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 . . .

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.
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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.
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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.
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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.
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There are many related issues when it comes to financial problems. For those who find themselves swimming in debt, it is likely that they are also dealing with creditors and collections agencies looking for their compensation. Sometimes when an individual does not have the ability to pay, the creditors will take the action of repossession. 

What is Repossession?

Repossession is the act of reclaiming property when an individual defaults on a loan. For instance, if you default on paying your car bill an Ohio creditor is able to take back the vehicle.
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Before Filing for Bankruptcy Do…

1. DO remain honest. It is imperative that you remain truthful not only to yourself but also to your bankruptcy attorney in order for them to be able to adequately help you. The good news about the attorney-client privilege is that he or she will not share information that you do not want to be discussed and he or she will let you know when you have a legal obligation to disclose of certain information or face penalty of perjury. 
   
   
2. DO continue to make vehicle payments. Your vehicle can be repossessed without notice if you default on a payment.
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Most of us spend decades in the workforce, building our wealth and saving for the day when we get to retire. You may have spent 30, 40, or even 50 years of your life building up your retirement savings to ensure that you can stop working and maintain a comfortable lifestyle for you and possibly your spouse. But what happens when times become difficult and you must file for bankruptcy? Are those same retirement accounts vulnerable for paying off debts? Are they considered an asset? Luckily, in most cases the answer is “no.”

Should you find yourself filing for a Chapter 7 or Chapter 13 bankruptcy, your creditors will not be able to touch most retirement accounts, as they are considered to be
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What business debts can be discharged in bankruptcy?

Eight out of ten small businesses will ultimately fail, according to Bloomberg.  Running a successful small business in America is challenging and there is no defeat in admitting that your business is struggling.  Business owners overwhelmed by debt may wish to consider filing for Chapter 7 bankruptcy. Depending on your business structure, Chapter 7 bankruptcy may offer a way for your business to be saved or offer a means of liquidating should you elect to close the business.  Our Read more . . .

Can student loan debt be eliminated through bankruptcy?

With the rising costs of education, Americans across the country now owe more than $1.48 trillion in student loans.  Over 44.2 million Americans have student loan debt, according to federal reserve data, and at least eleven percent of borrowers are considered delinquent in repayment of their debts.  The average monthly student loan payment is $351, with many borrowers who attended grad school paying twice that amount or more.  America is in the midst of what has been termed a student loan debt crisis, and as of yet the federal government has taken little action to assist borrowers.  Our Ohio bankruptcy lawyers explore student loan facts and examine when student loans can be erased in bankruptcy below.

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In Ohio, the bankrupt FirstEnergy Solutions and the FirstEnergy Nuclear Operating Co. have been okayed by their creditors to spend another $100 million over the course of the next three years. The companies say that this is so that it will be able to provide generous bonuses to certain nuclear power plant employees.

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