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Chapter 13 Bankruptcy Archives

What are some bankruptcy myths?

When it comes to filing bankruptcy in Ohio, there are many myths. If you believe them, it could be harmful to you in the long run. Some myths vilify bankruptcy and could make you avoid filing when it really is the right option for your situation. Others can just confuse you and lead to mistakes when you do file. Knowing fact from fiction can enable you to make better choices when it comes to bankruptcy.

Is it possible to recover your finances following a bankruptcy?

Financial problems can be some of the most stressful hurdles to overcome, especially when your troubles involve mounting debts with shrinking deadlines. If you have found yourself considering filing for bankruptcy in Ohio. 

What debts are excluded from Chapter 13 discharge?

If you qualify for Chapter 13 bankruptcy, it offers you many potential benefits. Because a Chapter 13 bankruptcy reorganizes your debt rather than liquidating assets in order to pay it off, in most cases you will be able to retain your property in Ohio, such as your house or your car, when you file for Chapter 13 bankruptcy. At the end of your repayment period, if you have kept up your payments on time, most of your debts will no longer remain.

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.

What are the benefits of filing for Chapter 13 bankruptcy?

You have run into some problems with being able to make your mortgage payments on your home. After much consideration and visiting almost every other alternative, you have recently started to consider filing for Chapter 13 bankruptcy. However, you are hesitant because of the often-negative imagery that is associated with a bankruptcy filing in Ohio. Now, you are wondering if there could possibly be any benefits to making this decision. 

Helpful suggestions for reducing your debt

You have recently made some new financial goals and have decided that in order to accomplish them, you need to be doing things to reduce the amount of debt you owe to creditors. Managing debt and creating a realistic method for paying it off is an excellent way to revitalize your financial future and give yourself a head start at financial security. At Debra Booher & Associates CO., LPA, we have helped many individuals in Ohio to explore their options for reducing the amount of money they owe. 

Will a mortgage modification allow you to keep your home?

One of the reasons many people in Ohio feel good about filing a Chapter 13 bankruptcy is that they get to keep their homes. However, if you are already considerably behind on the mortgage, and the payments are large, it may be difficult to catch up while continuing to make the regular monthly payment. According to, it may be possible to modify the mortgage during the bankruptcy.

Keeping up with your Chapter 13 payments

Perhaps one of the reasons you opted to file a Chapter 13 bankruptcy in Ohio was because you do have an income, even though it is not large enough to cover all your debts each month. While the payments are reasonable and you have been able to keep up so far, a single financial crisis could derail your efforts. We at Debra Booher & Associates Co., LPA, often advise clients about the dangers of falling behind on their monthly Chapter 13 plan payments, and what to do if this could become a possibility.

Differentiating Chapter 7 and Chapter 13 bankruptcies

Chapter 7 bankruptcy and Chapter 13 bankruptcy are the two most common forms of personal bankruptcy. They both offer varying degrees of financial freedom, while also providing unique benefits to the filer. So what are the differences between these two forms of bankruptcy and how can you best utilize them?

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