Tag Archives: Middletown Bankruptcy

BANKRUPTCY AND YOUR HOME

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

If you have found yourself in financial difficulty, you may be considering bankruptcy.  Bankruptcy allows you to to discharge all of your unsecured debt through a bankruptcy discharge.  In a bankruptcy you may be able to reorganize your debts to make your payments more manageable – or even eliminate your debts totally.

While a bankruptcy can help you get rid of your debt in general, you may want to recommit to the terms of your mortgage if you can afford to pay it and you want to keep the home.  The promise to repay a mortgage after bankruptcy is known as reaffirming your mortgage debt, and whether you have want to take this step depends on your circumstances and the type of bankruptcy you file.

WHAT DOES IT MEAN TO REAFFIRM YOUR MORTGAGE AFTER BANKRUPTCY?

reaffirmation agreement is a legal contract that states your promise to repay all or a portion of your debt which you might have otherwise been released in a bankruptcy case.  Reaffirming your mortgage debt means recommitting to the terms of the loan and promising to pay it.  However, if homeyou default or fail to pay the mortgage, you could still face foreclosure.  If you decide to resign on your home you must commit to repaying this loan as if you reaffirm and then cannot make your payments you will have a foreclosure after your bankruptcy, this could lead to long term credit problems.  People usually file for bankruptcy because they cannot afford to meet their financial obligations, if that’s the case for you, reaffirming a mortgage debt might undue the positive aspects of bankruptcy.

WHY REAFFIRM YOUR MORTGAGE DEBT

If you are current on your loan payment and able to make future payments, reaffirming informs the lender that you intend to pay the mortgage.  This allows you keep your home during bankruptcy as long as you abide by the terms of the reaffirmation agreement and make payments.  When you reaffirm your debt this debt will report on your credit report and start rebuilding your credit right away.

If you do not reaffirm your mortgage debt, but continue to make payments, these payments may not be reported on your credit report.  These payments that you are making would not then be reported and will not help rebuild your credit.  Reaffirmation may also give you the chance to renegotiate the terms of your loan.

HOW TO KNOW IF YOU SHOULD REAFFIRM

Each situation is unique and differs based on your payment history and your ability to pay in the future.  If you are able to keep your mortgage debt, reaffirming may help ensure that the mortgage company will report your payments to the credit reporting agencies.

However, if financial difficulties prevent you from making this commitment and you want to be released from your mortgage in bankruptcy, you should not sign a reaffirmation agreement. Reaffirmation leaves you personally liable for the debt, and you cant’ walk away from it after bankruptcy.

You should work with a bankruptcy attorney to decide if reaffirming on your mortgage debt is in your best interest.

MORE INFORMATION

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

If you are struggling financially bankruptcy may be your best option.  Call today for your free consultation to discuss your individual situation.

BANKRUPTCY & THE ELDERLY

We are bankruptcy attorneys located in Middletown, Ohio.  Our firms main focus of practice has been bankruptcy for over 28 years.

Bankruptcy is generally designed to help people who are underwater with debt gain a fresh start.  While that is sound in principle, there is one group in our society who don’t really need a fresh start, they just need a clean end, and that’s our elderly.  We have a rapidly growing senior citizen population and while many have been able to plan for the future with quality pension and health insurance plans, there are just as many who rely on social security.  Problems really develop when this same group are suddenly hit with demands from creditors on debts they have co-signed on, often for their children and grandchildren.

In most cases, if a senior citizen is collecting social security, then they will most likely travel through the bankruptcy process with no problem, they won’t lose a thing.  Even if they own their home outright the exemption for Ohio is high enough that it will most likely protect their home.  They may even qualify to have their filing fee waived by the court.

Social security and pension plan payments are exempt from bankruptcy.  When it comes to assets, many of our seniors have little to show for their life’s work and what they do have is often well aged and with little resale value.  These assets are worthless to a bankruptcy trustee since the cost of selling them may well exceed the value earned.

What does concern many welfare workers in this area is the pressure our seniors place on images20themselves to pay debts when they are really struggling to pay for food and medication.  Many seniors today were raised that bankruptcy is not an option and do not see bankruptcy as a way for a fresh start and view it as a failure.  Many elderly need to realize it’s an option that may allow them to retire with a more comfortable lifestyle.

Contact our office today to see if bankruptcy will be able to help you or your aging parents get a fresh financial start.

Check out our website at www.middletown-bankruptcy.com.

Call your Middletown, Ohio bankruptcy attorney today.  We offer a free consultation, fair fees and monthly payment plans.

BANKRUPTCY

We are bankruptcy attorneys located in Middletown, Ohio.  Our main focus of practice is bankruptcy.  We have been serving Southern Ohio for more than 20 years.

FORECLOSURE

Sometimes we get in over our head, things happen that are out of our control. Job loss, a medical emergency or a number of other issues could put you into this out of control spiral. fuel You have to eat and keep on your necessary utilities so that you can live and sometimes when this happens you may fall behind on your mortgage payments.  This is a scary thought, but it happens.  You just want to hide under the covers and hope that this situation will go away, of course, that is not going to happen, but things usually do get better and seem to work themselves out.  You will still have time to fix things.  A mortgage company will not usually start a foreclosure proceeding against you until you get about 3 months behind on your mortgage.  Once a foreclosure is started it will take approximately 6 months for it to complete.  Once a foreclosure is complete then your home will be transferred out of your name and you will have lost your home.  But you can stop this process if you want.

Most times we are able to pull ourselves out of that hole.  You find a new job or go back to work after your medical emergency and now you are back on top, but you may still be behind on your bills and mortgage and still in danger of losing your home.  Once you become so far behind on a mortgage the lender usually will want all of the funds that you are behind on before they will stop your foreclosure proceeding.  Most people are not able to come up with this large sum of money..but don’t worry there are still options.

CHAPTER 13 BANKRUPTCY

Once you become so far behind on your mortgage as I stated above most lenders will want all of the funds you are in arrears with them.  Most people do not have these funds available, especially after rebounding from some medical or other catastrophic event in their lives.  This is forwardwhen you need to come and talk with an attorney.  Chapter 13 bankruptcy is available.  Chapter 13 is able to save your home.  Once you are under the protection of chapter 13 your mortgage company must stop all foreclosure proceedings, you will be under the protection of the federal government.  In your case you will have 3 to 5 years to pay back the arrears to your mortgage lender.  Your mortgage company must comply with these rules.  They will have to file a document with the court called a proof of claim to be paid.  They will be paid all of the arrears you owe and your regular mortgage payments going forward.  These payments will be made by the Chapter 13 Trustee.  When your case completes the Trustee will file documentation stating that all payments and arrears have been paid in the case, at this time the mortgage company will have a chance to agree or object and once the case completes they can not come back on you for additional fees.  This is a good thing.

As far as your unsecured debts, chapter 13 can help you with that too, as you will be only paying back a percentage of these and all interest will stop.

MORE INFORMATION

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

If you are struggling with your mortgage or other debts call us today.  We offer a free consultation, fair fees and monthly payment plans.  We can help you get out of debt and save your home.

BANKRUPTCY INFORMATION

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 imagesfresh 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% country-home-paintingto 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.

OUR OFFICE

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 images-1attorney 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.

MORE INFORMATION

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.

BANKRUPTCY & TAX TIME

We are bankruptcy attorneys located in Middletown, Ohio.  We have been in practice for over 28 years.

Are you struggling with debt?  In over your head?  Maybe you have not have made it to the point where you are behind on your debts, but they are just overwhelming.  Maybe you have reached to point to where you are behind on your debts, when the phone rings constantly with creditor calls and your mail box is full of collection letters and even perhaps notices from the court.  No two stories are the same as to where you are when it comes to your debt.  But bankruptcy could be the solution no matter where you are with your debts.  Tax time is a good

Debt bring down

Debt bring down

time to consider filing for bankruptcy. Once you receive your tax refund you may consider paying on some of your debts, but most likely there will not be enough cash to pay off all of your debts with your tax refund.  So if pay all of your refund towards one debt (perhaps a credit card, which you will use again) and leave all of your other debts, this has not really helped you because you will still be struggling every month to pay the remaining debts.  You could just blow all of your cash and have a fun vacation and shopping spree, but really if you are struggling with debts this is not a good way to spend your funds.  Using your tax refund for one year to file for bankruptcy protection will not be so bad when you look forward to a fresh financial start with no debt.  All of your debt could be gone and you would then have the funds to fund that vacation or shopping spree.  Then before you know it tax time will come again and you will be able to spend your refund as you wish with no debt hanging over your head.

Chapter 7 bankruptcy will offer you a fresh financial start in the way that it will discharge all of your unsecured debt under the bankruptcy code.  Once you file for bankruptcy protection your creditors must stop all collection efforts, this includes phone harassment, harassment by mail and court proceedings.  It would be a smart idea to use your tax refund to retain a bankruptcy attorney and wipe all of your debts clean.  Instead of just wasting your tax refund you could use it to retain us as your attorney and we will help you with the process of bankruptcy filing.  Bankruptcy is not such a bad thing, it is there for a reason, there is no reason to feel guilt or be embarrassed just because you have hit hard financial times.  Bankruptcy happens to good people.  We will be able to help you get the fresh financial start you are looking for.

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

Contact your Middletown Hills, Ohio bankruptcy attorney today.  We offer a free consultation and fair fees!