Tag Archives: creditor protection

The Homestead Exemption Explained

homestead_exemptionOne 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

Two Simple Steps to Rebuild Your Credit After Filing for Bankruptcy

Credit Card BankruptcySo 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

Bankruptcy FAQs

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bankruptcyWhat 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

Ohio Legacy Trust

Does an Ohio Domestic Asset Protection Trust Fit Into My Estate Planning?

Ohio Domestic Asset Protection Trusts can shield your assets from creditors, but only if your trust is drafted, implemented, and funded within a properly structured estate plan. An experienced estate planning attorney is a must when implementing this type of sophisticated trust to ensure that it functions appropriately within your overall estate plan.

The Ohio Asset Management Modernization Act (“AMMA”) was enacted into law and became effective in early 2013. Specifically, the AMMA enacted Ohio Revised Code §5816.01, et seq., also known as the “Ohio Legacy Trust Act”, which creates a unique opportunity for individuals to shelter assets from most creditors. Simply stated, the new law allows for the creation of an irrevocable trust that, if funded properly, can act as a barrier to future liabilities. Continue reading

Ohio Domestic Asset Protection Trust

What is an Ohio Domestic Asset Protection Trust (DAPT)?

An Ohio Domestic Asset Protection Trust can provide powerful protection of your assets from creditors, but only if the trust is drafted, implemented, and funded properly. An experienced estate planning attorney is a must when implementing this type of sophisticated trust.

The Ohio Asset Management Modernization Act (“AMMA”) was enacted into law and became effective in early 2013. Specifically, the AMMA enacted Ohio Revised Code §5816.01, et seq., also known as the “Ohio Legacy Trust Act”, which creates a unique opportunity for individuals to shelter assets from most creditors. Continue reading