Bankruptcy in Dayton
The reason individuals and small businesses work with a law firm to file for bankruptcy in Dayton is to seek legal help for resolving financial issues of the past. Whether your economic situation resulted from poor decisions, hard economic times or bad luck, federal bankruptcy law permits relief from crippling debt.
At Thompson & DeVeny Co., L.P.A., we want you to know that if you are seeking bankruptcy help in Dayton, you are already on the right track to proceed with a financially viable life in the future.
Some call it clearing the decks. In fact, a good debt relief plan can have that effect, financially and psychologically, while ridding you of the daily grind of dealing with debts larger than income.
Causes of debt
The causes of debt can be one or several of the following:
- Inability to pay a mortgage, or sell a home without incurring a huge loss
- Loss of income with little likelihood of resuming income at the same level
- Divorce
- Medical expenses
- Consumer debt such as credit cards
However, bankruptcy cannot absolve the filer of all debts. Here are examples of debt that are not absolved:
- Home as collateral: A bank holding a loan made against your principal residence is a secured creditor, meaning you must cover that debt. Otherwise the home must be sold and the proceeds of that sale must cover any amount up to 100 percent of the value of the mortgage.
- Car loans: The auto finance company is another example of a secured creditor, as the car serves as the loan collateral. The lender is allowed up to the full value of the balance on the loan, less the Ohio exemption for bankruptcy filers of $3,225 for a single automobile (the reasoning is that without a car, the filer may be unable to find work).
- Back child support and alimony: Divorce court judgments are exempt from bankruptcy court decisions.
- Personal injury judgments: If you were convicted of driving under the influence in an accident involving injury, your obligations to injured parties remain intact.
- Student loans: Sometimes, but not often, a hardship exemption can be arranged. Qualified Dayton bankruptcy advice can help you determine if this is feasible in your case.
- Traffic tickets and other fines and penalties: Criminal restitution is not exempt.
- Income tax debts: All those unpaid over the preceding three years would still need to be paid. Bankruptcy advice in Dayton might also include tax counseling from an affiliated attorney with applicable experience.
Where a lawyer can help
Good bankruptcy lawyers in Dayton can help put your financial life back on track. They take a methodical but thoughtful approach designed to minimize the impact on your life and help provide a path to the future. But many variables need to be considered—all the more reason to seek Dayton bankruptcy help from qualified legal counsel.
The lawyers at Thompson and DeVeny Co., L.P.A. provide practical, cost-effective legal representation in bankruptcy cases. To set up an appointment with any of our attorneys you can call us at 937-684-9347. For more detailed information about our attorneys, visit the Our Attorneys page, or contact us online. We have over 100 years combined experience in the legal profession.
