In order to qualify for a Chapter 7 bankruptcy, a debtor must pass a means test. Simply put, the means test calculates a debtor’s monthly disposable income. This hypothetical monthly disposable income will determine whether a debtor is able to file a Chapter 7 bankruptcy or whether a debtor must file under Chapter 13. The calculation also aids in determining how much a debtor will pay creditors under a Chapter 13 if a Chapter 7 bankruptcy is not available. Accordingly, it is very important to understand how the means test works. Continue reading
One of the most common questions people have when discussing bankruptcy is “will I be able to keep my house?”
In most cases, the answer is “yes.”
When you file a Chapter 7 bankruptcy, all your assets and property are subject to being taken and sold by the trustee for the benefit of your creditors. However, the law provides for a number of exemptions that will, as the name implies, exempt your assets and property from the bankruptcy estate meaning the trustee cannot touch them. These exemptions cover such things as vehicles, retirement accounts, bank accounts, personal property and homesteads. Continue reading
So you have filed bankruptcy. You should not think of it as a horrible end, but rather an opportunity to start over. The first question people usually have is: “Now that I’ve gotten rid of my debts, what can I do to re-build my credit?”
Although it sounds counter-intuitive, the best thing to do is to get a new credit card. Credit card companies will extend you a line of credit, although it will be at a higher interest rate.
In obtaining a new credit card, make sure you do two things:
1) Get a card with a small credit limit.
2) Be sure to pay it off in full every month. Continue reading
Arenstein & Andersen Co., LPA located in Dublin, Ohio and Joseph A. Downing Co., L.P.A. located in Tipp City, Ohio formed an “of counsel” relationship on May 5, 2014 to better serve clients of both firms. The relationship also reconnects Greg Arenstein and Nick Andersen to Tipp City, Ohio, where they both practiced at the beginning of their careers.
The affiliation substantially increases the service area of Arenstein & Andersen Co., LPA and greatly increases the scope of legal services available to the clients of Joseph A. Downing Co., L.P.A. Both firms provide similar services in the areas of estate planning, probate, real estate, and business. In addition, Arenstein & Andersen Co., LPA provides comprehensive legal representation in taxation, family law, litigation, and bankruptcy. Continue reading
What are the Basics of a Bankruptcy?
So you are thinking about filing bankruptcy. It is never an easy decision, but life often throws us a curve ball, and we have to do something we never thought we would. This is okay, though. There are reasons the law provides bankruptcy protection, and at Arenstein and Andersen Co., LPA, we can help you through the process to make it as easy and as painless as possible. Below are answers to some of the most frequently asked questions about bankruptcy. Continue reading