your car or try to collect debt? It depends.

Debtors Protected by Automatic Stay

When you file for Chapter 7 bankruptcy, an order is automatically created, known as an automatic stay. An automatic stay means that it is unlawful for most creditors to continue to collect from you – or even call you. This means that your car loan lender will not be able to collect any debt from you and is unable to repossess your car without first receiving permission from the court.

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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