August 17, 2016 | KEEPING PROPERTY IN A CHAPTER 7 BANKRUPTCY
One of the considerations you will face as you and your attorney at The Nesbitt Law Firm determine whether a Chapter 7 bankruptcy filing is right for you, is how a Chapter 7 filing will affect the property you own. The property that you own, but are still making payments on is called collateral and the loan is called a secured debt. In Chapter 7, you have three basic options regarding collateral of a secured loan: reaffirm, redeem, or surrender. What does it mean to reaffirm, redeem, or surrender secured collateral in Bankruptcy? What shouldREAD MORE
August 17, 2016 | WHEN IS THE RIGHT TIME TO FILE BANKRUPTCY?
While filing for bankruptcy can be an excellent debt relief solution for many individuals and couples, sometimes the timing of filing can make or break your case. For some, it makes sense to file for bankruptcy right away; for example, when a foreclosure or vehicle repossession is right around the corner, but in other circumstances it may save you a lot of money if you wait. Whether that waiting period is a matter of days, weeks, or months will depend on the facts of your case. If you are considering filing for bankruptcy protection andREAD MORE
July 22, 2016 | CAN I KEEP MY CAR IF I FILE BANKRUPTCY? WHAT ABOUT MY HOUSE?
The purpose of a bankruptcy filing is to get out of debt and allow the debtor (the person filing bankruptcy) to receive a fresh financial start. However, it does not necessarily mean that a debtor will need to start all over with no car and no house or other assets to his name. The Bankruptcy Code and the laws of the State of Ohio have built in protections that debtors can take advantage of in order to keep their assets, such as a car, a house, a retirement account, and even money in the bank.READ MORE