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Cincinnati Bankruptcy Law Blog

Understanding liquidation in Chapter 7 bankruptcy

If you are facing insurmountable debt and wondering how to get your life back on track, bankruptcy may seem like the last option you want to consider. Too many people assume that it will destroy their credit and doom their financial future when in fact the opposite is sometimes true. Chapter 7 bankruptcy, in particular, can provide debtors with a fresh start financially through liquidation.

This part of the process scares many people, though. When you hear the word liquidation, you might imagine losing your home and car, but liquidation can actually be a beneficial means of repaying debt and reclaiming your financial security. The following are a few things you should know about it.

Understanding lien stripping

Chapter 13 bankruptcy is a viable option for getting out of debt for both individuals and businesses. In 2010, the United States saw over 400,000 Chapter 13 bankruptcies filed, and a majority of those were from families.

Bankruptcy is a complicated area. There are numerous aspects of the process people need to familiarize themselves with, and that includes lien stripping. Anyone who hears their attorney casually mention lien stripping should take the time to learn about this concept. 

3 risks of filing bankruptcy pro se

If you are considering bankruptcy options for debt relief, it can be overwhelming trying to determine which is the best chapter for you. Each person’s financial situation is different, so there is no one-size-fits-all solution. Whichever one you choose, it is important to ensure that you file your petition correctly and have what you need to follow through.

Hiring a lawyer may be the best way to ensure success for your bankruptcy case. With a legal professional guiding you through the process, you do not have to worry about some of the missteps commonly made when filing independently. Consider the following three risks of pro se bankruptcy.

How to improve your financial situation as a single mom

As a single mom in Ohio, you may find it hard to manage your household, raise your kids and pay your bills comfortably. Although you are working full-time, your income may not be enough for you to make ends meet. Instead of stressing out and losing sleep over your situation, you should learn what actions you can take to get yourself back on track. 

Here are some ways you can improve your financial situation. 

Dispelling common myths about bankruptcy

If you find yourself overwhelmed and completely suffocated with medical bills, credit card debt or utility bills you cannot pay, it is easy to feel hopeless, anxious and depressed all the time. The first thing you need to realize is you are not alone when it comes to dealing with debt, and you have options when it comes to a fresh financial start. Bankruptcy laws can be complicated and complex, and it is often tough to admit you need help, but not every fact you have heard about bankruptcy is true. For you to feel comfortable about filing for Chapter 7 or Chapter 13 bankruptcy, we have a few truths for you.

Bankruptcy and students loans

Out of all of the people who have participated in higher education over recent years, a significant percentage has left their educational institution with large amounts of student loan debt. In an ironic turn of events, some who have pursued education to ensure a way to provide for themselves and their loved ones have been unable to do so because of the cost of their education.

When the time comes to begin making student loan payments, many students have found that they do not have the resources to pay for their loans and to cover their cost of living. The first thought in these types of situations might be to declare bankruptcy, but student loans are one of the few types of debt that are generally not removed by bankruptcy. There may, however, be exceptions.

Beating medical debt: How they affect your credit score

Medical bills can be a burden, but waiting to pay them for too long can result in them ending up on your credit report. When that happens, you're in a position where your credit can be affected by them, making it harder to rent properties, get credit cards or to get loans or other financing.

Credit card bureaus only get information about your debts if you allow them to go unpaid. When that happens, the medical provider reports your account to the credit bureau, sending it to collections. The problem with paying a bill after it's in collections is that the report itself can take years to fall off. That means that even though it's been taken care of, you could still suffer the consequences for many years to come.

Will bankruptcy ruin my credit score?

One of the most common questions asked of bankruptcy attorneys is, "how will it affect my credit score?" People dread the thought of a tanked credit score following them around for the next ten years. Typically filing for bankruptcy will lower your score, but it will not ruin your score for a decade. There is no magic number stating how many points your score could drop because it all depends on your acquired debts and current credit status.

The long term impact on your credit score will depend on these two factors...

Consumer protections for creditor calls are about to get stronger

Being behind on your bills is an incredibly stressful experience. All the contact from creditors and collection agencies only makes things worse. While at first this contact might be seen as "friendly reminders," eventually it can turn into creditor harassment, and there are ways you can stop it.

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Phone: 513-621-7902
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