We are a bankruptcy firm located in Middletown, Ohio. Our main focus of practice has been Chapter 7 and Chapter 13 bankruptcy for over 27 years.
What is bankruptcy? 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 code. Basically there are two types of bankruptcy available for the consumer; Chapter 7 and Chapter 13.
CHAPTER 7 BANKRUPTCY
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 mail, 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 that 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 our firm for further details.
Are you eligible for a 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.
CHAPTER 13 BANKRUPTCY
Chapter 13 Bankruptcy 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 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 a 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 you will receive a discharge as to all remaining debt.
Chapter 13 can stop a foreclosure or a repossession of a vehicle. Once your file for protection under the bankruptcy stay all court proceedings must stop, including foreclosure. Under Chapter 13 the Trustee would then make the payments you had missed over the next 3 to 5 years within your chapter 13 plan.
At Keegan and Co Attorneys, LLC & Co. Attorneys, LLC 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 advise you which chapter would be best for your situation. They will also quote you a fee for the filing for your case. If you decide to move forward a small retainer will get things started (once you put down the retainer you may refer your creditors to our office), we will then accept monthly payments until your fees are paid and then your case will be filed.
For more information check out our website at www.middletown-bankruptcy.com.
If you are thinking of bankruptcy, contact our Middletown, Ohio bankruptcy attorneys today. We offer a free consultation, fair fees and monthly payment plans.