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bankruptcy in Ohio

Filing For Bankruptcy in Ohio

By | Bankruptcy, Ohio, Toledo | No Comments

If your financial situation has reached a point where you don’t think you’ll ever get out of debt, it may be time to consider relief under the US Bankruptcy Code. Statistics indicate you’re not alone, as 772,646 individuals and businesses filed for bankruptcy in 2019. There are plenty of others that share your desire to gain control over your finances, ease your debt, and make a fresh start. 

Still, it’s understandable that you might be intimidated by the bankruptcy process. Taking legal action, especially one that has consequences for your future can seem overwhelming. Your concerns are likely alleviated when you consider the alternative: Remaining under crushing debt, incurring exorbitant late charges and interest, creditor harassment, and never even coming close to paying down your balances. While you should discuss the specifics with an Ohio bankruptcy attorney, here are a few facts you need to know about the process.

There Are Multiple Types of Bankruptcy to Consider

Based upon your situation and strict eligibility rules imposed by federal law, you might consider one of three forms of bankruptcy:

  1. Chapter 7: Individuals and businesses may qualify to file bankruptcy under Chapter 7, in which the court’s trustee sells some of your property and applies it to your debts. The end result is that you emerge debt-free.
  2. Chapter 13: This form of bankruptcy involves paying down your debt to creditors over time since you’ll work with the court to develop a repayment plan. A typical repayment plan is 3-5 years in duration, but your debt is wiped out at the conclusion of the process.
  3. Chapter 11: If you own a business and are in debt, you might opt for Chapter 11. The process is similar to Chapter 13, so you’ll work out a repayment plan to reimburse creditors.

You Need to Participate in Credit Counseling Before Filing

Most filers must go through credit counseling within six months before initiating the process, and some will also need to complete a course while the case is pending. The point is to ensure bankruptcy is the right fit for your situation and to reduce the possibility that you’ll have to file a second time down the road.

Filing for Bankruptcy Triggers an Automatic Stay on Collection

One of the primary advantages of initiating bankruptcy proceedings is that the court immediately imposes a stay on creditor efforts to collect on your debt. They cannot contact you, garnish your wages, place a lien on the property, or engage in any other prohibited conduct.

A Toledo, OH Bankruptcy Lawyer Can Help You Navigate the Process

This overview of bankruptcy basics may be helpful, but it should also convince you of the importance of retaining knowledgeable legal counsel to assist with the process. To learn more about how we can help, please contact Groth & Associates. You can set up a consultation by calling 419.482.1176 or visiting our website. Once we review your circumstances, our attorneys can advise you on your options and strategies for the bankruptcy process.

divorce in Ohio

5 Things To Do Before You File For Divorce

By | Divorce, Family Law, Ohio, Toledo | No Comments

You probably gave your situation a lot of thought before deciding to end your marriage, and your time investment was a wise one. Divorce is life-changing and not something to take lightly. When you move to the next stage and are ready to initiate the process, you have another opportunity to make a smart decision with proper planning. It’s essential to take a measured approach and set the proper foundation before filing. The first step is retaining an experienced Ohio divorce lawyer to represent you and protect your interests. From there, some additional To Do’s include:

  1. Get the big picture with respect to finances. One of the key issues in a divorce is dividing up the assets acquired and debt incurred during your marriage. Ohio’s statute on equitable distribution of assets requires that these matters be divided fairly, so you’ll need to know where you stand financially. As such, you should itemize and estimate the value of all real estate and personal property, noting any assets that are encumbered by a mortgage or loan. In addition, write down the balance due on all other debts and lines of credit.
  1. Set a budget for your post-divorce future. Income and expenses will be very different after divorce, so don’t wait until it’s final to establish a responsible budget. The best way to develop a plan is to work on a monthly basis, listing all income you’ll receive from work, alimony, and child support. Then, write down all expenditures, including what you might be paying for spousal and child support. Once you have totals, you’ll come up with a figure of what you can spend on non-essentials.
  1. Weigh your options for living arrangements. Some couples opt to remain in their family home during divorce, but it’s not always an ideal arrangement. Therefore, you’ll need to consider what makes sense for your situation, especially if you have minor children.
  1. Close joint credit accounts and open one in your own name. By paying off all existing credit cards, parties eliminate the possibility that one will run up huge debts during the divorce process. At the same time, get a card in your own name so you can establish good credit going forward.
  1. Separate divorce from other aspects of your life. Your divorce shouldn’t be some imposing intrusion on your entire life, so do your best to segment the process from your work and personal relationships. Consider it a task you need to accomplish to ensure a brighter future, and look forward instead of back.

Reach Out to a Toledo, OH Divorce Attorney for Assistance

These 5 things to do before filing for divorce are made easier when you retain skilled legal counsel as early on in the process as possible. Our divorce lawyers at Groth & Associates can advise you every step of the way, including initiating proceedings, negotiating settlement, and representing you in court. Please call 419.482.1176 or go online to set up a consultation regarding your case. We can explain more about your options after learning more about your specific circumstances.

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