Consumer Bankruptcy
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…
Read MoreBankruptcy 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…
Read MoreWhat To Expect At Your Initial Bankruptcy Consultation
Do you know what information is needed or what you need to bring to your initial Bankruptcy Consultation? If you answered no, you are not alone. There is a lot of information that needs to be collected in order to put together a bankruptcy file and petition. Your attorney will need to review this information and…
Read MoreHow Long Does A Bankruptcy Stay On My Credit Report?
Any bankruptcy filing will have an impact on your credit. Filing bankruptcy will stay on your credit report for a minimum of seven (7) years. The bankruptcy case will remain a part of your permanent financial record regardless of which type of bankruptcy you file. If you file under Chapter 13 of the bankruptcy code then the…
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 MoreHow to Eliminate Ohio BMV Reinstatement Fees
Are Ohio BMV reinstatement fees preventing you from obtaining a valid driver’s license? If so, one way to address this issue is to file bankruptcy. Your driver’s license can be suspended for a number of different reasons: (1) getting a DUI/OVI, (2) failure to appear in court or pay fees, (3) getting multiple traffic…
Read MoreProtecting Your Property: Bankruptcy Exemptions in Ohio
A major concern people have when considering filing for bankruptcy protection is how to keep their property. The amount of property you are allowed to keep depends on the Bankruptcy Exemptions in Ohio that you claim. These exemptions allow bankruptcy filers to get the fresh financial start they seek while keeping their property. However, there are limits to what…
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 MoreThe 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 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…
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