Goering & Goering, LLC Goering & Goering, LLC 2026-07-10T08:28:18Z https://www.goeringandgoering.com/feed/atom/ WordPress /wp-content/uploads/sites/1103224/2023/06/cropped-favicon-32x32.png On Behalf of Goering & Goering, LLC <![CDATA[Does business bankruptcy erase a personal guarantee?]]> https://www.goeringandgoering.com/?p=48066 2026-07-10T08:28:18Z 2026-07-10T08:28:18Z Why the company’s bankruptcy may not protect you A Chapter 7 or Chapter 11 filing generally triggers an automatic stay that pauses many collection efforts against the business, including lawsuits, repossessions and enforcement of judgments. However, the stay usually does not protect an owner who did not personally file for bankruptcy. Chapter 13 provides temporary protection for a co-signer on certain consumer debts, but that protection generally does not apply to guarantees tied to commercial obligations. If the company stops making required payments, a creditor can demand payment under the guarantee. Even if the business completes bankruptcy and no longer owes the debt, the creditor may still have the right to collect the guaranteed amount from you.

Which guarantee terms should you review?

Start by gathering the signed document, original loan agreement, amendments, payment records and any default notices. Review whether the documents include:
  • Language making the guarantee apply to future loans or additional credit
  • A dollar limit, expiration date or other restriction
  • Clauses waiving certain notices or limiting possible defenses
  • Cognovit language, which may allow a creditor to obtain a judgment against you without first holding a standard court hearing
  • Terms covering interest, collection costs or attorneys’ fees
These records can show whether later amendments or renewals changed the promise you originally signed.

Understand what the filing leaves unresolved

A company’s bankruptcy can address its debts without resolving what you personally agreed to pay. Reviewing the agreement can help you identify which debts it covers and how much you may owe. Depending on your circumstances, filing your own Chapter 7 or Chapter 13 case could provide a way to address a dischargeable guarantee debt. Reliable legal guidance can help you understand how the business filing affects your personal finances.]]> On Behalf of Goering & Goering, LLC <![CDATA[Budgeting while paying down a Chapter 13 bankruptcy ]]> https://www.goeringandgoering.com/?p=48063 2026-06-23T17:30:02Z 2026-06-23T17:30:02Z A Chapter 13 bankruptcy repayment plan can provide a path toward financial stability, but sticking to the plan requires effort and careful budgeting.  Because filers typically make court-approved payments for several years, staying organized and monitoring expenses is necessary. A realistic budget can help to better ensure that plan payments remain current while still covering a filer’s household's day-to-day needs.

Getting started 

If you’re either getting ready to repay a Chapter 13 filing or you’ve already started, the first step you’ll want to take involves understanding where your money goes each month. Many people are surprised to discover how much they spend on subscriptions, dining out, convenience purchases and other nonessential items. Tracking expenses can reveal opportunities to redirect money toward necessities and bankruptcy plan obligations. Creating a monthly budget should start with fixed expenses such as housing, utilities, transportation, insurance and food. Chapter 13 payments should also be treated as a priority expense. After accounting for essential obligations, you can evaluate discretionary spending and identify areas where adjustments may be necessary. Fortunately, several online tools can help filers to stay on top of their finances. Budgeting platforms such as EveryDollar, Monarch Money and YNAB (You Need A Budget) allow users to categorize spending, set financial goals and monitor cash flow. Many banks and credit unions also provide budgeting features within their online banking portals that can automatically track spending habits. If you prefer a simpler approach, free spreadsheet templates available through Google Sheets or Microsoft Excel can be effective budgeting tools. These options allow users to customize categories and maintain complete control over their financial records without additional subscription costs. Educational resources can also be valuable. Organizations such as the Consumer Financial Protection Bureau offer free budgeting worksheets, savings tips and financial education materials. Nonprofit credit counseling agencies may provide additional guidance on managing expenses and developing long-term financial habits. Completing a Chapter 13 plan often requires patience and discipline, but effective budgeting can make the process more manageable. ]]> On Behalf of Goering & Goering, LLC <![CDATA[Is a vehicle at risk in an Ohio Chapter 7 bankruptcy?]]> https://www.goeringandgoering.com/?p=48058 2026-06-13T19:32:47Z 2026-06-13T19:32:47Z Exemptions can protect vehicle equity Personal vehicles can be an important tool for people rebuilding financially after bankruptcy. People typically need transportation to work. They can also minimize their expenses by having their own vehicle instead of using on-demand services for transportation. Current bankruptcy statutes in Ohio allow for partial vehicle equity protection. Individuals filing for bankruptcy can protect up to $5,025 in equity. Married couples filing jointly can double that basic exemption. For those who have more vehicle equity than the exemption currently available, it may be possible to use the wild card exemption to preserve up to $1,675 in additional vehicle equity. Filers in Ohio must use state exemptions, as state law does not accept federal exemptions. Making effective use of bankruptcy exemptions can help Chapter 7 bankruptcy filers limit their losses and protect their most valuable assets. Vehicle exemptions help people maintain their source of transportation, which can be important for supporting their families, continuing their careers and building financial stability after filing for bankruptcy.]]> On Behalf of Goering & Goering, LLC <![CDATA[Why filing for bankruptcy is a positive action]]> https://www.goeringandgoering.com/?p=48056 2026-06-04T17:43:54Z 2026-06-04T17:43:54Z Many people file for bankruptcy every year. In 2025 alone, there were 549,577 personal filings, an 11% rise from the year before and a 26% increase from the year before that. Yet, despite this, there is still a bit of a stigma attached to doing so, in some quarters at least. While some people might think less of you if they were to learn that you had filed, this should not stop you from going ahead. Many just don’t realize how quickly and easily a stable financial situation can turn into an unstable one, often due to factors that the person has little to no control over.

Being realistic is a good thing

Bankruptcy is very often the only realistic option a person has to improve the impossible debt they find themselves with. Yet those who need to file often have difficulty accepting this. It’s common for people to prolong their situation by holding out for a miraculous solution to appear. Admitting you are in the kind of financial trouble you can’t escape from alone takes honesty, and moving to tackle the matter takes courage.

Resolving your situation allows you to contribute more 

You are unlikely to be at your best when you are plagued by worries about your debt. This can limit how much time you have to pursue your career or a business idea, or reduce the amount of energy you have to dedicate to your family and the local community. If bankruptcy allows you to reset things, you are better placed to contribute more, whether that be more time and love, or more spare cash at the end of each month to spend in the economy. A successful bankruptcy filing can bring a lot of positives for you and others. Much more so than staying trapped in debt you cannot afford. Experienced legal guidance can help to make it less intimidating.]]> On Behalf of Goering & Goering, LLC <![CDATA[How are complex Chapter 11 filings handled in Ohio?]]> https://www.goeringandgoering.com/?p=48052 2026-05-29T16:59:06Z 2026-05-29T16:55:54Z When large businesses face significant financial challenges, a standard bankruptcy process may not always be sufficient. Some cases involve substantial debt, multiple stakeholders, complex financial structures, and issues that require specialized court oversight. The Southern District of Ohio bankruptcy court has procedures designed to handle complex business bankruptcy cases. 

What qualifies a complex Chapter 11 case?

A Chapter 11 bankruptcy allows a business to reorganize its finances while continuing operations. However, some cases involve unusually large debts or publicly traded companies, creating additional layers of complexity. In Ohio, a case may qualify for complex treatment when it involves a business debtor with significant financial obligations or publicly traded debt or equity interests. These cases often require faster coordination between the court, creditors and other parties involved.

Which businesses may qualify?

Not every Chapter 11 filing receives complex case status. The procedures are generally reserved for larger business entities rather than individuals. Cases involving at least ten million dollars in debt may qualify, provided they meet other eligibility requirements. Certain small business and single asset real estate cases are typically excluded from this specialized process.

Why are the special procedures used?

Complex bankruptcy matters often involve extensive documentation, numerous creditors and time-sensitive decisions. Specialized procedures help streamline hearings, filings and communication among interested parties. This approach can reduce delays and provide a more organized framework for addressing major financial issues while preserving business operations whenever possible.

What happens before filing?

Businesses anticipating a complex Chapter 11 filing are generally encouraged to communicate with key parties before submitting their bankruptcy petition.  Because complex Chapter 11 matters can involve substantial financial and legal considerations, businesses facing significant restructuring challenges should seek reliable legal guidance to better understand available options and compliance requirements under Ohio bankruptcy procedures.  ]]> On Behalf of Goering & Goering, LLC <![CDATA[How to file for business and commercial bankruptcy]]> https://www.goeringandgoering.com/?p=48048 2026-05-06T08:53:04Z 2026-05-06T08:53:04Z Running a business comes with risks, and financial challenges can arise even with careful planning. Economic shifts, rising costs or unexpected events can quickly lead to overwhelming debt. Understanding how to file for business bankruptcy can help you regain control and explore options for recovery.

Understanding bankruptcy options

Business bankruptcy generally falls into two main categories, which are liquidation and reorganization. Liquidation involves closing the business and selling assets to repay creditors, while reorganization allows the business to continue operating while restructuring its debts.

Choosing the right bankruptcy chapter

Different bankruptcy chapters apply to different business types. Chapter 7 is often used when a business cannot continue and needs to wind down operations. On the other hand, Chapter 11 is designed for businesses that want to stay open and reorganize their debts. Sole proprietors may also consider Chapter 13, which allows repayment over time based on income.

Reviewing your business structure

Your business structure plays a key role in the filing process, and sole proprietors and partnerships may be personally responsible for business debts. Corporations and limited liability companies are treated as separate entities, which can affect how debts are handled. Understanding this distinction helps determine your financial exposure.

Filing the bankruptcy petition

The process begins by filing a petition with the bankruptcy court. This includes detailed information about your assets, liabilities, income and expenses. Once filed, an automatic stay takes effect, which stops most collection efforts, giving you time to organize your finances and proceed with the case.

Working through the process

After filing, you may attend a meeting with creditors where financial details are reviewed. In reorganization cases, you will propose a repayment plan that outlines how debts will be handled. After that, the court will review and approve the plan if it meets legal requirements.

Moving forward after bankruptcy

Bankruptcy can be a challenging step, but it can also provide a fresh start. Whether you close your business or restructure it, the process can reduce financial pressure. Seeking professional legal guidance can help you understand your options, complete the filing correctly and move forward with confidence.]]> On Behalf of Goering & Goering, LLC <![CDATA[Understand more about Chapter 13 bankruptcy]]> https://www.goeringandgoering.com/?p=48045 2026-04-20T20:55:45Z 2026-04-20T20:55:45Z Managing overwhelming debt can feel stressful and uncertain. Many individuals look for structured ways to regain financial stability without losing everything they own. Chapter 13 bankruptcy offers an option that focuses on reorganization rather than liquidation. It allows individuals to create a plan to repay debts over time while keeping important assets such as a home or vehicle.

What Chapter 13 bankruptcy means

Chapter 13 bankruptcy is designed for individuals with a steady income who need time to manage their financial obligations. Instead of selling property, a repayment plan is created based on what a person can afford. This plan typically lasts between three and five years, and during this period, payments are made regularly to reduce outstanding debts in a controlled and manageable way.

Who can qualify for Chapter 13?

Not everyone is eligible for this type of bankruptcy. It is generally intended for individuals or couples who have a reliable source of income and debts within certain limits. Applicants must also meet specific requirements, such as completing credit counseling and providing financial records.

How the repayment plan works

The repayment plan is a key part of the process and outlines how debts will be paid over time using available income after essential expenses are covered. A trustee is assigned to oversee the process and distribute payments to creditors. This structured system helps maintain fairness and ensures that obligations are handled according to the approved plan.

Protection during the process

One important feature is the automatic stay, which stops most collection actions once the case is filed, including calls, lawsuits and wage deductions. This protection provides breathing room to focus on financial recovery and also helps prevent further pressure from creditors while the plan is in place.

Final thoughts

Chapter 13 bankruptcy can be a practical solution for those who want to reorganize their finances while protecting their assets. It requires discipline and commitment but still offers a structured path to recovery. Seeking professional legal guidance can help you understand your eligibility and ensure that each step is handled correctly for the best possible outcome.]]> On Behalf of Goering & Goering, LLC <![CDATA[What is a Subchapter V business bankruptcy?]]> https://www.goeringandgoering.com/?p=48043 2026-04-03T12:40:10Z 2026-04-03T12:40:10Z What makes a Subchapter V bankruptcy different Subchapter V bankruptcy became an option as of 2019, when lawmakers adopted the Small Business Reorganization Act of 2019 (SBRA). Under this new federal bankruptcy statute, some small businesses are now eligible for a streamlined Chapter 11 bankruptcy process, known as a Subchapter V filing. Qualifying small businesses can reorganize the company, renegotiate critical financial obligations and secure the other benefits of a Chapter 11 bankruptcy without the high costs and complexity typically associated with a reorganization bankruptcy. The filer remains in possession of the company, but the courts do appoint a trustee to oversee the reorganization plan. A successful Subchapter V bankruptcy can preserve a company's resources while addressing pressing financial issues. Small business owners concerned about their company's finances may benefit from discussing different bankruptcy solutions with a legal professional. A Subchapter V bankruptcy case could be a viable solution for smaller organizations struggling with debt but capable of coming back strong.]]> On Behalf of Goering & Goering, LLC <![CDATA[How long does an automatic stay protect a bankruptcy filer?]]> https://www.goeringandgoering.com/?p=48041 2026-03-13T23:00:28Z 2026-03-13T23:00:28Z Personal bankruptcy proceedings can take months or years to complete. Depending on the type of bankruptcy filed, the process may take anywhere from roughly half a year to more than five years. While filers must wait until the end of the bankruptcy process to discharge their eligible debts, they have immediate protection from collection efforts after they file. The automatic stay granted during bankruptcy prevents creditors from continuing to call or pursue collection-related lawsuits. How long can filers rely on the automatic stay to protect them from collection efforts?

Each bankruptcy case is unique

As a general rule, the automatic stay granted by the courts takes effect immediately and persists until the courts either dismiss the case or grant the filer a discharge. However, there are some scenarios in which the protection of an automatic stay may last for substantially less time. If a filer has previously filed a bankruptcy case in the last 12 months and the courts dismissed it, the automatic stay may only remain in effect for the first 30 days. If the filer has two or more dismissed bankruptcy cases from within the last year, the courts may not extend an automatic stay at all. Finally, if creditors initiate adversary proceedings in response to a bankruptcy, they can theoretically ask the courts to lift the automatic stay so that they can continue their collection efforts. Working with a bankruptcy attorney can help filers understand their protections and maximize the relief they secure through a bankruptcy filing. Assistance from a legal professional reduces the likelihood of complications, such as a dismissed case.]]> On Behalf of Goering & Goering, LLC <![CDATA[Avoiding a loss of business control with a timely bankruptcy]]> https://www.goeringandgoering.com/?p=48039 2026-03-04T00:31:41Z 2026-03-04T00:31:41Z There are many reasons to file a business bankruptcy case. Business owners whose companies no longer return a profit may pursue Chapter 7 bankruptcy as they begin the process of dissolving the organization.  Bankruptcy is also a common solution in cases where restructuring might be necessary to make debt manageable and operations profitable in the future. Business leaders sometimes file for bankruptcy in response to collection efforts and creditor lawsuits.  Creditors owed money by an organization sometimes ask the courts to appoint a receiver to assume control over the company. Bankruptcy can help a business owner retain control and prevent a receivership. 

Receivership strips an owner of immediate control

A receivership involves the courts appointing a receiver to take control over business operations. They should be a competent professional with the goal of helping correct the company's financial hardship. Receivers have the power to make major decisions about the company’s operations and assets.  Receivership can help streamline company operations and address short-term financial challenges in some cases. However, receiverships do not always result in companies becoming solvent again.  Receivers who have limited familiarity with company operations could potentially even cause major setbacks by terminating the most important workers or making other decisions that undermine future opportunities for success. A timely bankruptcy filing can prevent the courts from initiating a receivership. It can allow the current owner to remain in control of the company while they address their debts and work to make the company profitable again.  Business leaders aware that their creditors may take drastic actions may want to file for bankruptcy first as a means of protecting the company and their interest in it.]]>