We are bankruptcy attorneys located in Middletown, OH. We specialize in chapter 7 bankruptcy and chapter 13 bankruptcy.
HOW CAN I MAKE IT ALL GO AWAY??
You can choose the kind of bankruptcy that best meets your needs.
A chapter 7 bankruptcy, sometimes called a straight bankruptcy, is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors, however most of these assets will be protected by bankruptcy exemptions. The debtor receives a discharge of all dischargeable debts usually within four to six months after filing. In the majority of cases the debtor has no assets that he would lose, so chapter 7 will give that person a relatively quick fresh start.
One of the main purposes of Bankruptcy Law is to give a person, who is hopelessly burdened with debt, a fresh start by wiping out his or her debts.
Chapter 13 bankruptcy, sometimes called a reorganization bankruptcy, is filed by individuals who want to pay off their debts over a period of time. This time would last three to five years. This type of bankruptcy appeals to individuals who have property that they want to keep. It is also only an option for individuals who have income and able to pay their expenses. The court must approve your repayment plan and your budget. A trustee is appointed and will collect the payments from you, pay your creditors, and make sure you live up to the terms of your repayment plan. If you have already filed bankruptcy under chapter 7, you may be able to change your case to another chapter.
For more information regarding which bankruptcy is best for you, contact our office today for a free consultation.
WILL MY CREDITORS STOP HARASSING ME?
By law, all actions must stop against a debtor once the bankruptcy documents are filed. Creditors cannot continue any lawsuits, wage garnishments, or even telephone calls demanding payments.
WILL MY SPOUSE BE AFFECTED BY THIS?
Your spouse will not be affected by your bankruptcy if they are not responsible for any of your debt. The day to day debts, such as credit cards, or other debts that the spouse is not listed on would not apply to them.
WHO WILL KNOW THAT I FILED FOR BANKRUPTCY?
Bankruptcy filings are public records. But under normal circumstances, no one will know you filed bankruptcy. The Credit Bureaus will record your bankruptcy and it will remain on your credit record for up to 10 years.
WHAT ARE THE MOST COMMON REASONS FOR FILING BANKRUPTCY?
The most common reasons are unemployment, medical expenses, overextended credit, marital problems, and other large unexpected expenses.
CAN MY FILING FOR BANKRUPTCY EFFECT MY JOB?
U.S.C. Sec. 525, prohibits any employer from discriminating against you because you filed bankruptcy.
WHAT DOES SECURED DEBT AND UNSECURED DEBT MEAN?
In a chapter 7 and chapter 13 bankruptcy, whether a debt is unsecured or secured makes a big difference in how that debt is treated. It is important that you understand which types of debt you have. Whether a debt is secured or not also determines how a creditor can collect that debt.
A secured debt is an obligation that you owe and backed by collateral that a creditor can recover if you default. Secured debts (or liens) can be voluntary or involuntary. Common types of secured debts include home mortgages, car loans, real property taxes, liens for delinquent income taxes, mechanics liens and judgement liens.
A unsecured debt is a loan not backed by an underlying asset that was extended without collateral. Unsecured debt can be wiped out by bankruptcy, but taking this step makes it more difficult to obtain financing for the next 7 to 10 years. Common types of unsecured debts include most department store and other credit card charges, student loans, telephone, electric and other utility bills, medical bills, personal loans that you were not required to execute a security agreement or mortgage to obtain, income taxes and back rent.
For more information to help understand which debts you have, you can contact our office today at 513-752-3900 for your free consultation.
For more information check out our website at Middletown-bankruptcy.com
Contact our office today in Eastgate, Ohio and Middletown, Ohio for your free consultation to see if bankruptcy will give you the financial relief you are looking for.