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Bankruptcy Archives

Your retirement is safe when filing for bankruptcy

Filing for bankruptcy is a big choice that many couples and individuals are hesitant to make. Though Chapter 13 or Chapter 7 bankruptcy can be used as a tool to positively benefit a financial crisis, taking the leap is intimidating. Nevertheless, thousands of people who are living in the area of Cincinnati, Ohio, file for bankruptcy each day. If you are like most of these individuals and are considering bankruptcy, you naturally have many questions. One of the most common concerns that people have when filing for bankruptcy is the future of their retirement savings.

When should I look for in a bankruptcy attorney?

Let's say that the evidence has been stacking up lately that suggests you need to talk with a bankruptcy lawyer: you've been juggling some or even many of your bills, trying to stay one step ahead of having your electricity, telephone and water shut off. You've been "paying off" credit card balances by opening new credit card accounts and transferring the old card's balance to the new card, and you're only able to make the minimum payment on the balances that you have. You've borrowed all the money you can from your relatives. When the phone rings, you hesitate to answer it. In a worst-case scenario, some of your creditors may have already begun taking legal action against you.

Hiding bankruptcy from your spouse

In Ohio, it is not uncommon for one spouse to rack up massive debts without their partner’s knowledge. For a while, you may be able to make manageable payments, but after a while, it becomes evident you cannot pay back the debt on your own. As such, you may be considering filing for bankruptcy. Yet, you do not want your partner included in the bankruptcy, either to protect their assets, because you are ashamed or for some other reason. Legally, it is possible to file for bankruptcy without any involvement from your spouse.

Boomers and older Americans still owe on mortgages, unpaid bills

Over the last five decades, many characteristics have been used to describe Baby Boomers, those born between 1946-1964. The youngest Boomers are now in their mid-fifties, the oldest in their seventies. And one thing that is a common thread among many of them, in Ohio and across the country, is that they still have significant debt.

Why is bankruptcy federal law?

Anyone familiar with the American system of law will be familiar with the two-tier arrangement of federal and state laws. In some areas the federal government has determined it necessary to “pre-empt the field” when it comes to a given law, meaning that federal law is to govern instead of state laws. The U.S. Bankruptcy Code is one such law.

How frequently can I declare bankruptcy?

For many people in Ohio, bankruptcy is something to be avoided at all costs, something they would never consider normally. Other Ohioans are risk-takers, often putting it all on the line over and over again in different ventures in hopes to make it big. Sometimes, these risks pay off; other times, they crash and burn. For the risk-takers, and for others as well, it is important to know just how often you can file for bankruptcy.

Is it time to file for bankruptcy?

When you are facing monumental financial challenges, bankruptcy often becomes the only option. Yet, individuals and families sometimes don’t understand the full process and implications of filing for bankruptcy before diving into it. An experienced bankruptcy attorney will be able to explain the entire process fully to you, but it is important to know when it is time to file.

Court rules in favor of banks on second mortgages.

Chapter 7 bankruptcy is widely thought to be a proceeding through which all of a person’s debts can be discharged. There are certain exceptions to this rule, however, which further emphasize the importance of having professional advice before deciding whether to file and, if so, which type of bankruptcy will be the best option. A recent United States Supreme Court case is a good example of the nuances of bankruptcy law.

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