Bankruptcy Basics
Medical Bills and Bankruptcy: Get Your Diagnosis for a Fresh Start!
When medical bills make you sick, file for bankruptcy! Medical debt and bankruptcy go hand in hand. Filing for bankruptcy relief because of medical bills has been rising steadily over the past several decades. While many Americans are without health insurance, medical bills can put many families in a financial bind. A 2009 study by Harvard researchers found…
Read MoreThe Bankruptcy "Means Test" And You
Under the The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) a mathematical formula called the “Means Test” helps establish who can declare Chapter 7 bankruptcy. Before BAPCPA debtors of all income levels could file for Chapter 7 protection, but now filers with higher incomes will be directed to file Chapter 13 if…
Read MoreContact Ohio Estate Attorney David J. Smith Today
I am Dayton Bankruptcy Attorney and I enjoy helping individuals and families navigate through their tough financial times. I focus my practice on consumer Bankruptcy law (Chapter 7 and Chapter 13 bankruptcies), and I am licensed to practice throughout the State of Ohio and in the United States District Courts for the Northern and Southern Districts…
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 MoreFiling Time Limits in Bankruptcy
How often can I receive a discharge of debts through bankruptcy? Although you can file bankruptcy as many times as you want, you can only obtain a discharge – wiping your debts away – periodically based on what chapter you have filed. CHAPTER 7: If you have received a discharge in a Chapter 7…
Read MoreBankruptcy Basics: Watch out for Bankruptcy Crimes
When filing bankruptcy, always tell the truth! When filing for bankruptcy protection, a debtor must be honest and accurate in dealing with the court or face serious consequences, including being charged with a crime. The court requires debtors to divulge all assets and debts to insure the protection of creditors. By signing your petition, you…
Read MoreWhat is a secured creditor?
“Secured Creditor“ Sounds important, maybe scary, but remember –knowledge is power. A secured creditor is a creditor with a valid mortgage or lien against the property of a debtor, such as a mortgage, home equity loan, or car loan. Property of the debtor that is encumbered by a valid mortgage or lien is called secured property. A secured…
Read MoreHow Long Does a Bankruptcy Take?
What is the time table for bankruptcy? – Depends on the chapter you file How long a bankruptcy will take, from the time of filing until discharge, is one of many concerns clients have when considering whether or not to file. Although this can depend on many circumstances, it mostly depends on which type, or…
Read MoreWho is not eligible for a Chapter 7 discharge?
Is It Time To File for Chapter 7 Bankruptcy Protection? Generally, the following persons are not eligible for a Chapter 7 discharge: A person who has been granted a discharge in a Ch. 7 case filed within the last 8 years. A person who has been granted a discharge in a Ch. 13 case filed within…
Read MoreCredit Counseling Requirements in Bankruptcy
A Requirement of Filing: Credit Counseling Class In 2005 Congress adopted new bankruptcy laws known as the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), one of the requirements of this new law included at requirement for debtors to obtain credit counseling from a government approved organization within 180 days before filing for bankruptcy…
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