Bailey & Gunderson Co., L.P.A.

Bankruptcy

If you are having serious financial problems, you may consider the possibility of filing for bankruptcy. Filing for bankruptcy is an important decision, and understanding the bankruptcy process is very important. The fact is that more and more individuals and families are filing either Chapter 7 or Chapter 13 bankruptcy to give themselves a fresh financial start. The federal government allows for those individuals and families who cannot pay their bills to get a new beginning through filing a Chapter 7 bankruptcy (or a discharge of your debt). For those individuals and families who have too many assets, or have too much income to qualify for Chapter 7 bankruptcy, filing a Chapter 13 bankruptcy is an option. In a Chapter 13 bankruptcy, you will have the opportunity to pay your debts over a 3 to 5 year period.

You will benefit from involving the experienced bankruptcy attorneys at Bailey and Gunderson. Our bankruptcy attorneys will help you through the decision-making process as you determine whether filing a bankruptcy is the right step for you. We will help you prepare and file your petition for bankruptcy, which is a complicated undertaking. Some bankruptcy cases are more complex than others, depending on the type and amount of your assets and debts, and the amount of your income. Having legal representation throughout the bankruptcy process from the filing of your bankruptcy petition through the discharge of your debt will ensure that your legal rights are protected every step of the way, and that the process goes as smoothly as possible. The bankruptcy attorneys at Bailey and Gunderson will effectively deal with your creditors, and help you obtain the fresh start you deserve.

Learn more about the following :

• Chapter 7 Bankruptcy

• Chapter 13 Bankruptcy

• Bankruptcy Myths

• Frequently Asked Questions about Bankruptcy

Since 1995, the law firm of Bailey and Gunderson has assisted bankruptcy clients in the greater Cincinnati area (Hamilton, Clermont, Butler, Warren, and Brown Counties). If you have questions or need information about bankruptcy, please call our Cincinnati office.

We are a debt relief agency. We help people file for relief under the bankruptcy code.

Chapter 7 Bankruptcy

When a you cannot reasonably pay your debts, it may be time to consider filing a Chapter 7 bankruptcy. The need for a Chapter 7 bankruptcy becomes more immediate when creditors begin to file lawsuits, implement wage garnishments, and repossess automobiles.

How a Chapter 7 Bankruptcy Works

The process of filing for Chapter 7 bankruptcy begins with the filing of a petition with the Bankruptcy Court. When a bankruptcy petition is filed, all creditors and debt collection agencies must immediately cease all collection efforts against you. This will stop all creditor contact and harassment, as well as wage garnishments, repossession of automobiles, and real estate foreclosure proceedings. You are required to file all of your pertinent financial information with the court, including a detailed account of your income, expenses, and debts. After your bankruptcy petition is filed, a meeting of creditors will be held about 30 days after the filing date. During the meeting of creditors, you must answer questions about your financial situation under oath. You may also reaffirm certain debts at this time, such as loans for automobiles you wish to retain, and also for your real estate mortgage.

As part of the Chapter 7 bankruptcy process, you may have to surrender non-exempt assets to satisfy some of your debts. Normally, you may keep all of your assets exempt from execution under the bankruptcy law, such as retirement plans, clothes, furniture, and other personal effects. The bankruptcy attorneys at Bailey & Gunderson will review your assets with you to determine which assets you may retain retain under the bankruptcy law, and advise you which assets may be subject to being surrendered.

After the successful completion of a Chapter 7 bankruptcy filing, all of your dischargeable debts shall be canceled. Typically, the time period from the filing of your petition to the date you receive a discharge of your debts is approximately 4 months.

How Can Bailey & Gunderson Help You?

The bankruptcy attorneys at Bailey & Gunderson will make every effort to explain the bankruptcy process, and how a Chapter 7 bankruptcy will help you. We will assist you in the preparation and filing of your bankruptcy petition. Our bankruptcy attorneys will appear with you at the meeting of creditors held 30 to 45 days after your bankruptcy petition is filed. You will be instructed to have your creditors call us, and we will contact any creditor that continues to cause you problems. If you are being sued for a real estate foreclosure, we will contact your creditor, and advise them of your bankruptcy filing. We can help you resolve your serious financial problems.
The attorneys at Bailey & Gunderson have filed over 1,000 bankruptcy cases. We offer a free initial consultation, and reasonable payment plans for our bankruptcy clients.

Since 1995, the law firm of Bailey and Gunderson has assisted bankruptcy clients in the greater Cincinnati area (Hamilton, Clermont, Butler, Warren, and Brown Counties). If you have questions or need information about bankruptcy, please call our Cincinnati office.

We are a debt relief agency. We help people file for relief under the bankruptcy code.

Chapter 13

When a you are having trouble paying your debts, but could pay if given more time, filing a Chapter 13 bankruptcy may be an option. Under a Chapter 13 bankruptcy, you pay off your debts over a 3 to 5 year payment plan presented to the Bankruptcy Court. The amount required to be paid to creditors may be as low as 1% of your unsecured debt. While you are in a Chapter 13 bankruptcy, you are protected from lawsuits and creditor harrassment.

A Chapter 13 bankruptcy may be an option for you if you are unable to pass the means test to file a Chapter 7 bankruptcy because your income is too high. A Chapter 13 bankruptcy is a good option if you own real estate and other assets that need protection from foreclosure or liquidation. Because a Chapter 13 bankruptcy involves a reorganization of your debt, most, if not all, of your assets may be protected throughout the entire process. This form of bankruptcy can offer you a number of key benefits with the most prominent being the ability to save a home from foreclosure. You may be able to include your mortgage arrearages in a Chapter 13 repayment plan, and as long as you stay current with your Chapter 13 repayment plan, you will be able to keep your home. A Chapter 13 bankruptcy will also allow you to address certain secured debt that may otherwise be forfeited under a Chapter 7 bankruptcy filing. Other benefits of a Chapter 13 bankruptcy are the right to pay some of your unsecured debt, with no interest, and to include income taxes and student loans in your Chapter 13 plan.

How Can Bailey & Gunderson Help You?

The bankruptcy attorneys at Bailey & Gunderson will make every effort to explain the bankruptcy process, and how a Chapter 13 bankruptcy will help you. We will assist you in the preparation and filing of your bankruptcy petition, and the development of your Chapter 13 repayment plan. Our bankruptcy attorneys will appear with you at the meeting of creditors held 30 to 45 days after your bankruptcy petition is filed. You will be instructed to have your creditors call us, and we will contact any creditor that continues to cause you problems. If you are being sued for a real estate foreclosure, we will contact your creditors, and advise them of your bankruptcy filing. We will include your mortgage arrearages in your Chapter 13 plan so that your arrearage can be brought current. We can help you resolve your serious financial problems.

The attorneys at Bailey & Gunderson have filed over 1,000 bankruptcy cases. We offer a free initial consultation, and reasonable payment plans for our bankruptcy clients.

Since 1995, the law firm of Bailey and Gunderson has assisted bankruptcy clients in the greater Cincinnati area (Hamilton, Clermont, Butler, Warren, and Brown Counties). If you have questions or need information about bankruptcy, please call our Cincinnati office.

We are a debt relief agency. We help people file for relief under the bankruptcy code.

Bankruptcy Myths

In the current economic climate, many individuals are seeking debt relief by declaring bankruptcy. Any person considering filing for bankruptcy should inform himself or herself about the facts of bankruptcy. The bankruptcy attorneys at Bailey & Gunderson have found that there is much erroneous information that circulates on the subject of bankruptcy, and some of the myths may include the following :

Chapter 7 Bankruptcy Allows the Discharge of All Debts

Chapter 7 bankruptcy allows the discharge of certain personal debts like credit cards, lines of credit, personal loans and promissory notes. However, certain debts are not dischargeable such as child & spousal support, some income taxes, student loans, damages following an automobile accident where alcohol was involved, and unpaid court fines.

Everything Will be Lost in Bankruptcy

There are bankruptcy exemptions that will allow you to keep certain assets. The exemptions will protect your assets from creditors. Certain life insurance policies, retirement plans, certain wages, certain real estate, certain automobiles, tools you may use for work, and household items & furniture are examples of assets you may retain under the bankruptcy exemptions.

I Make Too Much Money to File Bankruptcy

Your income is a consideration in a bankruptcy. Income over a certain level may prevent you from filing a Chapter 7 bankruptcy, however, you may be able to file a Chapter 13 bankruptcy to effectively deal with your debt problems. The bankruptcy attorneys at Bailey & Gunderson can advise you which bankruptcy you are eligible to file and why.

No Credit is Available after Bankruptcy

It is important to rebuild and re-establish your credit following bankruptcy. The bankruptcy attorneys at Bailey & Gunderson can advise you about the proper steps to take after filing for bankruptcy that will assist you with rebuilding your credit, and avoid having you get into credit trouble again.
The attorneys at Bailey & Gunderson have filed over 1,000 bankruptcy cases. We offer a free initial consultation, and reasonable payment plans for our bankruptcy clients.

Since 1995, the law firm of Bailey and Gunderson has assisted bankruptcy clients in the greater Cincinnati area (Hamilton, Clermont, Butler, Warren, and Brown Counties). If you have questions or need information about bankruptcy, please call our Cincinnati office at 513-726-3658, or email us.

We are a debt relief agency. We help people file for relief under the bankruptcy code.

Frequently Asked Questions About Bankruptcy

I hear bankruptcy is a lot harder to file now. What is the difference?

Since Congress passed the new bankruptcy law in 2005, it is necessary to take two bankruptcy counseling courses. The first bankruptcy counseling course must be taken before you can file your bankruptcy petition, and the second bankruptcy counseling course must be taken before the court will issue the discharge order relieving you from your debt. Both bankruptcy counseling courses can be taken on-line for a small fee, and can be done in a few hours.

There are also stricter requirements on who can get a total discharge of debts under a Chapter 7 bankruptcy. You must earn under a certain annual income for your area of residence, or you must be able to pass a means test provided for by the bankruptcy law. Under this means test, your income is matched against a formula for average monthly expenses in your area of residence to determine your monthly disposable income. Your debts are compared with your monthly disposable income to determine if you can afford to pay your debts. If you do not pass the means test, you may still get bankruptcy protection through a Chapter 13 bankruptcy where you pay some or all of your debts through a payment plan. While these restrictions limit some people, the bankruptcy attorneys at Bailey & Gunderson have found that the vast majority of people who need the protection of a bankruptcy are still able to take advantage of it.

Can I get all debts discharged through Bankruptcy?

Under Chapter 7 bankruptcy, you may get a total discharge of your debt. However, some of your debts may not be dischargeable. For instance, income taxes may not be discharged except where the debt is at least three years old, and you filed your income tax return timely. Student loans and child & spousal support obligations are also not dischargeable. Debts incurred through fraud are, likewise, not dischargeable. You may, however, apply to pay these debts through a Chapter 13 payment plan. The bankruptcy attorneys at Bailey & Gunderson can show you how.

What happens in a Chapter 13 bankruptcy plan?

In a Chapter 13 Bankruptcy plan, you typically pay your debts over a 3 to 5 year period. Each month, you make a payment amount (usually through a wage deduction order from your paycheck) which is then distributed by the bankruptcy trustee to your creditors. Secured debts, such an automobile loan, shall be paid through your Chapter 13 bankruptcy plan. Your non-secured debts will be paid from 1% to 100% of the total amount of your non-secured debt, and will be paid interest-free. The percentage of your non-secured debt that you must pay will initially be determined by the bankruptcy attorneys at Bailey & Gunderson. Once you have completed your Chapter 13 Bankruptcy plan, any remaining debts not paid through your Chapter 13 bankruptcy plan shall be discharged.

Will I lose my house, car or retirement savings by filing Bankruptcy?

The bankruptcy attorneys at Bailey & Gunderson will work with you to minimize the assets (if any) you may have to surrender when you file for bankruptcy. You are entitled to keep a certain amount of assets, which are "exempt", from seizure by creditors or the bankruptcy trustee. If the Chapter 7 bankruptcy exemptions do not provide enough protection, the bankruptcy attorneys at Bailey & Gunderson can develop a Chapter 13 bankruptcy plan that will preserve your assets.
Working without an attorney, or with inexperienced counsel, may result in unpleasant suprises for you, as you may have to forfeit assets that you could have saved with better planning. The bankruptcy attorneys at Bailey & Gunderson can show you how.

The attorneys at Bailey & Gunderson have filed over 1,000 bankruptcy cases. We offer a free initial consultation, and reasonable payment plans for our bankruptcy clients.
Since 1995, the law firm of Bailey and Gunderson has assisted bankruptcy clients in the greater Cincinnati area (Hamilton, Clermont, Butler, Warren, and Brown Counties). If you have questions or need information about bankruptcy, please call our Cincinnati office at 513-726-3658, or email us.

We are a debt relief agency. We help people file for relief under the bankruptcy code.

Free Initial Consultations and Payment Plans Available