Posts by David Smith
The Credit Counseling Class Requirement for Bankruptcy
Requirements for Bankruptcy: The Credit Counseling Class One of the requirements for bankruptcy is the completion of two separate classes: the Credit Counseling Class and the Financial Management Class. The first course is required by the Court to be completed prior to filing the bankruptcy petition. The second course is required to be completed at any time after…
Read MoreThe Dayton Bankruptcy Attorney: Tax Debt and Bankruptcy
Can Tax Debt Be Discharged in Bankruptcy? “Tax debt is not dischargeable in bankruptcy,” is the assumption of many people faced with looming delinquent notices, but luckily that assumption is not entirely correct and relief may be available. Non-dischargeable tax debt includes debts for unpaid property taxes and any debts associated with unpaid income taxes,…
Read MoreHelp! I Was Sued By My Credit Card Company!
Sued By Your Credit Card Company? – Don’t Panic! Once you have been sued by your credit card company, or a collection agency on behalf of the company, you have a choice to make. You can either: Fight the action in court, Attempt to resolve the matter prior to a trial, or Ignore it and hopes…
Read MoreThe Dayton Bankruptcy Attorney: Objections to Discharge
Creditors Last Line of Defense in Bankruptcy – Objections to Discharge Little stands in the way of a debtor who has passed the multiple hurdles in bankruptcy from discharging all of their unsecured debts, except a creditor’s objections to discharge. Discharge of debts is the primary purpose for filing bankruptcy; bankruptcy language for “getting rid of…
Read MoreThe Dayton Bankruptcy Attorney: Using Bankruptcy to Stop a Foreclosure
Don’t give up without a fight! Stop the Foreclosure! When you have a foreclosure complaint filed against you, the clock starts ticking, and you are put into a stressful, legal world you are likely unfamiliar with. There are procedural issues to pay attention to, such as the amount of time you have to file…
Read MoreThe Safety of the Automatic Stay
Automatic Stay Keeps You and Your Property Safe From Creditor The “automatic stay” goes into effect as soon as a debtor files for bankruptcy, and protects the debtor and the debtor’s property from all actions against the debtor or property, when the action’s purpose is to collect a debt. The automatic stay prevents and ceases, any…
Read MoreSecured Creditors in Bankruptcy
How Secured Creditors are Different from Unsecured Creditors in Bankruptcy When a debtor files for bankruptcy, most of their debts will be held by either secured or unsecured creditors. Understanding these types of creditors and how they are treated is important for successfully completing one’s bankruptcy. A “secured creditor” is a person or business that loaned…
Read MoreWhat type of debt is not dischargeable under a Chapter 7 filing?
Some debt stays with you no matter what… The list below sets out the most common types of debt which are not dischargeable under a Chapter 7 bankruptcy filing, with each type requiring a thorough examination in light of your particular financial circumstances. The information provided here is to be viewed as a general overview which may…
Read MoreReaffirmation Agreement: To Sign or Not to Sign
What happens if I don’t sign a reaffirmation agreement on a secured debt? Typically when a debtor does not sign a reaffirmation agreement for a mortgage in a Chapter 7 bankruptcy, the creditor will not repossess the property as long as the debtor continues to make payments. However, the creditor will cease sending monthly billing statements…
Read MoreConsumer Bankruptcy & The Use of Credit Cards
How to Avoid Bankruptcy through Good Use of Credit Cards One of the most preventable causes of consumer bankruptcy is the misuse of credit cards. One client said it felt like they were being squeezed by an anaconda and every move they made just made the snake squeeze tighter. At our office we understand how…
Read More