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Chapter 7 Bankruptcy Archives

What can I expect from a Chapter 7 creditor meeting?

It is natural if you are feeling nervous about your upcoming meeting with your creditors in Ohio. However, you should realize that your meeting with your Chapter 7 bankruptcy trustee and your creditors is not complicated and proper preparation can help ensure that the meeting is a success. The U.S. Courts website explains what you can expect and how you should prepare for your meeting.

Use caution when applying for credit cards

Credit cards can either be helpful for harmful when it comes to credit scores. While having open credit can be beneficial on your credit report, high interest rates and charges can make it difficult to keep up with overwhelming credit card payments. This can lead to further debt and even cause some to file for bankruptcy. Credit cards can be especially harmful to people who already have bad credit, as some credit card companies have ways of enticing those with low credit scores to apply. The companies then charge these applicants annual fees, maintenance fees, processing fees and high interest rates to offset their risk.

What happens to stock after Chapter 7 bankruptcy?

If you were running a public company in Ohio, you would probably be a major stockholder. A bankruptcy you used to get relief from organizational debt would typically take one of two courses: restructuring or liquidation. The second type, liquidation, is covered under Chapter 7 of the bankruptcy code. 

How the bankruptcy means test determines Chapter 7 eligibility

As an Ohio resident who is looking to regain control over your finances, you may be wondering whether filing for bankruptcy may help give you the fresh start you desperately need. You may, too, be familiar with the various types of personal bankruptcies, including Chapter 7 and Chapter 13 filings, but you may not fully understand how they differ or which type might better suit your needs. At Debra Booher & Associates CO LPA, we have a comprehensive understanding of the various consumer bankruptcy processes, and we have helped many clients facing similar circumstances find solutions that meet their needs.

Simplifying the Chapter 7 process

For many people, the idea of filing for bankruptcy may seem intimidating for various reasons. From experiencing stress in the courtroom to worries about being judged by others and uncertainty about how a bankruptcy filing will affect one's future, there are many different concerns that some people have. However, you may be able to take a number of steps to not only alleviate these concerns but simplify the bankruptcy process as well, which varies depending on the type of bankruptcy that you move forward with. Chapter 7 has a variety of advantages and you may be able to get rid of debts that have been dragging you down by moving forward with this option.

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.

Should I reaffirm the loan on my car?

From the moment you began to consider filing a Chapter 7 bankruptcy in Ohio, you have had reservations because you worry about losing your transportation. Right now, you have a nice car, although you do have a loan and payment. The vehicle is not eligible as an exemption, though, and if it is liquidated, you may not be able to get another one as reliable without a high interest rate. Fortunately, you may be able to keep the car - as long as you are willing and able to keep making the payments.

Can I keep using my credit card if I plan to file bankruptcy?

You've been struggling to pay your bills for a while now, and recently you decided to file Chapter 7 bankruptcy in Ohio. Even though you are making plans, life goes on, and you still have things you need. Your unsecured debts will be discharged in the bankruptcy. Does that mean it's OK to charge your credit card to the limit?

Watch for these signs of a debt relief scam

Even when struggling with overwhelming debt, some people in Ohio may be hesitant to file for Chapter 7 bankruptcy until they have exhausted all other options. In doing some research, they may have come across many websites that seem to have viable solutions. However, these could be scams.

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