Category Archives: Foreclosure

How to build credit after bankruptcy

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

Struggling with debt?  Exhausting your funds trying to get out of debt? Borrowing from Peter to pay Paul every month.  Avoiding the collection calls and checking the mailhands.  Many know that they are struggling and at the end of their rope, but are just scared to file for bankruptcy.  Filing could solve many of these financial difficulties, but they are afraid that if they file they will ruin their credit for the rest of their lives.  This is simply not true.  Actually just letting things go will ruin their credit more than filing. Just letting the debt go will result in court proceedings and judgments on credit reports. These judgments will stay on the credit report for as long if not longer than a bankruptcy, as a judgment will stay on the credit report until it is satisfied and will also continue to accrue interest.  Even once you do satisfy the judgment it will show on the credit report as satisfied.  This will still let creditors know that you have had financial difficulty and they will judge you on this basis.

BUILDING CREDIT AFTER FILING FOR BANKRUPTCY

It will not be difficult to re-build your credit after a bankruptcy filing.  Any debt that you keep (such as a home or vehicle) will automatically report on your credit report and start to re-build your credit score.  The important thing is to pay all debts on time and do not have any debts go to collection after a bankruptcy filing.  You can even qualify to buy a home two years after a bankruptcy filing, with a good clean report.  You will be surprised at the amount of credit card offers you will receive after filing.  Creditors also know that you cannot file again for quite some time and are therefore willing to offer more credit.

Filing for bankruptcy does not mean that you are a bad person, just a person in a bad financial situation. Filing for bankruptcy protection will help you out of that bad financial situation and hopefully you will not have to experience the situation again.  We are here to walk you through the process and make it as easy as possible for you to go through. Our attorneys have a combined experience of over 40 years and will be able to make filing seem simple and stress free.

HOW TO GET STARTED

At our law office we will offer you a free consultation.  At this free consultation you will be able to sit down with one of our experienced attorneys and discuss your case.  The attorney will then be able to advise you if bankruptcy is the best option for you and quote you a fee for the images6services.  If you decide to move forward a small retainer will get things started and we will then accept monthly payments until your fees are paid and we would then file your case. Your court date will be approximately 6 weeks out from your filing date.  Once your case is filed all of your creditors will be notified by the court by US mail, they will no longer be allowed to collect on these debts in any manner.

MORE INFORMATION

For more information check out our website at www.middletown-bankruptcy.com or call 513-422-2994 today for your free consultation to get a jump on your fresh financial start.  We are your Middletown, Ohio bankruptcy attorney.

Is Bankruptcy the Answer?

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

WHAT IS BANKRUPTCY?

Bankruptcy is a legal procedure which will give debtors federal protection from creditors.  Under the bankruptcy code all of your debts will be discharged and give you a fresh financial start.

HOW CAN BANKRUPTCY HELP ME?

Filing bankruptcy could wipe out credit card debt and other unsecured debts. If filed, no creditor can legally collect of those debts.

Bankruptcy can stop creditor harassment, as in phone calls and harassing letters and could stop repossession of your car or foreclosure of your home. You could still retain your home even if a foreclosure has already been filed.

Medical debt is discharged through bankruptcy. Overall, health care is the main reason in the U.S. for filing bankruptcy. Hospitals and ER services cannot refuse you service in the future, if you were to file.

You do NOT lose everything you own. Sometimes in a chapter 7, the trustee may take items and sell them to pay on your debts, however, most consumers are usually happy to learn they will be able to keep most of their assets through the bankruptcy exemptions.

These are just some of the ways that a bankruptcy could help you.

WHICH BANKRUPTCY OPTION BEST FITS MY SITUATION?

The most common filings for bankruptcy are chapter 7 and chapter 13. Chapter 7 will wipe out all your unsecured debt (credit cards, medical debts, utilities, etc.). You can also keep your 10418205-hulp-van-de-schuld-net-voor-green-road-sign-meer-dan-dramatische-lucht-wolken-en-zonnestraalhouse 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.

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 debt, depending on your individual situation. This will last a minimum of three years and max of five years. During this time it will be up to the creditors to file claim in order to be paid during the case.

WHAT DEBTS WILL A BANKRUPTCY NOT ERASE?

Most of your debts can be discharged in a bankruptcy. Some debts are not dischargeable. They cannot be wiped out in a chapter 7 or at the end of a chapter 13. Some kinds of debt can never be discharged.

Student Loans – Most student loan debt is not dischargeable. In some situations a debtor can claim that student loan debt causes an extreme hardship and can obtain a discharge, but it is very difficult to persuade a Bankruptcy Court to discharge a student loan debt.

Taxes – Some income tax debt can be discharged in bankruptcy, but this varies, you should make an appointment for your free consultation to discuss your individual situation.

Alimony and Child Support – Back payments or arrearages for child support and for alimony are nondischargeable. Orders to pay attorney fees in child support and child custody cases are usually nondischargeable.

Fines and Penalties – Most fines that are imposed by a court and most penalties that are assessed by a government agency are nondischargeable.

WHAT HAPPENS AFTER BANKRUPTCY?

If you want to have credit, you will be surprised at the amount of credit offers you will receive once you file for bankruptcy protection. You can improve your credit after filing and being discharged. This gives people the opportunity to rebuild their credit because it eliminates the old debt.

MORE INFORMATION

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

FREE CONSULTATION

BANKRUPTCY PROTECTION

We are bankruptcy attorneys located in Middletown, Ohio.

Are you thinking of filing for bankruptcy protection?  If so, you probably have some questions regarding the issue.

At our office we offer a free consultation.  At this free consultation you will be able to sit down with a qualified experienced bankruptcy attorney and discuss your current situation and ask any questions you may have.  The attorney will at this free consultation advise which chapter will be best for you.

There are several chapters of bankruptcy available under the federal bankruptcy code, however, Chapter 7 and Chapter 13 are the most common filings among general consumers.

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is also referred to as straight bankruptcy or liquidation bankruptcy.  This chapter is available for most consumers.  Under Chapter 7 Bankruptcy protection you will be able to discharge all of your unsecured debts under the bankruptcy code.  A discharge is a document issued by the federal court which deems your debt non-collectable by creditors.  Once you file for Chapter 7 protection all collection practices by creditors must stop.  This includes but is not limited to phone calls, mail harrassment, court proceedings and garnishments.

Chapter 7 is sometimes referred to as a liquidation bankruptcy because the Chapter 7 Trustee may take some of your assets and sell them to pay your debts.  However, most people are happy to find out that they are able to keep most of their assets as there are exemptions to protect these assets.  There are cases, however, where you may have equity and have to pay back some to the Trustee.  Most people are happy to pay back this small amount compared with the debt that they are discharging through the bankruptcy.  Call our office today for your free consultaton to discuss your individual situation.

In Chapter 7 Bankruptcy you will be able to keep your home and vehicle.  You must however, be current on your payments on these assets if you wish to keep them.  The creditor will have a reaffirmation agreement for you to sign and this will deem the debt non-discharged through the bankruptcy.  This document will also guarantee that the creditor will continue to report your payment history to the credit reporting agencies, thus rebuilding your credit after the bankruptcy filing.

As many as 65% of consumer filings in the US are Chapter 7 Bankruptcy filings.

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy also referred to as a wage earner plan you will allow you to retain ownership and possession of all assets that you wish to keep.  But you may also surrender assets through Chapter 13, if you wish.  In Chapter 13 Bankruptcy you must have income to support the case as you will be making monthly payments to the Chapter 13 Trustee and they will be disbursing your funds to your creditors for you.  It is up to the creditor in a Chapter 13 Bankruptcy to file a claim in order to be paid.

Chapter 13 can stop a foreclosure.  If you are in foreclosure and want to save your home you can file a Chapter 13 and stop the foreclosure.  Your mortgage holder cannot object to your bankruptcy filing and must file a claim in your case to be paid.  Chapter 13 generally lasts for a three to five year period.  During this time you will be able to make up all your missed payments and the Trustee will disburse your regular house payment.  This is a good thing because at the end of your case the trustee will file a notice with the Court that all payments are current and deems that your mortgage holder cannot come back on you for additional fees incurred while you were under bankruptcy protection.

If you are behind on your vehicle, Chapter 13 can also stop repossession and give you time to make up the missed payments over the three to five year period.

Contact Us

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

Everyones situation is unique so contact our Middletown, Ohio Bankruptcy Attorney today for your free consultation.

 

Bankruptcy and Foreclosure

We are bankruptcy attorneys located in Middletown, Ohio. We can help you if you are facing a foreclosure.

Although the foreclosure rate is dropping there are still many Americans facing foreclosure. If you fall into this catagory, we will be able to help you. People face foreclosure for many reasons, job loss, a medical emergencies and variety of other reasons. It is not important how you got there, but what are you going to do now is what is important.

Do I want to keep my home or am I just going to move out and start fresh? Bankruptcy protection can help you, whatever you decide to do.

There are 2 types of bankruptcies available to the common consumer. Chapter 7 Bankruptcy and Chapter 13 Bankruptcy.

If you have decided that you do not want to keep your home, you could consider filing a Chapter 7 Bankruptcy. Chapter 7 is designed to wipe out all of your debt, unsecured and secured items that you do not want to keep. Chapter 7 will also slow down the foreclosure process, as once your case is filed the creditor will have to gain permission from the bankruptcy court to move forward with the foreclosure. This gives you additional time in your home and time to save for your future move.

If you decide that you want to keep your home, Chapter 13 Bankruptcy would be for you. Under Chapter 13 Bankruptcy protection the foreclosure would have to stop. Your mortgage company must comply with the federal regulation of the bankrupcy code. Under Chapter 13 you would have a 3-5 year time period to make up your missed payments, the Chapter 13 Trustee would also take over your current house payments. At the end of your case, the Trustee will file documentation witht he bankruptcy court deaming that your payments are current, this makes sure that the mortgage company cannot come back on you for additional charges after your discharge. As to your unsecured debts, you would pay back a percentage, this varies depending on your individual situation, it could be 1% or it could be 100%. For exact figures, contact our office today for your free consultation.

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

Call our Middletown, Ohio Bankruptcy attorney today for your free consultation. We offer flexible hours, fair fees and monthly payment plans.