If you are thinking about taking control of your financial difficulties by filing for bankruptcy, you probably have a lot of questions. At Marshall D. Cohen Company, L.L.C., we can provide answers to those questions. For commonly asked questions, please see below.
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As a result of recent changes in Ohio Exemption Laws, individuals are now able to keep dramatically more of their assets than they were allowed to keep in the past. Most people don't have to worry about losing their home, car or household goods, and you are allowed to keep more equity in your assets.
All debts are included in bankruptcy and must be disclosed to your attorney and the court. This includes taxes, student loans, marital debt, medical bills, credit cards, home mortgages and car payments. However, even thought all debts are included in bankruptcy, not all debts are dischargeable.
Ultimately, the goal of bankruptcy is to have your debts discharged. A discharge is an injunction stating that no one can ever ask you to pay the debt or collect it from you. Most debts can be discharged in bankruptcy. However, certain debts are exempted from discharge due to public policy reasons including those that arise from certain violations of the law. If you have questions about whether your debt can be discharged, contact the office.
There are a number of different types of bankruptcies but most people fall into one of two options. These are known as chapter 7 and chapter 13. Under chapter 7 you are looking to discharge all of your debts. In a chapter 13 you are looking to discharge the remainder of your debt after you have paid back a portion of the debt. Your specific goals and situation will determine under which chapter you file. Contact an attorney to learn more about the differences between chapter 7 and chapter 13 bankruptcy.
The cost of a bankruptcy is determined by the situation. The bankruptcy court supervises the attorney fees, and all fees must be approved by the court. In chapter 13 bankruptcy, when you are repaying bills, you must pay bills to trustees appointed by the court. Trustees make payments to creditors on a regular basis. This money is also used to pay the attorney fees.
After you file for bankruptcy, the court issues what is commonly referred to as an automatic stay. An automatic stay is an injunction that applies to creditors and orders them to stop taking action to collect debt, including telephone calls, letters, wage garnishment and repossession of cars. It also prevents utilities from being disconnected.
To learn about which type of bankruptcy is right for you, contact our firm. We will sit down with you and asses your situation and goals. To schedule your free initial consultation, please contact us online or call 614-294-5040.
Marshall D. Cohen Company, L.L.C.
1299 Olentangy River Rd Ste 2C
Columbus, OH 43212
Telephone: 614-294-5040 | Fax: 614-291-5006
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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.
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