Goering & Goering, LLCGoering & Goering, LLC2026-05-29T16:59:06Zhttps://www.goeringandgoering.com/feed/atom/WordPress/wp-content/uploads/sites/1103224/2023/06/cropped-favicon-32x32.pngOn Behalf of Goering & Goering, LLC<![CDATA[How are complex Chapter 11 filings handled in Ohio?]]>https://www.goeringandgoering.com/?p=480522026-05-29T16:59:06Z2026-05-29T16:55:54ZWhen 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=480482026-05-06T08:53:04Z2026-05-06T08:53:04ZRunning 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=480452026-04-20T20:55:45Z2026-04-20T20:55:45ZManaging 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=480432026-04-03T12:40:10Z2026-04-03T12:40:10ZWhat 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=480412026-03-13T23:00:28Z2026-03-13T23:00:28ZPersonal 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=480392026-03-04T00:31:41Z2026-03-04T00:31:41ZThere 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.]]>On Behalf of Goering & Goering, LLC<![CDATA[Waiting to file for bankruptcy can make things worse]]>https://www.goeringandgoering.com/?p=480372026-02-17T09:04:54Z2026-02-17T09:04:54ZIt’s human nature to wait and hope for the best. Your debt is overwhelming, but you tell yourself that things might turn around, or you’ll pick up some overtime. If you can juggle your finances for just one more month, surely things will get better.
Many people do everything they can to avoid bankruptcy because it feels final. But in some situations, waiting to file can actually make your financial situation much worse.
The situation can quickly escalate
When money gets tight, people often rely on credit cards to cover groceries, utilities or gas. However, revolving credit can easily balloon out of control. Additionally, using credit cards to stay afloat can backfire. Large charges or cash advances shortly before filing bankruptcy often raise legal issues. Creditors may argue that the charges were made with no intent for repayment; therefore, they shouldn’t be discharged.Waiting too long to file for bankruptcy while increasing credit card balances can complicate what should be a straightforward case.It’s also common for people to tap into retirement accounts to avoid filing bankruptcy. What most fail to realize is that retirement accounts are often protected in bankruptcy. Once you liquidate protected assets to pay unsecured debt, that protection is gone. You could end up losing long-term financial security to temporarily delay the inevitable. Before cashing out your 401(k), it’s critical to understand whether bankruptcy can protect those assets instead.Creditors may obtain a judgment togarnish your wages, which means they can take the lesser of:
25% of your disposable earnings, or
The amount by which your weekly income exceeds 30 times the federal minimum wage
You were already behind on your payments, and now your paycheck is smaller. Filing for bankruptcy triggers an automatic stop and immediately stops most wage garnishments. By waiting too long to file, you may lose months of income that could have gone toward necessities such as food and utilities.Bankruptcy is not giving up, and it’s not a sign of failure. It’s simply a legal tool provided under federal law that allows people a reset whendebt becomes unmanageable. Speak with a legal professional about your options.]]>On Behalf of Goering & Goering, LLC<![CDATA[Why courts revoke bankruptcy discharges]]>https://www.goeringandgoering.com/?p=480342026-02-11T13:57:38Z2026-02-11T13:57:38ZFiling for bankruptcy requires honesty and transparency in the reporting of assets and debts on the part of the filers. But some consumers who file under Chapters 13 or 7 are less than honest with their declarations.
When this happens, the trustees or creditors can approach the courts and request a revocation of the discharge of debts. Obviously, this is not a welcome development. Learn more below to see how you can avoid such complications.
What triggers debt discharge revocations?
It depends on the debtors’ circumstances, but below are some situations where filers could be at risk of debt discharge revocations:
Fraud on the part of the bankruptcy filer
Any violations of section 727(a)(6) of the U.S. Bankruptcy Code
Retaining valuable and undisclosed assets
When facing an audit, being uncooperative and misrepresenting facts
Revocations of debt discharges are serious consequences for those who are not forthright with the trustees or creditors.
How long is the period for revocation of debt discharges?
Both trustees and creditors have one year from the discharge of debts to file for a revocation of the discharge. That’s a long time to worry about your old debts coming back to nip at your heels.
Are you facing dire financial straits?
If you are struggling under a crippling mountain of debt, now is the perfect time to clear the slate with a Chapter 7 bankruptcy filing. Not sure if you can pass the means test to file under Chapter 7? Filing under Chapter 13 is another option to consider when attempting to get your fiscal house in order.]]>On Behalf of Goering & Goering, LLC<![CDATA[Understanding Chapter 13 Bankruptcy as a business owner]]>https://www.goeringandgoering.com/?p=480322026-01-26T09:19:20Z2026-01-26T09:19:20ZFinancial pressure can build quickly for business owners, especially when personal and business obligations overlap. When debt becomes unmanageable, Chapter 13 bankruptcy may offer a structured way to regain control without shutting everything down.
Chapter 13 bankruptcy is often misunderstood by business owners. While it is a consumer bankruptcy option, it can still be relevant if you operate a sole proprietorship or have personal liability tied to business debt.
Chapter 13 focuses on reorganization and not liquidation
Chapter 13 allows individuals to reorganize debt through a court approved repayment plan rather than selling assets. For business owners, this can mean keeping essential property while addressing overdue obligations over time using regular income.
Eligibility depends on your role and income
Only individuals can file for Chapter 13 and not corporations or partnerships. Business owners who qualify are usually sole proprietors or individuals personally responsible for business debt. You must also meet debt limits and show steady income to support a repayment plan.
Repayment plans require careful budgeting
Chapter 13 plans typically last three to five years and payments are based on disposable income after allowed expenses. Business owners must balance personal living costs with business needs to create a realistic plan that can be sustained in the long term.
Business assets may still be protected
Unlike liquidation bankruptcy, Chapter 13 allows you to retain assets as long as creditors receive the required value through the plan. This can be important for business owners who rely on equipment, tools or vehicles to generate income.Filing Chapter 13 does not eliminate financial discipline requirements and you must stay current on plan payments, file tax returns and complete required financial education. Missing out on an obligation can jeopardize the case.
Making an informed choice matters
Bankruptcy is a serious decision with lasting effects on personal and business finances. Seeking professional and reliable legal guidance helps you understand eligibility plan requirements and risks. With proper knowledge, you can use Chapter 13 as a structured path toward financial recovery and stability.]]>On Behalf of Goering & Goering, LLC<![CDATA[What is the means test required in a Chapter 7 bankruptcy?]]>https://www.goeringandgoering.com/?p=480302026-01-09T18:09:30Z2026-01-09T18:09:30ZBankruptcy provides financial relief for those struggling with debt. Businesses and lawmakers worry about the possibility of people abusing bankruptcy and defrauding their creditors.
Therefore, there are numerous restrictions imposed on different types of bankruptcy. Chapter 7 bankruptcy is often the fastest solution for overwhelming debt. Many people can complete a Chapter 7 filing in under six months. They may not need to make any payments to their creditors, and they may be able to exempt any valuable property from the liquidation process that occurs in a Chapter 7 bankruptcy. To prevent people who have the means of paying their debts from fraudulently pursuing bankruptcy, the courts require that filers pass a means test to qualify.
What does means testing entail?
The Chapter 7 bankruptcy means test involves calculating personal or household income and comparing it to federal median income statistics. Individuals use their income over the last six months to calculate their annual income. They can adjust that income for certain allowable expenses by deducting those costs from their gross income. The person hoping to file for bankruptcy then compares their adjusted income with the median income reported by the Department of Justice for a household of the same size in the same state. People who have recently lost their jobs or experienced a reduction in their income may qualify for Chapter 7 bankruptcy. They may be able to discharge eligible debts, including credit card balances and medical debts, without fulfilling a repayment plan. Working with an attorney during the means testing process can help people accurately adjust their income and determine if they qualify for a Chapter 7 bankruptcy.]]>