Bankruptcy

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

If you are facing financial difficulty you may be considering filing for bankruptcy.  As with any new endeavor in life It is a good idea to educate yourself on the process and terms before moving forward so that you understand what you is going on around you during the process.  There is nothing worse than words being thrown at you that you do not understand that will flow freely from your attorney and their staff.

Here are some general terms that will help you understand the bankruptcy process.

BANKRUPTCY –  A legal procedure for businesses and individuals to deal with debt problems.

BANKRUPTCY PETITION – The document filed with the bankruptcy court to open a bankruptcy case.

CHAPTER 7 – The chapter of the bankruptcy code in which you do not have to repay any or your debts, however, the trustee may liquidate any exposed property.

CHAPTER 13 – The chapter of the bankruptcy code in which you will pay back a portion of your debts, this is a three to five year process.

BANKRUPTCY TRUSTEE –  The representative of the bankruptcy estate who exercises statutory powers, principally for the benefit of the unsecured creditors, under the general supervision of the court and the direct supervision of the U.S. trustee or bankruptcy administrator. The trustee’s responsibilities include reviewing the debtor’s petition and schedules and bringing actions against creditors or the debtor to recover property of the bankruptcy estate. In chapter 7, the trustee liquidates property of the estate, and makes distributions to creditors. The trustee is who you will appear before in bankruptcy court.

AUTOMATIC STAY – An injunction that automatically stops lawsuits, foreclosures, garnishments and all collection proceedings the moment the bankruptcy petition is filed.

341 MEETING OF CREDITORS – The meeting of creditors required by section 341 of the Bankruptcy Code at which the debtor is questioned under oath by creditors, a trustee, examiner, or the U.S. trustee about his/her financial affairs. Also called creditors’ meeting.

EQUITY – The value of a debtor’s interest in property that remains after liens and other creditors’ interests are considered.

These are just some general terms.

At our office we offer you a free consultation, fair fees and monthly payment plans.  At this free consultation you will be able to sit down with an experienced attorney and discuss your individual case.  The attorney will guide you on the best path for your individual situation.  They will also quote a fee.  A small retainer will get things started.  Once you put down that retainer you may refer your creditors to our office.  We would then accept monthly payments until your fees were paid in full and then your case would be filed.  Of course, the faster you pay off your attorney fees the faster you will be filed and on your way to a fresh financial start.

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

Call today for your free consultation with your Middletown, Ohio bankruptcy attorney.