Thinking About Filing Bankruptcy?
Below are some “frequently asked questions”
to get you up to speed.
Bankruptcy Lawyers, Sylvania, Ohio
5 TIPS FOR BANKRUPTCY SUCCESS
- Start with a free consultation
- Choose an experienced attorney
- Get a recent copy of your credit report
- Avoid impersonal & large bankruptcy mills
- Do your homework, learn about bankruptcy
What is bankruptcy? Bankruptcy is a legal proceeding available to individuals and businesses experiencing a financial crisis. Bankruptcy is sanctioned under federal law to allow individuals and businesses to start over with a clean slate.
Will I lose my car or home? Many clients are able to save a car or home. Legal strategies are available to assist clients in saving their family home or vehicle. Typical warning signs that your home or car may be at risk include loan arrearages and excessive equity and assets. Educating yourself on bankuptcy is a great starting point. Also, contact your lender for current pay offs on your car and home and after receiving pay off amounts click on our Bankruptcy Ohio Client Resources link to determine the current value of your home or car. Call us today to discuss all available legal options. We want to help!
Can I re-establish credit after filing bankruptcy? YES!!!! Bankruptcy’s goal is to help you secure a clean slate and a fresh start. Following the conclusion of your bankruptcy case, it is not unusual to receive new credit offers. We routinely encourage and advise our clients to be cautious when selecting any credit proposals following a bankruptcy. Creditors will be anxious to lend you money with extremely high interest rates and other unattractive credit terms. As time progresses you will find more reasonable and attractive terms and rates available to you.
Chapter 7 or Chapter 13? Many individuals file for bankruptcy relief under either a Chapter 7 or Chapter 13 of the U.S. Code. The one you may wish to consider will depend on your household income, debts, prior bankruptcy filings, liquidation risks, and various other factors. An estimation shows over 80% of debtors in the metro Sylvania area file under a chapter 7.
What is Chapter 7? This type of bankruptcy allows individuals who are hopelessly burdened by debt to obtain a fresh chance by eliminating unsecured debts, such as credit cards, medical bills, collections, and vehicle repossessions. Chapter 7 is appropriate for debtors who are unable to pay a portion of their debts back to the creditors. Chapter 7 is referred to as “liquidation” because debtors may have to surrender some of their assets in exchange for the elimination of their debts. However, many exemptions are available to help protect your assets. Your France Law Group attorney will work closely with you to determine if any of your assets appear to be at risk.
What types of debts will NOT be discharged? In a Chapter 7 bankruptcy case some of the following debts may be non-dischargeable: taxes, child support, alimony, recent cash advances, recent installment loans, student loans, criminal fines, traffic tickets, and more. Most governmental and court ordered obligations will not be dischargeable.
What is Chapter 13? This type of bankruptcy is essentially a debt repayment plan that allows you to combine your debts and repay them over a 3-5 year period. Chapter 13 debtors are able to retain their home and vehicle while they make regular monthly payments. Chapter 13 is also a great tool for those who want to keep their home, but have fallen substantially behind on their mortgage payments. Filing under chapter 13 can stop foreclosure lawsuits. Your France Law Group attorney will be happy to sit down with you and explain Chapter 13 in its entirety.
What is the credit counseling requirement? Congress has mandated that all bankruptcy debtors successfully complete two credit counseling courses prior to the discharge of their bankruptcy case. This requirement is intended to assist the debtor in maintaining financial success after a bankruptcy. These courses are offered both online and via telephone. Most debtors will be required to pay a nominal fee (estimated $5 to $40 per course). In some cases, debtors may receive a fee waiver. Click on our Bankruptcy Ohio Client Resources link to locate a credit counseling agency which meets your needs. Your France Law Group attorney will refer you to affordable credit counselors.
How much will bankruptcy cost? Fees vary according to the complexity of each case. The typical fees in most cases include attorney fees, court filing fees, and nominal credit counseling fees. When comparing large overall debts to bankruptcy fees, most debtors find a significant value in exchange for the eventual elimination of their debt and immediate peace of mind. Clients begin with a free consultation, and our attorneys will work closely with you to devise a fee payment schedule. All attorney fees and filing fees are due before filing of your bankruptcy case. If you are ready to file your chapter 7 bankruptcy case now, then click on our Express File Bankruptcy link and save up to $250 in attorney fees (conditions apply).
Can I hire France Law Group to represent me in creditor negotiations and avoid bankruptcy? Yes, sometimes creditor negotiations can be an appropriate option. Typically, this is advised for debtors with smaller debt levels needing assistance in getting financially organized. Many clients enjoy having their own legal advocate in negotiating with the aggressive credit card companies and bill collectors. This can also be very helpful for those dealing with the IRS and other departments of taxation.
I’m married – does my spouse have to file for bankruptcy too? No, you and your spouse are not required to file for bankruptcy together. However, you may both want to file for bankruptcy jointly if you and your spouse share responsibility for the debt. (i.e. co-signed debts) In situations where only one spouse files for bankruptcy, the creditors may still be able to collect from the non-filing co-debtor. Also, it may be cost effective to file jointly. France Law Group attorney fees are based on a per case basis, meaning it is the same amount whether one person files alone or if a married couple files bankruptcy jointly.
Do I have to go to court if I file for bankruptcy? Unless there are issues that cannot be resolved among you and your creditors, you will probably not need to go to an actual courthouse in a Chapter 7 Bankruptcy. In most Chapter 7 Bankruptcy cases, you will be required to attend one “Meeting Of Creditors.” The “meeting” is typically not held in a courtroom and a judge will not preside. The Meeting Of Creditors typically occurs between 30-50 days after your bankruptcy filing date. In a Chapter 13 Bankruptcy case, you will be required to attend an additional hearing to confirm your payment plan. Your France Law Group bankruptcy attorney will be with you every step of the way and will help make the entire process as painless as possible.
FRANCE LAW GROUP (419) 725-9300
BANKRUPTCY ATTORNEYS TOLEDO, OHIO AND SOUTHEASTERN MICHIGAN
*We are a debt relief agency. We help people file for relief under the U.S. Bankruptcy Code.
Bankruptcy Toledo Links and Resources
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