What type of bankruptcy should I file for?

Determining which bankruptcy you may file for depends upon many factors.  The first factor is your current monthly income.  Your current monthly income is then compared to your state's family median income.  Depending on where your income falls determines the next your step.  At The Law Office of Jason D. Arnold, we can walk you through this process and discuss what options you have.

Can I file for bankruptcy more than once?

Yes.  You cannot file for Chapter 7 bankruptcy if you received a discharge of your debts under a prior Chapter 7 filing within the past eight years.  However, you are eligible to file a Chapter 13 bankruptcy immediately after your prior case, although the date of your second filing can impact its ability to discharge your debts.

Can I file for a "partial bankruptcy"?

There is no such thing. Filing a bankruptcy requires that ALL debts

and ALL liablities must be listed on the petition. This allows you to

have a fresh start and most, if not all, debts are wiped out.

How can I afford to file bankruptcy if I'm bankrupt?

This is a very common question we receive.  The answer is fairly simple: instead of paying on your debts you use that money to pay for filing your petition. However, before you stop paying your debts you need to schedule a free confidential consultation with a bankruptcy lawyer to determine which debts if makes sense to stop paying and when to do so.  It's extremely important to time the filing of the petition correctly otherwise you risk losing the discharge.  Please contact our office today to schedule an appointment.

Is bankruptcy harder to file for now that changes have made to the bankruptcy code?

Generally, no. There is more paperwork to do. However, the majority of people still meet the requirements.

Do I have to obtain credit counseling?

Yes and it is time sensitive. In order to file Chapter 7 bankruptcy, you must obtain credit counseling within 180 days before you file. Here is list of credit counseling agencies that have been approved for the Southern District of Ohio by the U.S. Trustee's Office. Fees for credit counseling range from $25-$50.

Will bankruptcy discharge all debts?

There certain types of debt that are generally nondischargeable these include: back child support, alimony, government fines, student loans, and debts from a marital settlement.

If I file for bankruptcy, will I lose all of my property?

Generally, in Chapter 7 bankruptcy you will be able to keep most items. In Chapter 7 bankruptcy, there are exemptions that are created by the state legislature. These exemptions are key to keeping as much of your property as possible. 

How will bankruptcy affect my credit?

Usually, it does not take very long after bankruptcy to start receiving credit card offers again. We do not advise clients to run up credit card bills, but you will likely be able to obtain credit, if needed. Also, if you have a credit card with a zero balance at the time you file for bankruptcy, then you may be able to keep that card after the bankruptcy.

Will creditors stop calling me?

As soon as you file the bankruptcy petition it creates what is called an Automatic Stay. This is a court order that tells most creditors that they must stop collections.

How do I start the process of filing of for bankruptcy?

Call us at (513)-212-3844 to schedule a consultation. During the initial meeting one of our attorneys will go over your financial situation and discuss the options you have.

Still have questions?  Please contact a bankruptcy lawyer for a FREE, NO OBLIGATION, consultation at The Law Office of Jason D. Arnold:  (513)-212-3844