Home Ownership – Buying a Home After Bankruptcy
One concern clients have when considering filing for bankruptcy protection is whether they will ever be able to obtain credit in the future. Buying a home after bankruptcy is a goal of most clients; however, a lot of patience may be needed. Bankruptcy can help put you in a position to get the assets you desire…
Benefitting from the Marital Adjustment Deduction
It is possible to be married and file for bankruptcy without your spouse. However, you may need to utilize the marital adjustment deduction in order to qualify for Chapter 7 bankruptcy. When you are married and file bankruptcy the Court looks at all of the household income regardless of who is filing. If the non-filing spouse makes…
Undue Hardship – The Key to Discharging Student Loans
Most clients that come into my office understand that discharging student loans is not likely to happen. However, this is not entirely true. If the debtor can prove “undue hardship” their student loans may be discharged, the rub is that it is not easy to meet the requirements of undue hardship which is the one…
Bankruptcy Law: The "Means Test"
Under the new bankruptcy law, which took effect in October 2005, a mathematical formula called the “means test” establishes an initial determination of the kind of bankruptcy you qualify for: Chapter 7, Chapter 13, or either. This formula takes into account: your monthly income the amount and kind of your debts, and other aspects of…
How to Keep Your Property: The Reaffirmation Agreement
A common question that I receive from new clients is “can I keep my house/car when I file bankruptcy?” The short answer is YES. By signing a reaffirmation agreement you will be able to keep your property once the bankruptcy case is complete. However, by entering into this agreement you will continue to be personally responsible for the…
Dayton Bankruptcy Attorney: Passing Bad Checks
This site has blogged before about how debt collectors cannot threaten to bring criminal actions for an unpaid debt. While this is true for most debts, there is an exception for creditors who received a check that bounces. If you are caught passing bad checks (i.e. you write a check to a creditor and it bounces) the creditor…
Commonly Asked Bankruptcy Myths
No area of law is more fraught with myths than bankruptcy law. When you are considering filing you will hear all kinds of bankruptcy myths – information which is half-true, misleading or outright false. Like a mythical mermaid which some say lure a sailor to their deaths, and others say are angels of the deep, bankruptcy…
Saving Your Home With A Mortgage Loan Modification
Under water?!? When your mortgage is more than the value of your home, you can feel like you are drowning. Contact Bankruptcy Lawyer David J. Smith about obtaining a mortgage loan modification. Mortgage modifications allow you to stay in your property while reducing your monthly payments to a livable rate. This fresh start that can also…
Bankruptcy and Gambling Debts: Should You Bet Against The House?
Bankruptcy and gambling debts became a more relevant topic in Ohio in November 2009 when Ohio voters approved a constitutional amendment allowing four casinos to be built and operated in the cities of Cincinnati, Cleveland, Columbus and Toledo. Gambling debts by Ohioans have increased after the opening of these four casinos and the continued growth of…
Bankruptcy and Tax Refund Exemptions: How to Protect Your Money
Benjamin Franklin is attributed with the saying that nothing is certain except death and taxes. And while little can be done about the certainty of death, I can help you maximize the money that stays in your pocket by utilizing your tax refund exemptions when you file for bankruptcy. On the date you file for bankruptcy,…