Getting out of Debt, Bankruptcy is Best

We are bankruptcy attorneys we have offices located in Eastgate, Ohio and Middletown, Ohio.  We specialize in Chapter 7 and Chapter 13 Bankruptcy filings.

Are you struggling with debt?  Many Americans struggle with debt every year. Looking for the best way out of debt can be exhausting and time consuming.  The most common ways out of debt are debt consolidation, debt management, debt settlement, do it yourself and bankruptcy.  It is best to determine the best way out of debt for yourself.  But be careful, believe it or not there are many unreliable and even predatory companies out there that will take advantage of you if you're not careful.

In this blog we will cover these basic ways out of debt and I will show you why bankruptcy is the best way out of debt.

DEBT CONSOLIDATION

Debt consolidation is when you get a new loan to pay off your existing debts. The term "consolidate" means to group several things together into one, which makes sense since debt consolidation groups all of your existing debts into a new loan.  Doing this may lower your monthly payment and possibly your interest rate.

The problem with debt consolidation is you have not reduced your amount of debt, you have simply lumped all of your debt into one loan with one payment.  You are still accruing interest on this high balance and it will take years to pay off this single loan.

Entering into a Chapter 13 bankruptcy will also lump all of your debts into one low monthly payment.  However, in chapter 13 no interest will incur and you will only pay back a percentage of the debt you owe.

DEBT MANAGEMENT

A debt management plan is a program offered by companies or non-profit groups that say they will help you negotiate a new payment plan with your current creditors.  The debt management company will negotiate your debts with your creditors and you will make a monthly payment to the debt management company directly, while they will pay your creditors for you.

There are several problems with the debt management plan.  First and foremost an honest debt management company is hard to find.  Unfortunately not all of these companies are honest in what they are selling you and how they distribute your funds.  We have had more than one client say they paid to one of these companies without ever seeing their balances go down.

Bankruptcy is held in a federal court.  All bankruptcy attorneys are governed by their state bar association, which means we are legit and will not take your money and run per say.

DEBT SETTLEMENT

Debt settlement is when you work directly with your creditors and they will accept a lower amount of money than what you owe them.  You must have the full amount to immediately pay.  This is not too bad of a way out of debt, if you have the funds to do so.

Even if you do have the funds to do debt settlement, not all of your creditors may be willing to work with you and give you a reduction in the amount you owe, so you would not get anywhere in the process with these creditors.  Also, creditors who do settle with you will send you a 1099 at the end of the year and you will need to claim the amount that the creditor wrote off as income on your next tax return.  You will most likely end up owing the IRS and that is just not pretty and there is not quick way out of owing debt to the IRS.

If you file for bankruptcy even in Chapter 7 where you will wipe out all of your debt and not have to pay back a dime, you will not receive any type of tax documentation.  You do not have to list a bankruptcy on your tax return.

DO IT ON YOUR OWN

Aren't you already trying to do this?  Paying each month what you can afford to pay, but not really getting ahead.  It really depends on the amount of debt that you have if you will ever be able to get out of debt on your own.  If you don't have much debt, then this will be a great option for you.  Unfortunately, the average american household has $15,000.00 in credit card debt, not to mention medical debt.  This is really no small amount to pull yourself out of.

BANKRUPTCY REALLY IS THE BEST OPTION

Bankruptcy gets a bad rap in the minds of many.  Many think you have to be a deadbeat or scum of the earth to end up filing for bankruptcy protection.  This is not true, there are thousands of bankruptcies filed in the US each day.  Most are filed by families trying to get by, just like you.  Just because you file for bankruptcy does not mean that you are a bad person, just a regular person in a bad financial situation.

This is the fastest and easiest way to get out debt.  True, the bankruptcy filing will stay on your credit report for up to 10 years, but all of the options above will affect you for about the same amount of time.  The key to bankruptcy is afterwards paying all of your bills on time and not having debts go into collections.  You will be able to get new credit rather quickly if that is what you desire.  Under federal bankruptcy protection you can wipe out all of your debts and get a fresh financial start, without much penalty.

MORE INFORMATION

For more information check out our website at www.keeganandrade.com or www.middletown-bankruptcy.com.

Call today for your free consultation to see if bankruptcy is your best way out of debt, we offer fair fees and monthly payment plans.

Bankruptcy: Chapter 7 vs. Chapter 13

We are bankruptcy attorneys  we have offices located in Eastgate, Ohio and Middletown, Ohio.  We specialize in Chapter 7 and Chapter 13 bankruptcy filings.

For most once they decide to file bankruptcy the decision comes down to which Chapter they will be filing.  Both chapters are beneficial in their own way.  Many factors play into which chapter you will file.  Your income and assets are the main considerations.  Many prefer to qualify for Chapter 7 but may not qualify.

BANKRUPTCY TIMELINE

In Ohio a typical Chapter 7 bankruptcy lasts about six months from the day you file until you receive your discharge.  Your actual court date which is call a 341 Meeting of Creditors will be four to six weeks out from your filing date.  For Chapter 13 you will also have a 341 Meeting of Creditors about four to six weeks after your filing date.  Once you file for Chapter 13 expect to be in the case for a period of three to five years as this time period is mandated by federal law.  Once your complete your Chapter 13 you will receive your discharge.

PAY BACK OF DEBTS

In bankruptcy different debts are classified in basically two groups.  Your unsecured debts (credit cards, medical debts, loans) and your secured debts (houses, cars, anything secured by collateral). There is also a sub-category of unsecured loans which are called priority debts, student loans and tax debts fall into this category.  If you file for Chapter 7 you will be able to discharge all of your unsecured debts and not have to pay anything back.  Most unsecured debts can be discharged, student loans and most taxes will survive the case.  Any secure debts that you would want to keep (such as your home or vehicle) you would continue to make your payments on and sign a reaffirmation agreement within the case. Chapter 13 is a re-payment plan.  Under this re-payment plan you will pay all of your debts with a single payment to the Chapter 13 Trustee once a month.  Out of this payment the trustee may make your regular house payment.  If you have any back payments on your home they would also make this payment for you.  If there is a vehicle payment involved this will also be made by the trustee. You will pay back a percentage of your unsecured debts.  This percentage is based on several factors and can range from 1 percent to 100 percent.  The debts will be paid in order of priority.  So basically in a Chapter 13 you have one payment a month to the Chapter 13 office and your utilities to pay during the duration of the case.

ASSETS

One big benefit of Chapter 13 is you will not have to worry about losing any of your assets in the case.  You keep all of your assets that you wish to keep.  In a Chapter 7 which is also referred to as a liquidation bankruptcy as the trustee may take some of your assets and liquidate them to gain funds to pay your creditors.  Most people do not have to worry about this though because in Ohio the exemptions are very high and most assets can be protected.

As to your home if you want to qualify for a Chapter 7 you must be current on your mortgage payment to keep your home.  If you file Chapter 7 and are not current on your home the lien holder will require that you get current or they may file for Relief from Stay which once granted they can begin the process of foreclosure.  However, if you are current on your home Chapter 7 is no problem, just continue to make your payments and you may reaffirm the debt in the case is you wish.

Chapter 13 is designed to help you save your home if you are behind on your payments.  Under Chapter 13 you will have the three to five year period to make up your missed payments through the case.  The trustee will also make your regular house payment and at the end of the case the trustee will certify that all payments are current.

MORE INFORMATION

For more information check out our website at www.keeganandrade.com or www.middletown-bankruptcy.com.

Call today for your free consultation to find out which bankruptcy chapter is best for you.

Bankruptcy & Divorce

We are bankruptcy attorneys we have offices located in Eastgate, Ohio and Middletown, Ohio. We specialize in chapter 7 bankruptcy and chapter 13 bankruptcy.

It's not uncommon for someone to file for bankruptcy after a divorce. You or your ex-spouse may not be able to keep up with payments on credit cards and other debts on a single salary. It happens, and it's a legitimate reason to look for relief through bankruptcy.

Money is a big stress factor in many relationships. Sometimes a couple that has money problems will think that the answer to their problems is divorce. Each spouse is likely to believe that the other is mostly responsible for the couple's money problems. This belief may or may not be true. One thing is true, you can divorce your spouse, but you can't divorce the debts incurred during your marriage.

When either party contemplates bankruptcy, one consideration is the timing of the filing and whether the parties should file a joint bankruptcy before or during the divorce, or an individual bankruptcy before, during, or after the divorce. Your creditors are not part of the divorce, and the family court cannot alter, modify or revise the contract between debtors and their creditors.  Any joint debt discharged by one party will leave the other party solely liable, exposed to collection efforts and law suits, and will often force the other spouse to repay or file bankruptcy.

Both spouses are responsible for the debts incurred during the time of the marriage. Your divorce settlement will divide up the debts, assigning responsibility for some to one spouse and some to the other. But that divorce settlement is between you and your ex-spouse. It doesn't bind the creditor, who can collect the debt from either one of you. This means if your ex-spouse doesn't pay his or her share of the debts, the creditor can come after you for payment.

HOW CAN I GET STARTED?

Call our office today and set up your free consultation with our Attorney’s. Here you will discuss which chapter of bankruptcy is best for you.

Bankruptcy can mean different things to different debtors. There are several types of bankruptcy chapters provided under the U.S. Bankruptcy Code, each with its own rules and procedures.

The most common filings for bankruptcy are chapter 7 and chapter 13. Chapter 7 will wipe out all your unsecured debt (credit cards, medical fees, utilities, etc.). You can also keep your house and vehicle in chapter 7, as long as your current on payments. Chapter 7 is a straight bankruptcy, referred to as a liquidation bankruptcy. This will stop all collection proceedings including phone calls, mailings, garnishments and court proceedings. As many as 65% of consumer bankruptcy filings in the U.S. are chapter 7. Under a Chapter 7, any debt incurred to a spouse or former spouse that is incurred during a divorce by agreement, decree or court order is not dischargable.  If any assets are recovered, these debts are paid before most of the other debts.

Chapter 13 is a repayment plan. It is referred to as a wage earner. You must have a reliable source of income so that you can repay all or a portion of your debt. Chapter 13 will stop a foreclosure or repossession as well. It is designed to help you retain your home or vehicle if your behind. You will repay 1% to 100% of your unsecured debt, depending on the individuals situation. This will last a minimum of three years and maximum of five years. During this time it will be up to the creditors to file claim in order to be paid during the case.  Under a Chapter 13, the debtor may receive a discharge from obligations incurred as part of the divorce if certain conditions are met.

HOW CAN I GET BACK ON TRACK?

Once you have fully discharged, rebuilding can sometimes seem like an overwhelming task. But it’s important to realize that there is life after bankruptcy. Repaying your existing bills as agreed will be one of the single, most powerful things you can do to restore your finances and your credit. You will be surprised at the credit offers you will receive once you have finished the bankruptcy process

MORE INFORMATION

For more information check out our website at www.keeganandrade.com or www.middletown-bankruptcy.com.

FREE CONSULTATION

Contact our office today for your free consultation to see if bankruptcy will give you the financial relief you are looking for.

Bankruptcy Options

We are bankruptcy attorneys we have offices located in Eastgate, Ohio, Middletown, Ohio and Centerville/Dayton, Ohio.  We specialize in Chapter 7 and Chapter 13 bankruptcy filings.

Have you gotten in over your head with debt?  Many out of your control circumstances can lead to this.  Job loss, divorce and medical emergency.  You are not alone, millions of Americans struggle with debt every month.  At our office we can help you get out of debt by helping you file for bankruptcy protection.  Sometimes debt can get out of our control but we can regain control and not just be a leaf blowing in the wind.  Bankruptcy is not for everyone but many it is the best way out of debt.

There are two chapters of bankruptcy for the consumer, Chapter 7 and Chapter 13.  What are the differences between Chapter 7 and Chapter 13?

CHAPTER 7

Under Chapter 7 you will be able to discharge (wipe out, erase, get rid of) all of your unsecured debt and not have to pay anything back.  Once you file for Chapter 7 all collection actions must stop, this includes phone calls, mailings, court proceedings and current garnishments must stop.  Even if you already have a garnishment on your pay check it will have to stop once your Chapter 7 is filed.  Any funds that might be taken after the case filing will be returned to you by the creditor.  Under Chapter 7 the trustee may sell some of your assets, but in most cases this is not the case because of the exemptions which will protect your assets.  Most people who consider filing for bankruptcy want to file under this chapter as it is the quickest way for you to get out of debt and get a fresh financial start.

CHAPTER 13

Chapter 13 is designed for people who make too much to qualify for a Chapter 7.  Under Chapter 13 the same goes as under 7 that all collection actions must stop, including phone calls, mailing court, proceedings and current garnishments.  Chapter 13 can also stop a foreclosure and allow you to save your home.  You will be able to do this by making your missed payments over the next three to five years.  Under Chapter 13 you will make one lump sum payment to the Chapter 13 Trustee and they will disburse your funds to your creditors.  Your regular house payment may also be included in the payment.  This is a good practice as at the end of your case the Trustee will file documentation with the court deeming that you are current on your payments.  This prevents the creditor from coming back on you after discharge and stating that you still have outstanding fees.  You will not pay back 100% of your unsecured debts.  You will pay a percentage of your unsecured debts from 1% to 100%.  In order for the creditor to be paid they must file a proof of claim with the court, if they fail to file this documentation once you are discharged these debts will also be deemed discharged.

OUR OFFICE

At our office we will offer you a free consultation.  At this consultation you will be able to sit down with one of our attorney and discuss your individual situation.  He would quote you a fee at the free consultation.  If you decide to move forward with bankruptcy a small retainer fee will get things started, once you retain our office you will be able to forward your creditors to us until your fees are paid in full and your case is filed.

Do not continue to blow around like a leaf out of control.  You do have control over your circumstances and there is something you can do to change it.

For more information see our website at www.keeganandrade.com, www.middletown-bankruptcy.com or www.centervilleohiobankruptcy.com.

Contact your Southern Ohio bankruptcy attorney today!

Chapter 13 Basics

We are bankruptcy attorneys we have offices located in Eastgate, Ohio, Middletown, Ohio and Centerville/Dayton, Ohio.  We specialize in Chapter 7 and Chapter 13 bankruptcy filings.

In this blog, however, we will be focusing on Chapter 13.

WHAT IS CHAPTER 13 BANKRUPTCY

Chapter 13 is designed for people who are behind on their mortgage payments who would like to save their home or their income is too high to qualify for Chapter 7.  Chapter 13 involves paying your disposable income to creditors over a three to five year period.  During this time you will be able to make up any missed mortgage or vehicle payments.  Your unsecured creditors will be paid a percentage of what you owe them, once you complete your case and receive your discharge the remaining balance will be deemed discharged through the case.  This means that creditors will not be able to collect on these debts in any way or form.  They will not be allowed to contact you by phone, mail or any other means.

WHAT IS DISPOSABLE INCOME?

To determine your disposable income we will need to know your income for the last six months.  If you have had a pay cut or loss of overtime hours we can reduce your current income for these situations, same if you are making more money at the time we would have to increase your current income.  We would then need to subtract your expenses from your income.  This includes all of your expenses required to take care of your family such as food, rent or mortgage,vehicle payments, utilities and other such needs.  Then we consider things that you know you will be spending such as car repairs, home maintenance or medical expenses.  Then we need to look at things you may not be spending money on but it would be in your best interest to do so such as health insurance, life insurance or maybe a retirement savings account.  If you have expenses not mentioned that doesn't mean we can't count it as long as it is reasonable and necessary.  Once all of these expenses are counted they get deducted from your income and the remainder is an idea of your disposable income.

WE WILL BE THERE FOR YOU

It is not a good idea to try to file a Chapter 13 on your own at your court hearing the trustee will evaluate the reasonableness of your expenses and will try to cut them down so that there is extra money to pay your creditors.  Our job as your attorney is to protect the money that is necessary for you to take care of yourself and your family.  This is why we sit down with you and go over your unique situation and expenses with you thoroughly before the case is filed.

HOW MUCH WILL MY CHAPTER 13 PAYMENT BE?

Your Chapter 13 payments must be enough to cover certain required payments.  Your plan payment must be enough to pay for your mortgage arrears over the next five years, your current mortgage payment (as the 13 office would make your regular mortgage payment through the case), if you have a vehicle payment this will be included and a small amount for your unsecured creditors.

FREE CONSULATION

Every situation is unique.  We offer a free consultation where you will be able to sit down with one of our attorney and discuss your situation.  The attorney will be able to give you an approximate amount of what your Chapter 13 payment would be at this free consultation.  They would also quote you a fee.  If you decided to move forward a small retainer would get things started and then we would take payments, once paid your case will be filed.

For more information see our website at www.keeganandrade.com, www.middletown-bankruptcy.com or www.centervillohiobankruptcy.com.

Contact your Southern Ohio bankruptcy attorney today for your free consultation.

Bankruptcy Myths

We are bankruptcy attorneys we have offices located in located in Eastgate, Ohio, Middletown, Ohio and Centerville/Dayton, Ohio.  We specialize in bankruptcy filings.

Most have preconceived ideas about bankruptcy, but the most common stereotype of bankruptcy does not stir up a lot of sympathy for most of us.  We picture a young, reckless American adult, privileged and unschooled in smart spending and saving, who has racked up credit card debt through frivolous living (picture:  vacations, fancy cars, a mortgage they can't afford) who is suddenly reduced to eating Ramon noodles, pawning valuables, and asking friends to foot the bill at restaurants.  We see their demise and think, well, that serves you right.

But the truth is only a handful of bankruptcy actually look like this.  Surprised?  Don't be.  The past decade has involved plenty of ups and downs in the U.S. economy, making Americans seasick as they struggle to get a hold of their finances in turbulent times.  As a result, the fact of bankruptcy has changed quite a bit.  While it's true that the stereotype of the "irresponsible spender" characterized the bankruptcy field, let's get one thing straight:  more factors than irresponsible spending drive people to bankruptcy.

There are quite a few myths reinforced by years of media and movies in the American mind that simply, are not true, especially now that bankruptcy is shifting in America.

 Myth #1 - Only irresponsible spenders file bankruptcy

As I just pointed out, times are changing, and the economy has forced the hands of unlikely profiles to declare bankruptcy.  Nowadays, bankruptcy hits normal families with normal spending habits just as often as it hits reckless spenders among us.  For many people, filing bankruptcy is a desperate reach for a lifesaver at the mercy of expensive healthcare costs due to illness or injury, student debt, divorce proceedings, or just the rising cost of life:  food, housing, education, etc.  Job loss, too, plays a roll in bankruptcy.

Myth #2 - It's nearly impossible to recovery financially from bankruptcy

Bankruptcy is our nation's way of protecting the debtor and providing a route to financial freedom.  It is the path to recovery.  Of course, the way out is through sound and smart habits:  using credit cards wisely, ensuring that your credit is being reported back to the credit bureau, saving and paying bills on time.  Even in a tough financial climate, it is possible to regain a footing and get out of the nightmare of debt.

Myth #3 - You can discharge your entire debt load through bankruptcy

Certain types of debt cannot be discharged under the U.S. Bankruptcy Code.  If you think about it, we'd all be declaring bankruptcy if we could get rid of all of our debt so easily, and you can imagine how this federal protection would quickly become abused.  In 2005, the Bankruptcy Above Prevention and Consumer Protection Act (BAPCPA) prohibited student loans from being discharged through bankruptcy.  Debts incurred through improper behavior are not discharged, such as through fraud, malicious injury to a person, personal injury to another person, or injury caused by the debtor's operation of a motor vehicle while intoxicated.  In addition, certain types of tax claims, debt for spouse or child support, and debts to the government are typically not discharged.  However, there are numerous amounts of debts which can be discharged through a bankruptcy.  To discuss your individual situation contact us today for your free consultation.

Myth #4 - Your credit is ruined forever if you file for bankruptcy

A bankruptcy will stay on your credit report for anywhere from 7 to 10 years, depending on the chapter you file.  However, you will be able to regain credit. The secret is to pay the bills you have on time and don't have any debts go into collection.  Keep your credit clean and you will re-gain good credit again before you know it.

Myth #5 - College educated people with successful jobs rarely file bankruptcy

The institute for Financial Literacy reported in 2011 that "college education doesn't appear to ward off bankruptcy as the rate of decree holders filing bankruptcy increased by 20%" in the five years prior to the report.  In addition, during those five years, bankruptcy filers with incomes above $60,000.00 increased their rate of filing by over 66%.

If you've gone to college, had a fairly successful life, and feel shame at the thought of declaring bankruptcy, understand that the numbers are shifting.  It's normal to cringe at the thought of filing for bankruptcy, but the reality is that more and more educated, successful professionals have accepted this as the route to regain their feet under them when debt piles too high.

Bankruptcy does happen to good people.

More Information

For more information visit our website at www.keeganandrade.com, www.middletown-bankruptcy.com or www.centervilleohiobankruptcy.com.

Contact your Southern Ohio bankruptcy attorney for your free consultation today.  We offer fair fees and monthly payment plans.

Bankruptcy

We are bankruptcy attorneys we have offices located in Eastgate, Ohio, MIddletown, Ohio and Centerville/Dayton, Ohio.  We specialize in Chapter 7 and Chapter 13 bankruptcy filings.

Job loss, divorce, a medical emergency or other catastrophic event can make it hard to keep on top of debt.  Millions of people have used U.S. bankruptcy laws to get a fresh start.  There are several myths about bankruptcy that just are not true.

BANKRUPTCY WILL RUIN MY CREDIT FOREVER

It is true that bankruptcy stays on your credit reports for up to 10 years, but once the slate is essentially clean after a successful bankruptcy filing, people can instantly start re-building their credit.  In fact, many people even gain stronger credit scores after filing and their old debt is gone and they can start a fresh start.  Think about it, your credit probably isn't that great to begin with. Bankruptcy is designed to clear debt and give people a fresh financial start, once a bankruptcy is filed credit card and car company offers will replace the collection letters once received in your mailbox, so if additional credit is what you desire, you will be surprised at the amount of credit card offers you will receive after your bankruptcy filing.  Creditors know that you cannot file again and that you are debt free, so they are wiling to extend credit to you once again.

I WILL BE LOOKED DOWN UPON

Everyday people just like you decide to file for bankruptcy.  With the economy, bankruptcy does not hold that old stigma it may have a decade ago.  Most of us are struggling with debt, and many have lost jobs, making bankruptcy more common than most realize.  Your neighbor or best friend may have filed.  Bankruptcy filings do not get published in your local newspaper it will not be common knowledge that you filed for protection.  The only people who will know will be you and your attorney, there is no reason to tell others.  Creditors will give you a second chance, the important thing will be to try to pay anything you keep on time and try not to have any debts go into collection.  Bankruptcy has helped millions of Americans get out of debt and can help you to.

BANKRUPTCY IS EXPENSIVE

Many people believe that bankruptcy will be too expensive for them to file.  Bankruptcy is not free of course, but the fee is small compared to the amount of debt you will be discharging.  We offer a free consultation, where you will be able to sit down with an experienced attorney and discuss your situation.  The attorney will go over all of your options and quote you a fee.  If you decide to move forward a small retainer will get things started and then you can make monthly payments on your case.  Your monthly payment can be what you can afford, we just wont file your case until your fees are paid in full.

MORE INFORMATION

Fore more information check out our website at www.keeganandrade.com, www.middletown-bankruptcy.com or www.centervilleohiobankruptcy.com.

Call today for your free consultation with your Southern Ohio bankruptcy firm.

Bankruptcy and Creditor Harassment

We are a bankruptcy attorneys we have offices located in Eastgate, Ohio, Middletown, Ohio and Centerville/Dayton, Ohio.  We can help you with creditor harassment.

Are you struggling with debt? Don't want to check the mailbox? The phone calls start at 9:00AM every day and do not end until late at night. Even on the weekends when you could be trying to sleep in after a long week at work, the phone begins to ring at the break of dawn! These creditors just do not understand, why do they call all day? It is not like you meant to fall behind on your debts. This is not something that people plan on doing. If you had the money you would pay them, but now it has gotten to the point where the funds they want are just too much and unreasonable.

You can stop all of this. There is light at the end of the tunnel. There are laws designed to help people just like you. 

What we do at our firm is offer you a free consultation with one of our bankruptcy attorneys. At this consultation the attorney will quote you a fee for filing for bankruptcy. A small retainer fee will get things started and then we will accept monthly payments until you are paid in full, then we file your case.

Once you put down your retainer fee you can start to refer your creditors to our office and let them know that you have decided to file for bankruptcy and have retained an attorney. Once you give them this information they should contact us and leave you alone, this will allow your stress levels to decrease, you to relax a little bit and get on with your life while you are making your monthly payments to us.

Once your case is filed the bankruptcy court will notify all of your creditors of your bankruptcy filing. At that point the creditor can never come back on you for debts that you currently owe. If they were to call to collect, this is creditor harassment, you would just need to give them your bankruptcy case number and that should end that creditor contacting you. This does occur occasionally due to the fact that debts are often sold to new collection agencies and in some cases the credit company is just so big that the notice had not gotten to the right department prior to this phone call.

If you are facing a foreclosure and want to keep your home Chapter 13 bankruptcy is what you are looking for. Under Chapter 13 bankruptcy you pay back a percentage of your debts, and the payments that you are behind on your mortgage. A Chapter 13 will last for 3-5 years. You will pay back a percentage of your debts, while you are in the Chapter 13 the creditors cannot contact you in anyway or form. At the end you will receive your discharge.

If you are facing foreclosure and do not want to keep your home, you can file for Chapter 7 Bankruptcy and surrender your home through the bankruptcy. Even Chapter 7 will slow down the foreclosure process, giving you extra time in your home to save money for the future.

For more information check out our website at www.keeganandrade.com, www.middletown-bankruptcy or www.centervilleohiobankruptcy.com.

Contact your Southern Ohio Bankruptcy Attorney today to discuss your individual situation and see if we can help you with creditor harassment

BANKRUPTCY

We are bankruptcy attorneys we have offices located in Eastgate, Ohio, Middletown, Ohio and Centerville/Dayton, Ohio.  We specialize in Chapter 7 and Chapter 13 bankruptcy filings.

Summer is quickly fading to fall, nothing is more spectacular than a warm crisp autumn day.  Soaking up the warm sunshine and taking in the beautiful sights of all the fall colors.  Yellows, reds and oranges dominate the landscape of leaves and drying crops it truly is beautiful and relaxing.  The quiet of a day with the warm air and the birds gone all you hear is a crow cawing above, white fluffy clouds float above lying in dry crisp grass.  If only those types of days could last forever that would be wonderful, but that is the thing about fall, one day its warm and beautiful, the next its cold and rainy and you are reminded of what is coming.  The warm days will slowly turn into colder and colder days, you know the routine it happens at the same time every year, cold weather that slowly turns into winter.  The thought of winter can be overwhelming to some, it is harder to get by in the wintertime than in the warmer months, utilities get more costly, you cannot grow any of your own food to cut down on your grocery bill, things just get tougher as the weather gets colder

For many, maybe even you winter will be the straw that will break the monkeys back  on the financial end.  You may already be barely making it each, borrowing from Peter to pay Paul.  Borrowing from outside sources, you may even be in the cycle of borrowing and never being able to get out of the cycle of borrowing because once you pay back what you borrowed you need to borrow more just so you make it through to the next payday..it is a vicious cycle to be in.

If you are struggling each month with medical or credit card debt and wondering how you will make your minimum payments and keep up with your utilities this coming months maybe bankruptcy could be an option for your.  Bankruptcy is a federal statute that will allow you to discharge all of your debts.  Discharge means that you will be able to wipe away all of your current unsecured debt and start over again.  Once you file for bankruptcy protection all collection efforts by creditors must stop.

There are two basic chapters of bankruptcy available to the general consumer.  Chapter 7 and Chapter 13.

CHAPTER 7

Under Chapter 7 you will be able to discharge all of your unsecured debts and not have to pay any of them back.  You will be able to keep your home and car if you desire to.  You will resign on these assets by signing a reaffirmation agreement which will be filed with the court.  Chapter 7 is referred to as straight or simple bankruptcy, because most are just that, straight and simple.  Most of your assets will be able to be protected under chapter 7  If you wish to file chapter 7 and keep your home or vehicle you must be current on your payments.

CHAPTER 13

If you are not current on your home or car or you do not qualify for chapter 7 you will may be able to file a Chapter 13.  Chapter 13 is also referred to as a "wage earner" plan because in order to file for Chapter 13 protection you must have a reliable source of income so that you can repay all or a portion of your debt.  Under Chapter 13 you will be in the case for three to five years and you will be able to save your home from foreclosure or your vehicle from repossession.

MORE INFORMATION

At our office we will offer you a free consultation.  At this consultation you will be able to sit down with one of our experienced attorneys and discuss your individual situation.  They will be able to let you know what you will qualify for before you leave the office.

Check out our website at www.keeganandrade.com, www.middletown-bankruptcy.com or centervilleohiobankruptcy.com.

Call your Southern Ohio bankruptcy attorney today for your free consultation.

Struggling every month? Bankruptcy may help.

We are bankruptcy attorneys we have offices located in Eastgate, Ohio, Middletown, Ohio and Centerville/Dayton, Ohio.  We specialize in Chapter 7 and Chapter 13 bankruptcy filings.

We all go through tough times.  There are many factors that can cause us to struggle financially.  You could have lost a good paying job and had to take a new job making less money.  You could have had a medical emergency in which you incurred medical debt.  Maybe you have recently divorced.  There are so many factors which can cause hardship in our lives and throw us off balance as far as paying our debts go.  Robbing from Peter to pay Paul at the end of the month, sometimes it just does not work because Peter is broke too.  If this describes you in any way then bankruptcy may help you get a fresh financial start and break out of the prison of debt.

WHAT IS BANKRUPTCY

Bankruptcy is a federal code which will allow you to discharge your unsecured debts and get a fresh financial start.  Under the bankruptcy code once you file all collection efforts against you must stop.  This includes phone calls, court proceedings and garnishments.  Yes, you can stop a garnishment even if it has already begun once your file under the bankruptcy code.  Bankruptcy is designed to help people get out of debt, it is not a bad thing and if you file it does not mean that you are a bad person, just a person in a bad financial situation.

WHAT IS THE BANKRUPTCY PROCESS?

At our office we will offer you a free consultation.  At this free consultation you will be able to sit down with one of our attorneys and discuss your individual situation.  The attorney would then determine which chapter you would qualify for and guide as to the next step.  If you decide to move forward a small retainer fee will get the process started and we will then accept payments until you have paid in full and then your case will be filed.  Once you decide to file and retain our office you should stop paying on bills that you do not want to keep and start referring your creditors to our office.  You would then submit all of your documentation so that your case can be prepared and once paid in full you would sign your documents and your case will be filed.  Your court date will be approximately four weeks after you file.  There are two credit counseling sessions which you will need to complete, one before filing and one after.  You would then receive your bankruptcy discharge and get your fresh financial start.  Creditors will no longer be able to collect on any debts which you included in your bankruptcy filing.

MORE INFORMATION

For more information check out our website at www.keeganandrade.com, www.middletown-bankruptcy.com or www.centervilleohiobankruptcy.com.

Call your Southern Ohio bankruptcy attorney today to see if bankruptcy is the right step for your fresh financial start!

BANKRUPTCY & YOUR HOME

We are bankruptcy attorneys we have offices located in Eastgate, Ohio, Middletown, Ohio and Centerville/Dayton, Ohio.  We specialize in Chapter 7 and Chapter 13 bankruptcy filings.

Home ownership, the American dream, the white picket fence, everything perfect just the perfect home, everyone dreams about it.  Some are lucky enough to achieve the dream.  But home ownership does come at a cost.  There are increased utility bills, lawn maintenance, home maintenance and before you know it you can be in over your head just from trying to keep your home updated and keep up with life.   So, what happens when you achieve the dream and run into financial difficulty?  In most cases you can keep your home even if you decide to file for personal bankruptcy.

CHAPTER 7 BANKRUPTCY AND YOUR HOME

Chapter 7 bankruptcy also referred to as straight bankruptcy or liquidation bankruptcy is a process where you would be able to discharge all of your unsecured debts under the federal code.  Chapter 7 is referred to as a liquidation bankruptcy because the trustee may take some of your assets and sell them to pay your creditors.  However, for your home in Ohio there is a large homestead exemption of $132,900.00 per individual.  So as long as you do not have more than $265,000.00 (for a married couple) equity in your home the trustee would not be able to take and sell your home.  To keep your home in Chapter 7 the main rule is that you are current on your house payments when the case is filed.  As long as you are current and do not have too much equity in your home you will be able to keep your home under Chapter 7.   Under Chapter 7 if you wish to keep your home you would sign a reaffirmation agreement on your home, signing this document deems your debt with the mortgage non-discharged and they will continue to report your payments to the credit reporting agencies.

If you keep your home and are behind on your real estate taxes these will have to be taken care of outside of the case as these are not able to be discharged through bankruptcy.

CHAPTER 13 BANKRUPTCY AND YOUR HOME

If you have too much equity in your home or are behind on your mortgage payments you can save your home through a Chapter 13.  A Chapter 13 bankruptcy is a repayment plan.  You will have a period of three to five years to pay back a portion of your unsecured debts.  If your home is in foreclosure you can file for Chapter 13 and this will stop the foreclosure process.  You will then make your regular house payment and your arrears payment through the Chapter 13 Trustee.  Once you complete your case you will be current on your home and will make your payment yourself.

MORE INFORMATION

For more information check out our website at www.keeganandrade.com, www.middletown-bankruptcy.com or www.centervilleohiobankruptcy.com.

Call our office today for your free consultation with one of our bankruptcy attorneys.  We offer a free consultation, fair fees and monthly payment plans.

Bankruptcy Income Levels

We are bankruptcy attorneys we have offices located in Eastgate, Ohio, Middletown, Ohio and Centerville/Dayton, Ohio.  We specialize in Chapter 7 and Chapter 13 bankruptcy filings.

Many people assume that if their income is relatively high, they cannot file for Chapter 7 bankruptcy.  Usually this assumption is incorrect.  It is not by any means unusual for a high-income debtor to file under Chapter 7.  In reality, high-income Chapter 7 bankruptcies are filed everyday.

What constitutes as high income is a matter of perspective and depends on many factors, such as where you live, your living expenses, the size of your family, etc.  (A salary of $80,000.00 for a family in rural Ohio goes a lot further than the same earnings in the city center of Columbus or Cincinnati).  With that being said, in the language of bankruptcy attorneys a "high-income debtor" is a debtor with earnings above the state median income for the debtor's family size.

The Ohio state median income per family size (determined by census figures) as of the date of this post is as follows

Individual	Family of 2	Family of 3	Family of 4
43,688	53,850	61,568	77,500

*For each additional family member over four, add $8,100.

WHY IS THE STATE MEDIAN IMPORTANT?

Whether your income is above or below the Ohio state median income determines if you will be able to discharge all or most of your debts in Chapter 7, or will you be required to pay back at least a portion of your debt under Chapter 13.  If your average gross earning for the six months before filing for bankruptcy is at or below the state median for your family size, you may file under Chapter 7 (assuming that you meet the other requirements).  Simple!

On the other hand, if your average gross earnings for the six months before filing is over the median, you will have to takes a "means test" to determine if you qualify for Chapter 7.  This means test considers your income minus certain allowable expenses.  Frequently the results allow a debtor with substantial earnings but high expenses to file under Chapter 7.

ARE YOU REALLY A HIGH-INCOME DEBTOR?

Before jumping to meet the means test, debtors need to determine if they are actually high-income debtors for the purposes of the test.  We often have clients with seemingly high earnings who are surprised that they fall below the state median.  Many of these clients have not considered the size of their families.  However, one of the most important factors in determining whether or not you are a high-income debtor is family size.  For example, a family of four making $85,000 would have earnings well above the state median of $77,500 for their family size.  But what if that family making $85,000 includes six members?  Because the median state income medical for a family of six is $93,700, the debtors do not need to take the means test.

Even if the debtor is above the state median, it is often by much less than the debtor presumed.  The closer your overall earnings are to the state median, the easier it is to pass the means test.

WHAT TYPE OF INCOME?

If you appear to be over the median, you may still be able to avoid the means test.  Depending on what type of earnings you have.  Not all sources of money count as income for calculating gross earnings.  For example, under the Bankruptcy Code certain income, primarily social security, is excluded from your gross income for the purposes of the means test.  This exclusion will often bring a debtor's gross earnings below the state median, thus avoiding the means test.  In addition, because the bankruptcy code focuses on "regular income", some irregular earnings may not count as "gross income".

CAN I PASS THE TEST?

Finally, even if you must take the means test, it is still quite possible that you will qualify for Chapter 7.  Very often, high-income debtors have high allowable expenses, including mortgage payments, vehicle payments, etc., that will offset their earnings.  Although the means test is complex and must be handled carefully, it is not at all unusual for high-income debtors to pass the test.  However, failing to list income of any kind can lead to unpleasant consequences.  Attention to detail is the name of the game?

WHAT NOW?

We have spent most of this blog discussing the initial qualification for Chapter 7.  However, it is important to note that even if you pass or avoid the means test, you do not automatically get to file under Chapter 7.  You must meet all other requirements, including a showing that after expenses, you have no significant disposable income to pay your creditors.  In addition, there may be a reason for choosing Chapter 13, such as saving a house from foreclosure or a car from repossession.  In some cases, a non-bankruptcy solution such as debt negotiation may be available.

MORE INFORMATION

For more information check out our website at www.keeganandrade.com, www.middletown-bankruptcy.com or www.centervilleohiobankruptcy.com.

FREE CONSULTATION

Contact your Southern, Ohio bankruptcy attorney today for your free consultation to see if you can qualify for a Chapter 7 bankruptcy.

Bankruptcy Basics

We are bankruptcy attorneys we have offices located in Eastgate, Ohio, Middletown, Ohio and Centerville/Dayton, Ohio.  We specialize in Chapter 7 and Chapter 13 bankruptcy filings.

Not sure what bankruptcy is? Bankruptcy is a process in which consumers and businesses can eliminate or re-pay some or all of their debts under the federal protection of the bankruptcy stay. Basically, there are two types of bankruptcy available for the consumer: Chapter 7 Bankruptcy and Chapter 13 Bankruptcy.

CHAPTER 7 

Chapter 7 is designed to clear off or discharge all of your unsecured debt. This will give you a fresh financial start. Creditors can no longer collect on debts by telephone calls or court proceedings. If there were secured items that you wish to keep such as your home or vehicle you would re-sign on these items under a reaffirmation agreement.

A reaffirmation agreement is a bankruptcy document you would sign to reaffirm debts that you do not want to discharge through your case. The debts that are re-signed on will report to the credit reporting agencies and help to re-build your credit.

Chapter 7 is also referred to as a "liquidation bankruptcy" because the trustee may take and sell or liquidate some of your property to pay back some of your debt. However, you will be able to keep most if not all of your property due to the protection of the bankruptcy exemptions. These include such things as your home, vehicle, cash on hand, jewelry, household items, retirement plans, and most other assets. The exemptions vary so you should contact your Southern Ohio bankruptcy attorney for further details.

Are you eligible for Chapter 7. Not everyone can qualify for Chapter 7, there are several factors to consider, but most can qualify. Contact our office today for your free consultation to see if you qualify for Chapter 7 Bankruptcy.

CHAPTER 13

Chapter 13 is also referred to as a "wage earner" plan because in order to file for Chapter 13 protection you must have a reliable source of income so that you can repay all or a portion of your debt.

In Chapter 13 you will pay back a percentage of your unsecured debts, this can range from 1% to 100% depending on your individual situation. Chapter 13 bankruptcy can also stop a foreclosure action and a vehicle repossession and allow you to make up your missed payments through the chapter 13 plan.

If you file for Chapter 13 be prepared to be in the case for minimum of 3 years and a maximum of 5 years. It will be up to the creditors to file a claim in order to be paid during this case. During this time period you will repay a percentage of your unsecured debts, your secured debts and any missed payments you had on your house or vehicle. At the end of the case you will receive a discharge as to all remaining debt.

MORE INFORMATION 

For more information check out our website at www.keeganandrade.com, www.middletown-bankruptcy.com or www.centervilleohiobankruptcy.com.

If you are thinking of filing for bankruptcy, contact your Southern Ohio bankruptcy attorneys today. We offer a free consultation, fair fees and monthly payment plans.