Understanding the Do’s and Don’ts of Bankruptcy in Ohio and Kentucky
When debt becomes overwhelming, it can be difficult to know where to turn to get back on your feet. Many people delay contacting a debt-relief lawyer for a wide range of reasons. Unfortunately, there are many misconceptions and myths about what filing for bankruptcy can and cannot do. At the law firm of Minnillo Law Group Co., LPA, a large part of what we do is dispelling bankruptcy myths and guiding individuals, married couples and businesses through to a brighter, debt-free future.
It is important to note that there is no one-size-fits all solution to debt. In some circumstances it may be necessary to file bankruptcy quickly when emergencies, such as foreclosure, repossessions and garnishments, arise. In other situations, bankruptcy planning may be necessary to protect a tax refund, a bonus or other assets. Learning your options sooner rather than later can help you to make informed decisions about your financial future.
Helping You Get Debt Relief the Right Way in Cincinnati
If you play by the rules, bankruptcy can help you through a financially stressful period. Some people, however, are not informed about the bankruptcy process, or try to gain an unfair advantage over their creditors. Prior to filing for bankruptcy, there are steps you should take and steps you should definitely avoid.
Based in Cincinnati, Ohio, we are the law firm of Minnillo Law Group Co., LPA. We have helped thousands of people file for bankruptcy.
For a free case evaluation and straightforward guidance on whether filing for bankruptcy is the best option for you, call +1-513-723-1600 to speak with a seasoned debt-relief lawyer.
If you follow these guidelines, you can maximize your debt relief:
Do’s in Bankruptcy
- Find out the fair market value of home and vehicle: If you own a home or car, it is good to know how much these assets are worth. If you have more than one mortgage or lien on your home, we may be able to assist you in removing the second or subsequent mortgage through bankruptcy.
- Take inventory of what you own: In Chapter 7 bankruptcy, your nonexempt assets can be sold, or liquidated, to pay your creditors. Therefore, before you file bankruptcy, it is a good idea to understand the nature of your assets in order to determine whether or not these assets will be subject to liquidation in Chapter 7.
Don’ts in Bankruptcy:
- Don’t transfer property or try to otherwise “hide” assets: If you think you can shelter a property by transferring ownership to a relative or friend and filing bankruptcy, you are sorely mistaken. In fact, you will very likely be worse off if you try this tactic. The bankruptcy trustee will have the right to obtain the property and sell it to pay your creditors. To make matters worse, you will not even receive a discharge of your other debts.
- Don’t run up credit cards immediately prior to filing bankruptcy: Running up charges or taking out cash advances on your credit cards and filing bankruptcy is another terrible idea. In fact, depending on the nature of your charges and when you file bankruptcy, you could be charged with fraud. In any event, it is highly unlikely you will receive a discharge of your debts.
In short, playing games with the system is dangerous. At Minnillo Law Group Co., LPA, our attorneys fully understand how the bankruptcy laws apply to your situation and will keep you away from any of these pitfalls.
Contact the Cincinnati Bankruptcy Lawyers of Minnillo Law Group Co., LPA
We offer a free initial consultation and are available on weekends or evenings if necessary. To get started, call +1-513-723-1600 or send us a brief message using our online contact form. We have offices in Cincinnati, Eastgate, Fairfield and Covington to serve Ohio and Kentucky.
We are a law firm and a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.