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…

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Eviction, Bankruptcy and You A tenant being evicted from their residence used to have the option of filing bankruptcy to stop the eviction and remain in their dwelling.  Filing bankruptcy allowed the tenant to try and work things out with the landlord or at the least allow them more time to find another place to live.  However, since October…

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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…

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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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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…

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Foreclosure Options Outside of Bankruptcy Homeowners that can no longer afford their mortgage payments face several choices in how to deal with their debt.  The options of deed in lieu of foreclosure or short sale are available to some homeowners, allowing bankruptcy to be an option of last resort.  Although these options are similar, there are…

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Bankruptcy Can’t Stop Criminal Asset Forfeiture If you are facing asset forfeiture for a criminal act you have committed, don’t look to bankruptcy to take care of your problems.  Under the well-established relation-back doctrine, the Government’s interest in property vests at the time of the offense giving rise to the forfeiture, and the property subject…

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“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…

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