Bankruptcy Attorney in Dayton, OH

Why choose our Dayton bankruptcy lawyers?

When dealing with bankruptcy, you must work with an attorney with a good track record and positive results. At Fesenmyer Law Offices, LLC, we are confident in our experience and what we have accomplished for our clients, as reflected in their reviews. We are affordable and create payment plans based on each client’s needs.

Also, our bankruptcy attorneys can negotiate with your creditors to get them to stop harassing you and give you time to obtain the funds needed to pay them back. Our attorneys are thorough and will waste no time getting you the relief you need to move forward. We are available to answer all your questions and address your concerns, so do not hesitate to contact us.

We have handled thousands of cases and helped many clients overcome financial difficulties and improve their finances.

What it means to be bankrupt under the law

Not everyone is qualified to file for bankruptcy. Under federal law, you must be unable to pay your debts to be declared bankrupt. Filing for bankruptcy provides relief by either discharging eligible debt or creating a repayment plan. It also eliminates debts and protects you from debt collection actions like wage garnishment and bank attachment.

Also, temporary protection is available for foreclosure actions on your home.  If you lost your driver’s license or utility services due to court-ordered damages, they could be restored. However, note that bankruptcy does not discharge debts like child support, most taxes, and student loans.

What type of bankruptcy can you file?

The federal bankruptcy code provides several ways to file for bankruptcy, depending on the circumstances involved. There are two major types of personal consumer bankruptcy — Chapter 7 and Chapter 13 — and our bankruptcy lawyers in Dayton, OH, will explain the differences when determining which you qualify for.

Chapter 7 bankruptcy

Chapter 7 bankruptcy is the most common form of bankruptcy, and it will eliminate most or all debts — but you can use it only once every eight years. Here’s what you need to know about Chapter 7 bankruptcy:

• Eligibility: To qualify for Chapter 7 bankruptcy in Dayton, Ohio, your income must be below the state’s median for your household size. So, if your average monthly income for the past six months is below the Ohio median for your household size, you meet the requirements to qualify for Chapter 7. You can review the median income levels here.
• Process: A trustee appointed by the court liquidates non-exempt assets to pay off creditors. However, Ohio law provides exemptions that allow you to keep essential property up to a specific value.
• Dischargeable debts: Some debts can be discharged, and you are no longer legally required to pay them. Examples are most unsecured debts, like credit card debt and medical bills.
• Non-dischargeable debts: These are debts that you are legally required to pay even after declaring bankruptcy. Examples are student loans, alimony, child support, and certain taxes.
• Duration: Chapter 7 bankruptcy is relatively quick, typically taking about 4-6 months from filing to discharge.

While filing for bankruptcy has a temporary impact on your credit score, it discharges your debt, so your credit score will improve in the long run.  Bankruptcy offers a fresh start to rebuild your financial life without the burden of unmanageable debt. Note that the specifics of a Chapter 7 bankruptcy vary based on individual circumstances, and not all assets are the same. Our bankruptcy lawyers in Dayton can provide personalized guidance for your unique situation.

Let our Dayton bankruptcy lawyers handle all legal hurdles involved with getting you out of debt so you can focus on rebuilding your life.

Chapter 13 bankruptcy

If you are not eligible for Chapter 7, filing for Chapter 13 bankruptcy in Dayton is an option. Under Chapter 13 bankruptcy, you can consolidate payments to repay some or all of your debt, and it is a better option if you want to keep an asset such as a car or a house. Here’s what you need to know about Chapter 13 bankruptcy:

• Repayment plan: You can propose a repayment plan to make installments to creditors over three to five years.
• Eligibility: To be eligible, you must have regular income and meet certain debt limits.
• Protection: Chapter 13 offers protection against foreclosure, allowing you to catch up on missed mortgage payments through the plan.  It can also offer protection from car repossession.
• Keeping property: You can keep some of your property and make payments on secured debts over time, even on debts that would otherwise be subject to repossession or foreclosure.

Upon successful completion of the payment plan, individuals receive a discharge of most or all of the remaining unsecured debts. Note that the debt limit changes every three years based on changes in the Consumer Price Index. Therefore, always consult a bankruptcy lawyer to determine your eligibility under Chapter 13.

Do you need a Dayton bankruptcy attorney?

When dealing with bankruptcy, you might want to save money by handling the filing by yourself, but this could cause more harm than good in the long run. For example, if you omit or improperly list a creditor in your filing, you may still have to pay that debt after the bankruptcy is completed.

Similarly, if your filing is flawed or incomplete, your bankruptcy petition may be denied. By hiring our skilled attorney, you can avoid these mistakes, and the legal fees paid to us are lower than what you stand to lose.

Our Fesenmyer Law Offices, LLC team is here to walk you through the entire bankruptcy process and ensure you get the debt relief you are entitled to.

Bankruptcy Attorney in Dayton, OH, FAQs

When dealing with bankruptcy, it is normal to have questions. The following are answers to some of the questions we frequently hear:

What is the income limit in Ohio for Chapter 7?

The income limit is the household median income, which changes periodically. Consult with our bankruptcy attorney to get the most accurate and current information.

What am I allowed to keep after bankruptcy?

In many cases, all of a debtor’s assets may be protected and are not subject to being taken by the bankruptcy court.  Many people are able to keep a house or a car, depending on the value and the amount of equity they have, and things like retirement plans, personal property, and tools of trade have exemptions Under Ohio law

What happens if I make a mistake when filing for bankruptcy?

Mistakes are costly, as you can lose exemptions, non-exempt assets, or the ability to complete the bankruptcy and discharge your debts. If your errors are deemed fraudulent, you might face criminal charges. Let our experienced bankruptcy attorneys handle your case to avoid mistakes or discrepancies.

How much will my bankruptcy lawyer in Dayton, Ohio, charge?

Attorney fees vary based on factors such as the complexity of your case and which chapter you are filing under. We typically charge more to handle Chapter 13 cases, which are more complex than Chapter 7 cases, and involve special issues that require more time to resolve. During your initial consultation, we will discuss your circumstances and give you an exact fee quote.

How our bankruptcy attorney in Dayton, OH, can help you

When you hire our Dayton bankruptcy attorneys, we will advise you about your financial situation, explain the different types of bankruptcy, and help you determine which option is best for your circumstances. Our lawyers will also ensure everything is filed correctly and your fees are paid promptly. We will appear in court on your behalf, file motions to eliminate liens and respond to objections from creditors.

Talk to our Dayton bankruptcy lawyer today!

The decision to file for bankruptcy is difficult and not to be taken lightly. However, if your financial situation has become so bad that you are facing foreclosure, repossession of your property, and garnishment of your wages, filing for bankruptcy may be the best way to stop these from happening and give yourself a fresh financial start.

Our Fesenmyer Law Offices, LLC team deeply understands bankruptcy law and can help you navigate these challenging times with confidence and ease. Contact us today to learn more about our services and begin the process of living debt free.