Bankruptcy

Can creditors stop the discharge of my debts?

Chapter 7 bankruptcy filers are typically individuals who have found themselves burdened by hefty debt. Millions of Americans find themselves in the position of being weighed down by debt each year. In filing for Chapter 7 bankruptcy, your ultimate goal is to obtain a complete discharge of your debt. Chapter 7 bankruptcy can allow you to wipe out certain debts so that you are no longer personally liable and the creditor has no right to collect on the debt. Not all debts, however, are capable of discharge.

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What is the most important document to bring for your new attorney’s review?

Once you have made the decision to pursue filing for Chapter 7 or Chapter 13 bankruptcy, you will need to select a potential attorney and schedule your first meeting. You might find your attorney through personal recommendations or online reviews. Your initial consultation will be important for you to affirm your choice of lawyer and for your attorney to review your case. In order to provide your Read more . . .

Will I be able to buy a home again after declaring bankruptcy?

Many potential bankruptcy filers are understandably concerned about how filing for bankruptcy may affect their credit. There is a common misconception that declaring bankruptcy will tank your credit score for decades to come. In reality, while a Chapter 7 bankruptcy will impact your credit score, there are steps you can take to rebuild your credit soon after bankruptcy.
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Medical care in the U.S. is extremely expensive. In order to go through necessary treatments for injuries, cancer, and other health problems, many are burdened with medical bills they are unable to pay back. All too quickly the medical bills will be sent to a third-party collection agency and that is when the phone calls begin.
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Filing for bankruptcy does not mean you will lose all of your possessions to your creditors. Exempt property cannot be repossessed or liquidated by your creditors to fulfill outstanding debt obligations. Bankruptcy exemptions allow you to shield certain property from your creditors. With Read more . . .

Sometimes, when you are faced with severe, financial stress, you may consider seeking protection from your creditors through the filing of bankruptcy. This may prove to be a difficult decision – especially when you are self-employed as a sole proprietor of a small business or if you work as an independent contractor.

The decision to file for bankruptcy is not one that is taken lightly. You have the option of filing for Read more . . .

In 2012 alone, 1,181,016 individuals and 40,075 businesses in the United States filed for bankruptcy. Bankruptcy serves to allow people to start over when they cannot remedy their situation. According to the Read more . . .

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.
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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.
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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.
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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 . . .