Ways Bankruptcy Can Resolve Financial Problems in Ohio | Law ...

Bankruptcy Can Stop Wage Garnishment

In Ohio, your wages can be garnished up to 25%. This can be devastating. Losing out on?1/4 of your normal income can make everyday living even more difficult. Filing bankruptcy will stop a wage garnishment by Federal law. Filing bankruptcy will prevent any creditor from beginning or continuing a lawsuit against you.

What usually happens is a creditor files a lawsuit against you in order to create a legal avenue to collect on the debt you owe them. By getting a judgment rendered against you for the money you owe them they can garnish wages, seize funds out of bank accounts, and attach liens to property.? The wage garnishment is sent to your employer and comes directly out of your payroll. This means the money is already taken out of your pay before your pay check is issued or direct deposited into your bank account.

Filing bankruptcy will stop the wage garnishment. As soon as you file your bankruptcy petition, an ?automatic stay? will be set in place. The ?automatic stay? will stop the creditors? collection efforts against you.

Stop Foreclosure / Sheriff Sale on Your Home by Filing Bankruptcy

Getting served legal paperwork stating that your home is going into foreclosure or scheduled for sheriff sale can be a freighting prospect. You may be behind in your mortgage payments because of unemployment, underemployment, or added unexpected expenses. Many times calls to banks go unreturned and loan modifications are often denied. Bankruptcy is an option available under the Federal government. Bankruptcy will give you a legal avenue to get current on your mortgage payments if you would like to keep your home or a solution to walk away free and clear if keeping the home is not an option you would like to explore.

If your home is scheduled for sheriff sale, you must take action immediately before it is too late. If nothing is done before the sheriff sale date, your home will be lost and you could be left with an amount of debt that would be nearly impossible to pay off with the amount of income you are receiving.

Filing Chapter 13 bankruptcy would be beneficial if you are behind in your mortgage payments and you would like to find a solution to keep your home. Filing Chapter 13 bankruptcy will stop the foreclosure and a sheriff sale. Filing a Chapter 13 bankruptcy would allow you to get current on your mortgage payments by being able to make payments on the arrears over a period of time compared to trying to come up with a lump sum of money you simply do not have.

As soon as you file your bankruptcy petition, your home will be taken off the sheriff sale listing. Filing Chapter 7 bankruptcy would be beneficial if you are behind in your mortgage payments and you are looking for a solution to get the house off your hands. You may be extremely upside down in your mortgage loan or perhaps the property needs a lot of work. If you are giving up the house in a bankruptcy, the creditor or lender will have to start the foreclosure process all over again after the bankruptcy is filed that can help you maximize your stay in your home.

Bankruptcy Can Stop Vehicle Repossession

Getting your car repossessed can be catastrophic. Not having a vehicle to get to work and to carry out your daily needs can be difficult.? Filing bankruptcy will automatically stop a vehicle repossession.? You may even be able to get your vehicle back if it has been repossessed and not already sold by the creditor.? Once you fall behind in your vehicle payments, it is a matter of time before your car gets repossessed. If your car is repossessed and action isn?t taken quickly, the car will be lost and you could be stuck with a bill that would be nearly impossible to pay back with the amount of income you are receiving.

If you would like to get the car back from repossession or keep it from becoming repossessed if you are behind in your vehicle payments, filing Chapter 13 bankruptcy may be the best option for you. Filing Chapter 13 bankruptcy will cure the arrearages and allow you to get caught up on your vehicle payments.

Filing Chapter 7 bankruptcy would be a good idea if keeping the vehicle is not an option you would like to explore. You may be upside down in your loan or perhaps the vehicle has mechanical problems. Filing a Chapter 7 or Chapter 13 bankruptcy will also eliminate most of your other debts.

Stop Utility Disconnection by Filing Bankruptcy

Filing bankruptcy will prevent your utilities from becoming shut off.? If your utilities are already shut off, filing bankruptcy will get them turned back on.? After a utility bill gets so high, the utility company will send you a notice to shut off your utilities. This can become a disaster creating the inability to use a refrigerator, stove, hot water, and major appliances. In many situations, the money the utility company asks for you simply do not have.

Filing Bankruptcy Can Get Your Driver?s License Back

Filing Chapter 7 or Chapter 13 bankruptcy can help you get your driver?s license back. Ohio law considers reinstatement fees as a debt that may be dischargeable in a bankruptcy under ORC 4510.10(G). As soon as your bankruptcy petition is filed, you can take your bankruptcy petition to the Bureau of Motor Vehicles (BMV) to get your license reinstated. The Bureau of Motor Vehicles (BMV) will review the documentation and remove the fees from your record that were included in the bankruptcy petition. Bankruptcy documentation may be filed in person at any Reinstatement Center location or may be mailed to the Ohio Bureau of Motor Vehicles, Attn: Compliance Unit, P.O. Box 16583, Columbus, Ohio 43216-6583.? Additional contact information can be found at www.bmv.ohio.gov/.

Hiring Bankruptcy Attorney Will Stop Creditor Harassment

Getting harassing creditor phone calls can be annoying. They call you when you are at work, when you are eating dinner, and when you are trying to sleep. They never want to work with you and all they care about is getting your money. You may have already told them about your situation and still refuse to stop calling. Many times when retaining an attorney for bankruptcy, the creditors will contact you through your attorney. This will stop the creditors from calling your phone and will keep your attorney informed if any major legal issues arise.

Prohibit Creditors From Beginning or Continuing a Lawsuit Against You

Filing bankruptcy will give you protection under the Federal government. As soon as your bankruptcy petition is filed, there will be an ?automatic stay? set in place. The automatic stay will prevent creditors from beginning or continuing a lawsuit against you. The automatic stay will essentially stop any and all creditor collection efforts against you. The automatic stay will stop a wage garnishment, foreclosure, sheriff sale, vehicle repossession, and utility disconnection.

Bankruptcy Can Help With Eviction

If you are behind in rent and the landlord has not received a judgment against you for possession, you can stall the eviction process by filing bankruptcy. The landlord cannot evict you without filing the proper paperwork with the court and obtaining the Bankruptcy Court?s permission to begin the eviction. The landlord will have to request that the Bankruptcy Court lift the automatic stay. Chances are that the Bankruptcy Court will grant the request if you are behind in your rent, but it is up to the landlord to file the necessary paperwork.? If the landlord has obtained a judgment for possession before you file bankruptcy, the landlord can proceed with the eviction without the permission of the bankruptcy court unless successfully challenged in eviction court. It is best to file the bankruptcy before the judgment for possession is entered.

Eliminate Most of Your Debts by Filing Bankruptcy

• Credit Cards
• Personal Loans
• Medical Bills
• Utility Bills
• Items Sent to Third-Party Collections
• Debt Owed From a Foreclosed Home
• Debt Owed From Repossessed Vehicles
• Evictions
• Reinstatement Fees
• Attorney Fees

Types of Bankruptcy

• Chapter 7
• Chapter 13
• Individual Bankruptcy Filing (Filing Bankruptcy By Yourself)
• Joint Bankruptcy Filing (Filing Bankruptcy With Your Spouse)

The Law Office of M. Sean Cydrus Can Help!

The friendly Law Office of M. Sean Cydrus can help you craft a plan to rebuild your financial future. We understand the stress of financial worry. We use a personal approach to solving your financial challenges and are here to help you through this difficult time. We pride ourselves on the ability to provide our legal expertise with compassion and understanding. We ensure that your rights are protected and that someone is looking out for your best interest. We can meet with you at our conveniently located offices in Columbus and Chillicothe. Call today for a free consultation. Help is one phone call away!

Source: http://www.ohiodebtsolutions.com/ways-bankruptcy-can-resolve-financial-problems-in-ohio/

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