Chapter 7 Bankruptcy
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Bankruptcy Questions: Is Credit Counseling Required to File Bankruptcy in Ohio?
When you decide to file bankruptcy in Ohio, there are some top bankruptcy questions you will likely ask your Ohio bankruptcy lawyer. These could be questions like: Can bankruptcy stop eviction? What property is exempt? Does bankruptcy affect employment? You might even wonder if bankruptcy is the best course for you. The experienced chapter 7 bankruptcy lawyers at Hausen Law know that you’ll have...
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How Bankruptcy Affects Your Taxes
You’re at a place where your debts are starting to pile up, and there’s no end in sight. That can feel really overwhelming, and tackling the issue can seem daunting. That’s why bankruptcy exists, and there’s no shame in taking control of your financial wellbeing and charting a clear path forward.
That said, it isn’t always easy. And there are plenty of moving parts... -
Budgeting After Bankruptcy
Whether you’ve been through chapter 7 or chapter 13 bankruptcy in Ohio, coming out of the other end of the process can feel grim. Sure, you’re out from under the heavy weight of debt, but where to go from here? How can you begin a path toward credit recovery and establish a positive relationship with money moving forward? At Hausen Law, Ohio bankruptcy attorney James Hausen and his experienced...
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Bankruptcy Questions Answered: Can Bankruptcy Stop Eviction?
If you’re facing eviction and find yourself in tough financial circumstances, you could be wondering if filing for bankruptcy in Ohio could help your situation. As is true with so many legal questions, the answer could be yes, no, or maybe, depending on your unique circumstances. In this article we’ll uncover the truth about eviction and both chapter 7 and chapter 13 bankruptcy.
Bankruptcy... -
Bankruptcy Questions Answered: How Do I Prevent Foreclosure With Bankruptcy?
Homeowners who are considering bankruptcy in Ohio and see it as the only way to address serious financial issues could be concerned about whether filing for chapter 7 or chapter 13 bankruptcy will forestall a lender from foreclosing on their home. And rightly so–financial stress is hard enough and the threat of losing a home could be too much to bear. At Hausen Law our bankruptcy attorneys understand,...
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Bankruptcy Questions Answered: How Does Bankruptcy Affect Alimony?
If you find yourself in a position where filing for chapter 7 or chapter 13 bankruptcy is the best way forward, you’re naturally going to be closely assessing your financial situation. As part of your bankruptcy filing process, you’ll work with your bankruptcy attorney and trustee to identify debts and other financial obligations that may be able to be discharged as part of the bankruptcy...
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Easy Ways to Rebuild Your Credit After Bankruptcy: Using Financial Tools
Bankruptcy is a legitimate way to get out from under what can feel like insurmountable debt. If your financial situation has led you to a point where bankruptcy was the only logical solution, we’re glad to hear that you took that option. But recovering financially from the inevitable credit hit after filing for chapter 7 or chapter 13 bankruptcy in Ohio can be a difficult task. That’s why...
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Easy Ways to Rebuild Your Credit After Bankruptcy: Learning New Habits
If your financial situation has led you to a point where bankruptcy was the only logical solution to get out from under impossible debt, then we hope you took that path. Both chapter 7 bankruptcy and chapter 13 bankruptcy are legitimate legal provisions to help alleviate the strain of overwhelming debt. That said, recovering financially from the inevitable credit hit after filing for bankruptcy in...
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Bankruptcy Questions Answered: Can I File Bankruptcy After Running Up Credit Card Debt?
As the holiday season quickly approaches, you’re likely stacking up charges for those once-a-year gifts and services. You could lean toward filing for bankruptcy protection to find relief from rising rates, fees, and non-stop credit card bills. But before you do that, read this–we’re sharing our expert insights. Much like addressing bankruptcy questions surrounding vacations, the...
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How Big is My Household?
Modern households tend to look very different than they did even a generation or two ago. Individuals living together might or might not be blood relatives, and the courts could rely on various standards when determining household size. But the fact of the matter is that this vital number is at the heart of any bankruptcy proceeding. Here’s the truth about household size and bankruptcy from a...
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Bankruptcy Questions Answered: Should I File for Bankruptcy? – Advantages and Benefits
We’ve already discussed some of the top reasons that people decide on bankruptcy, but could there be ways that a bankruptcy filing could be strategic? The short answer: yes! In this article we’ll get into some of the immediate and long term advantages and benefits that a bankruptcy attorney can help you to take advantage of. Read on to learn more.
Warding Off Threats
FIling for bankruptcy–whether... -
Top 5 Reasons for a Bankruptcy Filing
Bankruptcy rates in the United States are steadily dropping off following the worst of the COVID pandemic, but that’s just a general trend. For some select businesses and individuals, it’s true that the last few years have actually been a boon for their personal finances. But for most folks, it brought hard times. Some of the root causes of bankruptcy are out of the average person’s...
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Bankruptcy Questions Answered: What is a Preference Payment in Bankruptcy?
If you find yourself staring down insurmountable debt, a natural reaction could be to throw whatever money you do have toward one or more creditors in a desperate attempt to solve the problem. The sooner you make one source of debt disappear, the quicker you can get on the road to financial recovery, right? Well, as with so many things, the answer is that it depends on several factors–a major...
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Does Filing For Bankruptcy Affect My Employment Now and in the Future?
If you find yourself at a point where bankruptcy feels like the only way forward, you’re probably pretty focused on the here-and-now. At the same time though, you could also be wondering if or how a bankruptcy record could affect your future employment opportunities. Both are valid concerns, and taking a comprehensive approach to your current and future financial and employment situation is always...
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Bankruptcy Questions Answered: I Was Forced Into Chapter 13 Bankruptcy Due to Disposable Income––Should I Still File?
There are several reasons why a person may decide to file for chapter 13 bankruptcy above any other type. Put simply, if you find yourself in what feels like insurmountable debt, but your income level and monthly disposable income disqualify you from filing for chapter 7 bankruptcy, then chapter 13 bankruptcy is generally your best option.
Chapter 7 is reserved for folks who not only carry heavy... -
Bankruptcy Questions Answered: If I’m Planning to File for Bankruptcy, Can I Still Take a (Pre-Paid) Vacation?
Bankruptcy and Vacation––It’s Down to Your Timeline
On its face, going on a vacation and then turning around to file for bankruptcy doesn’t make sense. In general, vacation can be deemed a luxury, and luxuries aren’t compatible with the somewhat austere methods involved with bankruptcy. But the key detail in this example is that the scheduled vacation is pre-paid.
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Bankruptcy Questions Answered: How Do I Qualify for a Mortgage After Chapter 7 Bankruptcy?
If you have the dream of owning your own home, but you’ve just been through a chapter 7 bankruptcy, that goal could feel a long way off. We want you to be sure of one thing: all hope is not lost. Bankruptcy is not only legal, it’s a widely accepted and long-established way to discharge debt and make a fresh start. Instead of hindering your goals, it proves that you're ready and willing...
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Why It Can Take So Long for Payout Recovery in Chapter 11 Bankruptcy
Here at Hausen Law, LLC we work day in and out with folks who are going through bankruptcy, so we usually share information directly related to their concerns. But there is another side to this coin: the creditors. Oftentimes the financial stress that the individual filing for bankruptcy brings on them can get lost in the conversation. So today we’re going to focus on creditors’ bankruptcy...
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How to Spot a Debt Relief Scam [2022 Update]
Holding debt isn’t a problem if you’re able to pay it down. But if you find yourself swamped and stuck in a cycle that doesn’t let you pay off your debts, you could quickly become desperate to regain control. At that point it could be tempting to listen to any debt relief promise you hear.
Even if you tend to be wary of deals that sound too good to be true, when you’re in... -
Bankruptcy Questions Answered: What is a Chapter 11 Reorganization Plan?
If your business is in a place where bankruptcy seems like the best way forward, it’s likely that you’ll be looking at a chapter 11 filing. Unlike chapters 7 and 13, chapter 11 bankruptcy is a way for businesses of all sizes to reorganize debt and initiate a plan to repay creditors, all while keeping their doors open.
What is Chapter 11 Bankruptcy?
Put simply, chapter 11 is a form... -
Can I Discharge Any Debt in a Divorce Decree? [2021 Update]
A typical divorce decree will spell out child support obligations and alimony and enumerate who is responsible for each debt listed. The divorce decree also divides any property between the couple. But many clients who come to us to file bankruptcy have already been divorced. Their question pertains to the court’s ruling. They’d like to know whether the amount they have been legally bound...
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Filing for Bankruptcy in Ohio: How Much Does it Cost? [2021 Update]
How much does it cost to file for bankruptcy? The cost of filing for bankruptcy in Ohio can be influenced by multiple factors: the type of bankruptcy you are filing, attorney fees, where you live, the complexity of your case, and the details of your income and debts.
Factors That Increase Bankruptcy Cost
As a start, court filing costs are $338 for a chapter 7 case and $313 for a chapter 13 case.... -
How Does Bankruptcy Affect Your Credit Score?
Filing for bankruptcy at any time in your life can be a stressful, emotionally-taxing experience. But it’s never more difficult to take the bankruptcy route than when you also have long-term goals of buying a home or making another major purchase. You likely realize that bankruptcy can affect your credit score, but how much, and for how long?
Bankruptcy and Your Credit Score
First off, if... -
Bankruptcy Questions Answered: Can I File for Bankruptcy on Student Loans?
More and more individuals are finding it difficult to both support themselves and pay off the debt that helped them get an education. This friction leads many to wonder about student loan debt in bankruptcy – what are the guidelines, and is it even possible? At Hausen Law, LLC our Northeast Ohio Bankruptcy Attorneys can help you tackle this common concern.
What to Do About Student Debt
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Bankruptcy Questions Answered: Can I File For Bankruptcy Online in 2021?
As we close in on the second half of the year, experts are giving us reasons to hope that soon, life will be closer to what we used to consider normal. In-person events and meetings are happening more frequently, workers are returning to offices, and travel is possible again. But what does the return to in-person spell for bankruptcy proceedings? Can you file for bankruptcy online going forward?
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How Can A Bankruptcy Attorney Help Me With Payday Loans?
If finances are tight and you need some cash in hand to take care of bills or necessities, a payday loan might seem like an easy answer. Reasoning that you are good for the money once your next payday comes around, a quick, small loan could be a tempting solution to an immediate problem.
But more often than not, fees and interest stack up fast. You may end up unable to repay what you’ve borrowed... -
Can You File Bankruptcy for Personal Loans?
Types of debt and bankruptcy vary
Many personal loans can be discharged
Some debts will not be erased
When bankruptcy seems like the only way through, you’ll likely have a lot of questions. And whether you opt for chapter 7 bankruptcy or chapter 13 bankruptcy, a big question will be whether you can discharge, or eliminate your personal loans as part of the filing process.
At... -
How Do Virtual Court Hearings Work in Ohio?
All across Ohio, courts continue to be closed to the public due to the ongoing COVID-19 pandemic. But many of our clients still need to initiate or finalize bankruptcy proceedings. To ensure that they are safe and well taken care of during these difficult times, increased use of technology is vital. But it could be a potentially stressful or frustrating experience for some. So we’re here to explain...
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Can I Keep My Car if I File for Chapter 7 Bankruptcy?
If you find yourself in a place where bankruptcy is the only way forward, you might wonder how the process will affect your personal belongings. An especially common concern is whether you’ll be able to keep your car. Here we will discuss the variables that come into play along with some smart steps and strategies to help you keep your car when filing for chapter 7 bankruptcy.
Chapter 7 Bankruptcy... -
Debt Consolidation or Bankruptcy: Which is Right for You?
Sometimes it gets to a point where you are unable to pay your bills and are also unable to service your obligations. At this point, the right route to take might be a bit confusing because of the options available. You might have heard of debt consolidation, debt counseling, bankruptcy, and even mortgage modification. But which one is the right fit for you? In this guide, we’ll take a look at...
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What Should I Do About Creditors Calling After Bankruptcy?
The most common form of bankruptcy in America is chapter 7, typically used in cases of overwhelming debt caused by medical bills, credit card accounts, and personal loans and lines of credit.
Though the criteria is strict and can take 4-6 months to complete, chapter 7 bankruptcy can provide a fresh start to folks with no other options. When you file for bankruptcy relief, there is an automatic stay... -
What Happens After a Chapter 7 Discharge?
So you have filed for chapter 7 bankruptcy and made it to the discharge portion of your case. First and foremost, congratulations! Now that you are discharged, this essentially means that your case is over and you can begin your path down a fresh start. Read on to find out more about how to make the most out of your benefits of the fresh start in both the short term and the long term.
Discharge
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How Much Debt Do You Need to Have to File Bankruptcy in Ohio?
This is a common question we hear from clients who are curious about Ohio bankruptcy laws. The simplest answer to this question is that there is no minimum debt required for bankruptcy in Ohio. Instead, whether or not you qualify for bankruptcy will depend on your individual situation. In addition to your debt load, there are other important factors to consider.
These include your:
Types of debts... -
How Much Cash Can You Keep When Filing Chapter 7 in Ohio?
If you have been affected by the recent economic downturn, by the closure of a plant, or through job loss, and you have been staying up nights worrying about how to get your finances in order, declaring chapter 7 bankruptcy may be an option. You probably have a lot of questions. Will you lose your house? How much cash can you keep when filing chapter 7 in Ohio? We have information below about the exemptions...
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Can I Have A Credit Card Authorized User Under Chapter 7 Bankruptcy?
The number of bankruptcies has been increasing dramatically in the last century. Approximately, 500,000 people file for chapter 7 bankruptcy every year. In recent years, the vast majority of filings have been by individual consumers rather than by businesses.
Because more individuals are filing for chapter 7 bankruptcy, a joint account holder or authorized user on your credit card could do so too.... -
Why People Are Afraid of Bankruptcy
Maybe you have been in a situation where you’ve had to consider it, but you were too afraid of bankruptcy and scared of the implications to file for one.
Many people’s fear of bankruptcy is based on what they’ve heard about the consequences that may follow. Thankfully, these fears are often unfounded.
The main thing that people fear is losing everything they have in the process.... -
How Much Does It Cost to File for Bankruptcy in Ohio?
In Ohio, the cost of filing for bankruptcy varies depending on the attorney’s fee, case complexity, the chapter of the bankruptcy case that you select, and where you reside. Bankruptcy court filing fees are currently $335 for a chapter 7 and $310 for a chapter 13. These fees go up every few years.
Every lawyer wants to be compensated for the time they spend on your case. A complex case will... -
Can You File For Bankruptcy Twice?
You may have filed for bankruptcy in the past and may find yourself in a situation where you need to file a second time, but don’t know if you can or not. The good news is that there is no limit on how many times you can file for bankruptcy. There is just a limit on how long you must wait before you can file a second time.
No matter if this is your second or even fourth time filing for bankruptcy,... -
What Happens If You Owe Taxes and Are Unable to Pay Them?
Tax time is never the most pleasurable part of spring, this is especially true for those who owe the IRS. This time can be even more appalling if you’re unable to afford the entire amount you owe. In fact, the IRS can assess a late payment penalty, or add interest on the balance due. Unfortunately, when this occurs, you’re left paying much more than originally stated. Continue reading to...
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Which Chapter is Better Between Chapter 13 Bankruptcy and Chapter 7 Bankruptcy?
Many debtors find chapter 7 bankruptcy to be more favorable than chapter 13 bankruptcy because the former wipes out all outstanding qualifying debt while the latter requires the payment of some debts. While this sounds good on paper, it is not that simple.
Each bankruptcy option serves a unique purpose. For instance, a homeowner hoping to save their home from being foreclosed on will not find the... -
What Bankruptcy is Able and Unable to Do
While bankruptcy can eliminate some types of debt, not all types of debt are eliminated. Prior to filing for bankruptcy, be sure to know which debts are forgiven and which ones are not. Through chapter 7 bankruptcy and chapter 13, your credit card debt is forgiven for the most part. However, other types of debt, including alimony, child support, secured debts, student loans, and most tax debts may...
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What is Chapter 7 Bankruptcy?
In chapter 7 bankruptcy the automatic stay prevents any lawsuit and any action on your property. The trustee will then sell your property to settle your debts. This article describes chapter 7 bankruptcy, its rules, and who is eligible for relief under the bankruptcy code.
Cost and Requirements
You’ll need to pay to cater for the filing and administrative process. You should expect the process... -
Will Filing Bankruptcy Affect My Children?
The decision to file bankruptcy is a serious one that should only be undertaken after carefully considering all the implications. A key factor that many debtors are concerned about is the impact of a bankruptcy filing on the lives of their children. If you are considering talking with an Akron bankruptcy attorney, here are some things you’ll want to keep in mind when it comes to bankruptcy and...
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Top 10 Reasons People File for Bankruptcy
The number of people filing for chapter 7 bankruptcy across the United States has risen at a drastic rate. According to statistics, approximately 1.5 million people file for bankruptcy every year, and 97% of those filings are individuals. Ohio has the tenth highest personal bankruptcy rate in the country. Here are 10 of the most common reasons that so many people go bankrupt.
Medical Expenses
Medical... -
For a Chapter 7 Bankruptcy, Look for a Leading Bankruptcy Attorney in Akron
A chapter 7 bankruptcy—commonly referred to as a “liquidation” bankruptcy—is usually the simplest form of bankruptcy. When filing a 7, the debtor must first pass a means test requirement. Assuming that his or her income is low enough to pass the test, the debtor may utilize a chapter 7 bankruptcy to completely eliminate all of the dischargeable debt he or she may have.
The... -
The Differences Between Chapter 7 and Chapter 13 Bankruptcy
When you decide to file for bankruptcy, you’re going to be facing a few decisions to make. One such decision is exactly what type of bankruptcy you want to file for. There are two common types—chapter 7 and 13—as well as others (such as chapter 11) that are outside the scope of this blog. Most likely you will be deciding between a 7 and 13. To help you make your choice, here are... -
Start Your Life Anew Without the Debt
Sometimes, even if you have made all the right choices, bad things just happen to you. Perhaps you made some investments that didn’t pan out. Or, perhaps you went through a divorce and saw your income reduced. Or maybe you were unfortunate enough to suffer a catastrophic illness or injury and now you are swimming in medical bills. However you got there, you should be aware that there is a way...
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How Do You Strip a Judgment Lien in Bankruptcy?
A lot of times when a client first comes to me, they are coming to me as a last resort. They have already been sued and about to be garnished and there is a judgment lien on their real estate. Filing a bankruptcy would clear up all of their debts except for the exceptions stated in the bankruptcy. But what do you do with a judgment lien on your house? The creditor with the lien cannot collect on you...
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I Failed the Means Test! Does That Mean I Cannot File Chapter 7?
When the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) became law in October 2005, one of things it did was create a means test.The way it works is that if the average monthly income over the last 6 full months is over median for the debtor's household size, then the means test has to be run. If the means test results show disposable income, then BAPCPA presumes there is abuse. This...
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