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Cincinnati Bankruptcy Legal Blog

What are a bankruptcy trustee's duties in Chapter 7?

You have finally come to the decision to file for bankruptcy. You undoubtedly had a difficult journey reaching this point, but you may now feel a sense of relief knowing that you have a direction to go that can help you get back on financial track. Of course, bankruptcy has many facets that you may not entirely understand.

In particular, you will not have full control over your bankruptcy proceedings. Rather than carrying out many of the steps yourself, a bankruptcy trustee will act on your behalf in some cases and make sure that you carry out the right actions in other instances. This person acts as an unbiased party in terms of your bankruptcy case.

Are all debts dischargeable under Chapter 7 bankruptcy?

There are many benefits of filing for Chapter 7 bankruptcy, including the ability to eliminate some (or all) of the debt that has been dragging you down.

If the time comes to strongly consider Chapter 7 bankruptcy, don't proceed until you realize what type of debt can be discharged. You should never assume that all your debt will be eliminated, as this is not the case. Here are some debts that are not dischargeable:

  • Tax debts and any debts incurred as a means of paying federal taxes
  • Any debt associated with false financial statements or fraudulent activity
  • Debt that you fail to list on the appropriate Chapter 7 forms
  • Debts for child support and alimony
  • Debts for specific types of penalties and fines
  • Student loan debt
  • Debts for death or personal injury caused by operating a motor vehicle while under the influence of drugs or alcohol

Chapter 13 bankruptcy can help you prevent foreclosure

If you receive a foreclosure notice from your mortgage lender, the best thing you can do is make an immediate phone call to better understand your situation.

It's a common misconception that your lender wants to repossess your home. In all reality, they'd much rather you catch up and continue to make timely payments in the future.

What does the face of credit card debt look like in the US?

You may be one of many Ohio residents who owns several credit cards. On the other hand, you may be the type of person who only has one credit card and tries to use cash at all times, except in rare circumstances. Surprisingly, no matter which classification you relate to most, either scenario can lead to serious financial problems if credit card debt gets out of hand.  

Studies show that some people are reportedly more prone to substantial credit card debt than others. If one or more categories applies to your particular situation, you may want to keep a close watch on your balances each month. That doesn't mean that you should feel guilty if a financial crisis arises that has been prompted by an unpaid credit card balance. You'd definitely not be alone in your struggle. You may be delighted to know that most financial crises are temporary, and there are often several debt relief options

How to avoid credit card overspending after bankruptcy

Although you're likely to lose your credit cards in bankruptcy, you'll have some big decisions to make once you come out the other side.

There will come a point when you once again have to consider the benefits and risks of carrying a credit card.

Things to know about a Chapter 13 bankruptcy repayment plan

With a variety of high level benefits, it's easy to opt for Chapter 13 bankruptcy before ever learning more about the process as a whole.

Unlike Chapter 7, with Chapter 13 bankruptcy you're required to use a repayment plan to pay back some of the money you owe creditors. It may not be the ideal situation, but if you don't qualify for Chapter 7 it could be your only option.

Keeping summer plans from becoming a source of financial concern

The summer months are a time when many families in Ohio choose to take part in a variety of activities. With school being out for summer and warm weather finally settling in, you might have plans to take your family on a vacation, or you may have decided to allow your children to attend summer camp.

As travel expenses can be extensive, it could take little more than a weekend getaway to leave you facing a surprising financial hurdle. The prices of admission to summer camps and sports can also be significant, and you could be wondering how you can enjoy summertime activities without encountering financial hardships in the process.

Financial situations that could call for Chapter 7 bankruptcy

Even though you do everything you can to keep your financial head above water, there could come a point when you have no choice but to file for Chapter 7 bankruptcy.

Before you make this important decision, it's first important to review your situation to better understand your options. Here are some of the many reasons why Chapter 7 bankruptcy could be the right strategy for you at the present time:

  • You're relying heavily on credit cards: There's nothing wrong with using credit cards every now and again, but if this is your only means of paying for everyday necessities, you must change your ways.
  • You've received a foreclosure notice from your mortgage lender: This is scary, as it means the bank is getting closer and closer to repossessing your home. Fortunately, once you file for Chapter 7 bankruptcy, an automatic stay will give you some room to breathe.
  • Wage garnishment is reality: Depending on your situation, a lender may be able to garnish your wages in order to collect the money due to them. Just the same as foreclosure, a Chapter 7 bankruptcy filing can put an end to this for the time being.