A bankruptcy trustee is responsible for ensuring that a bankruptcy filing is properly handled legally, procedurally, and administratively. The U.S. Department of Justice administers the U.S. Trustee Program. There are 21 regional trustee offices through the United States. A trustee represents the interests of your creditors. He/she will attempt to recover unprotected assets from you… Continue Reading
If the bank refuses to accept your mortgage payments, returns payments, or sends you a notice of foreclosure, it is likely that a foreclosure lawsuit is eminent. If no action is taken, you could lose your home. In addition to losing your home, you could also be held for liable for any deficiency that arises… Continue Reading
If you file a Chapter 7 case, you can retain protected or “exempt” property. There is a comprehensive list of property deemed by the Ohio legislature as property people need for a fresh start. Your attorney will know the limitations for each of these categories and whether property you own will fit within an exemption.… Continue Reading
In order to file a Chapter 7 bankruptcy, you must pass a “means” test. This test applies to high income filers, so if your income is less than the Ohio average household (which takes into account household size) you are exempt from the test and may file Chapter 7. If your income is above the… Continue Reading
Chapter 7 bankruptcy can help you start over and eliminate the burden of debt that you’re unable to repay, but with that fresh start comes some downsides. One of these is that it’s possible for you to lose your tax refund as a part of the bankruptcy proceedings; however, this doesn’t happen to everyone. Read… Continue Reading
If you’re saddled with debt that you’re unable to pay, Chapter 13 bankruptcy can help you settle your obligations and give you 3 to 5 years to pay off some types of debt. One of the provisions under bankruptcy law makes it possible to get rid of second mortgages and other non-primary liens on your… Continue Reading
When you’re unable to pay your bills, the constant threats from debt collectors can make an already stressful time unbearable. If you decide that bankruptcy is your best way forward out of debt, the calls from bill collectors will stop immediately after an automatic stay is instituted. What Is a Bankruptcy Automatic Stay and why… Continue Reading
Once you’ve made the difficult decision to file for bankruptcy, you’re naturally anxious to get the process underway and fully resolved. The truth is that the length of bankruptcy proceedings can vary based on a number of factors, but on average, a Chapter 7 bankruptcy will take somewhere around 105 days or more from the… Continue Reading
Chapter 7 Bankruptcy Versus Chapter 13 Bankruptcy: What’s the Difference? There are two main types of bankruptcy available for individuals: Chapter 7 versus Chapter 13. The aim of both types of bankruptcy is to help people who are in debt discharge all or some of their debt obligations; however, there are many differences between the two… Continue Reading
What Is Chapter 13 Bankruptcy? Chapter 13 Bankruptcy is available for individuals and sole-proprietor businesses that have fallen into debt and are struggling to meet all of their obligations. The General Principle With Chapter 13 bankruptcy, you have the opportunity to reduce your debt and retain all of your property. This type of bankruptcy is… Continue Reading
