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August 2018 Archives

What will the trustee ask you at the 341 meeting?

One of the things you'll have to do as a part of the bankruptcy process in Ohio is attending a meeting of creditors. Sitting down with your creditors may sound stressful, but in reality, creditors rarely attend the meetings. The primary focus of the meeting will be the questions the trustee asks you. You will be under oath, so it is important to be prepared to give honest and complete answers.

Keeping your home and vehicle in a bankruptcy

The bankruptcy courts in Ohio understand that by declaring bankruptcy, you are seeking a fresh start. However, without certain assets, such as a home and a vehicle, some people's fresh start could become as challenging as their struggle with overwhelming debt. At Debra Booher & Associates Co., LPA, we help our clients understand how exemptions are designed to ensure that they are able to take advantage of the benefits of bankruptcy without losing all of their resources.

Can some debts be left out of a bankruptcy?

When you make the decision to file for bankruptcy, you have made the decision to have your debts discharged. You may wonder if there are certain debts you can conveniently leave off your filing. Is your favorite credit card giving you tons of airline miles with every purchase and you don’t want to lose it? Do you have a debt to a family member or friend and fear leaving them high and dry?

Critics protest the Chapter 13 debt limits

Individuals in Ohio who have an income, but cannot meet their monthly obligations, may have an option to keep their property by filing a Chapter 13 bankruptcy. The U.S. Bankruptcy Courts explain that this process consolidates the debt, and then the filer makes payments over the next three to five years. Generally, secured loans such as a mortgage or vehicle loan have precedence over unsecured loans, such as medical bills.

Certificates you need before your bankruptcy can be discharged

The U.S. Bankruptcy Code includes several requirements for filers in Ohio and across the country. One of these for anyone who plans to file a Chapter 7, 11, 12 or 13 bankruptcy is completing a credit counseling course through an approved agency, according to the United States Department of Justice.

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