Make your Financial Decisions Easier with Badnell & Dick

Find the Best Fit for your Bankruptcy Claim.

As many of us have figured out, life is hard. Inevitably, debts will happen, and financial decisions will become a burden. Sometimes when you fall too deeply into debt, bankruptcy will be your ultimate decision. This decision should not be hard when you already have enough on your plate, and this is where we come in. At Badnell & Dick Co. LPA, we, with 25 years of service, will gladly help you in your time of need.

We offer two types of bankruptcy claims you can make with our attorneys: chapter 7 and chapter 13. Our experienced attorneys, with offices in Columbus, Dayton, Mansfield, Lima, and Canton, make the process of filing for bankruptcy easy and accessible for all of our clients. 

Chapter 7 allows individuals to discharge their debts, giving them a fresh financial start. Examples of debts that can be discharged include medical bills, credit cards, payday loans, repossessions, and civil judgments for vehicle accidents. The process only takes four to six months, and after your case is settled, you will learn how to manage your finances.

Our other option is a chapter 13 bankruptcy claim. This is open to individuals with a regular income who wish to pay off debts throughout a period of time and discharge other debts that are not paid. The process for this type of bankruptcy takes much longer because it gives the debtor time to repay their debts, which is usually 36-60 months for the case to settle. 

Bankruptcy comes with its own set of complications. We can help make the process easier. At Badnell & Dick LPA, we have experienced attorneys in offices around Ohio to make our clients’ lives easier during this time of financial crisis. If you are experiencing financial difficulties, call us today at (800) 234-9511 or visit our website to set up a free no-obligation consultation!

Is Bankruptcy Right for You and Your Credit?

 

Bankruptcy sounds terrible, but it's not the end of the world. It may even be the right option for you. Many patrons in the Mansfield, Columbus, and Canton, Ohio areas looking to file bankruptcy have done so successfully. Bankruptcy can alleviate a lot of everyday stress that could be detrimental to your health. It stops collection calls, lawsuits, threat letters in the mail, and the potential for wage garnishments. In a clear sense, it erases your debt. Despite what you’ve heard about the scary facts, bankruptcy may help your credit scores. So truth be told, credit bureaus and scoring experts often say bankruptcy is the single worst thing you can do to your credit and your ranking for future borrowed purchases. There are foreclosures which is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of the mortgaged property and selling it; repossessions can occur when a credit account is delinquent, the lender can take action to repossess the property tied to the loan without notice, charge-offs are taken off the creditor's balance sheet when a payment is between 90 and 180 days past due. If no payment is made, creditors assume the debt is unlikely to be paid, and then the dreaded collections. Although these are severe factors for your score — nothing else can drive you down as fast and far as a bankruptcy. 

The critical thing to know is that’s not the whole story. Most people struggle so long with their debt that their credit is already battered by the time they file for bankruptcy. Once they decide to take the leap of faith, their scores typically rise, not fall. If the debt is erased or, as the court states, as a “discharge,” your score can begin to increase, and within a year, you may be way better off.
Having the right attorney can help you discharge your debts and help you identify which type of bankruptcy filing is right for your situation is crucial. At Badnell & Dick Co. L.P.A, we're here to help walk you through the process. To learn more, call 800-234-9511 or visit us online at www.badnellanddick.com.

Steps to Filing for Bankruptcy

 

    Making the decision to file for bankruptcy is huge. There is so much to consider when deciding on whether or not you should file, like what all of your options are, understanding what bankruptcy will and will not do for you and getting ready to face the consequences of filing. We have compiled a list of step you should be taking when filing for bankruptcy below:

 1. Find a good attorney. You want to find an attorney who you can trust that is familiar and experienced with bankruptcy law. You may find them from a family member or friend who needed their services, or by searching online for an attorney. You want to remember however, that the cheapest attorney is not always the best way to go, so be careful who you choose, and take time to make your decision.  At Badnell and Dick, we have over 25 years of experience in Bankruptcy law and can help guide you through even the most difficult tasks and help you win your case. 

2. Next you will want to conduct a Bankruptcy counseling session. The bankruptcy process requires that you attend two mandatory credit counseling sessions. The first round of pre-filing counseling happens before you file your paperwork with the courts. This is where you will discuss you budget and pro's and con's of filing. 

3. After counseling, you will file with the court. At this point it will appear on your credit report and creditors have to stop calling you and making attempts to collect your debt. 

4. Depending on what type of bankruptcy you have filed, the next step may involve liquidating any assets of value to repay the creditors. If you file a chapter 7 case and have no assets of value, then they will do what is called a "No assets case" and the courts will not sell your property. You do need to let your attorney know if you have any property that you want to keep secured. 

5. Next you will have to take a Debtor Education Course. You have to take this course before all of your debts are discharged. 

6. Finally, your debt will be discharged. You will no longer be expected to pay back the creditors included in the bankruptcy. While this is great you have to remember that this is only the beginning. The next steps are to start rebuilding your credit.

If you or someone you know is thinking of filing for bankruptcy, do yourself a favor and call Badnell and Dick Co. at 800-234-9511. If you have any questions or concerns you can visit our website and look into our FAQ's. We have over 20 years of experience and four different offices for your convenience. We will fight to win your case. 

Federal law requires the following statement: We are a debt relief agency.  We help people file for protection under the bankruptcy code.

Chapter 7 vs Chapter 13 Bankruptcy: What's the Difference?

     When you are  filing for bankruptcy, there are two main forms that you may consider filing. These are Chapter 7 & 13 bankruptcy which are the most common forms used by most consumers. Depending on the personal circumstances and financial situations involved, each chapter can present distinct benefits and advantages for it's consumers. It is also very important to note that several factors are considered when determining the eligibility for bankruptcy along with which chapter you may qualify for. An experienced lawyer at Badnell & Dick Co., LPA can help you during this stage of bankruptcy and explain which chapter is most appropriate for you. 

The Main Differences 

    Both of these chapters are inherently different but the qualifying criteria is the most basic factor that sets them apart. To put it simply, debtors must pass a "means test", which takes into consideration their income in relation to the states median income in order to be eligible for Chapter 7. To file under Chapter 13, an individual must have unsecured debts such as credit card bills/medical expenses below $336,900 while their secured debts must be below $1,010,650. These include mortgages and car loans. 

    Another difference between the chapters is their primary uses. For example, Chapter 7 is a liquidation of assets that is commonly used when a consumer has little property or they have little funds after paying for the basic necessities month after month. On the other hand, Chapter 13 is an adjustment of debts for a consumer with a regular income, rather than a full liquidation. Chapter 13 is commonly sued when a consumer has a regular income but cannot keep a consistent payment of their debts. 

    In addition, Chapter 7 allows consumers to get rid of their more unsecured debt as opposed to Chapter 13 which does not get rid of debt and forces the consumer to make payment plans to pay them off. In terms of credit score, Chapter 7 bankruptcy stays on a score for 10 years while Chapter 13 only stays for 7.

    Each individual situation should be looked at carefully by an experienced attorney before someone  files a Chapter 13 Bankruptcy or a Chapter 7 Bankruptcy. Call Badnell & Dick Co., LPA today to discuss your situation with an expert and see if now is the right time for you.

Chapter 7 Bankruptcy

Individuals use Chapter 7 Bankruptcy to get a fresh financial start by getting rid of, or discharging, their debt(s). Generally speaking, unsecured debts can be eliminated in a Chapter 7 bankruptcy case. Unsecured debts such as medical bills, credit cards, judgments from most car accidents, some personal loans, and past payments owed on repossessed vehicles are just some of the debts that can be released with the proper filing of the Chapter 7 paperwork. 

 However, certain debts, like child support; most federal, state and local taxes; student loans; and debts incurred as a result of drunk driving or as a result of intentional or malicious injury cannot be discharged in a Chapter 7 bankruptcy. 

It is important to consult a knowledgeable and experienced attorney like the attorneys at Badnell & Dick Co., LPA to make sure you completely understand which debts will be released, and which debts you will still be responsible for following the filing of a Chapter 7 bankruptcy. Most of our clients get through the Chapter 7 bankruptcy process in four to six months.

Our attorneys know the State and Federal exemption laws, the Federal Bankruptcy Code and the Local Rules of your specific Bankruptcy Court inside and out. They are also knowledgeable in other areas of consumer protection, including foreclosure defense and fair debt collection actions. Our Chapter 7 Bankruptcy clients are also given a fresh financial start which allows them to re-establish and rebuild their credit rating.

Utilizing this knowledge, we enable most of our clients to keep the majority of their assets while discharging their debts. Our Chapter 7 attorneys fight tirelessly to put an end to:

• Harassing telephone calls from collection agencies
• Garnishments on wages and/or bank accounts
• Foreclosures or evictions
• Automobile repossessions

Each individual situation should be looked at carefully by an experienced attorney before someone should file a Chapter 13 Bankruptcy or a Chapter 7 Bankruptcy. Call Badnell & Dick Co., LPA today to discuss your situation and see if now is the right time for you.

Federal law requires the following statement: We are a debt relief agency. We help people file for protection under the bankruptcy code.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy provides financial payment relief for individuals that want to avoid foreclosure or repossession. It offers significant advantages over Chapter 7 liquidation of all assets. Filing under Chapter 13 can halt foreclosure procedures and often time cures delinquent payments on all other debt.

Individual suffering from a heavy burden of debt have the ability to file for bankruptcy. The two most utilized options include reorganization (Chapter 13) or liquidation (Chapter 7). Often times, a skilled bankruptcy attorney can help the debtor determine their unique financial characteristics to choose the best chapter.

An Affordable Repayment Plan

Fortunately, debtors that qualify for filing under Chapter 13 can develop a plan to repay all creditors within a specific time frame of 3 to 5 years. Once bankruptcy has been filed, the creditors must stop harassing the debtor for collection of any outstanding payment until the case is been finalized in bankruptcy court.

Typically, the debtor can keep his or her property, and all creditors usually receive reduced funds over the amount of the debt. This provides the opportunity for the debtor to make affordable payments without the loss of equity in their assets.

Chapter 13 Eligibility
Not everyone is eligible to receive the financial restoration options under Chapter 13 bankruptcy. The debtor will be required to use his or her income for debt repayment to meet monthly obligations approved by the court system. If the debtor’s income is too low or sporadic, they might not meet Chapter 13 eligibility requirements. In addition, if the debt burden is higher than the debtor can afford, they will also lose their eligibility.

The Process

Before Chapter 13 can be filed, the debtor is required to attend credit counseling by a US trustee’s office-approved agency, where they will be charged a fee for the service. In addition, the debtor will pay a filing fee to begin the process. It is always recommended to hire an experienced bankruptcy attorney to help move the paperwork through the process, and serve as a legal representative throughout the case.

At some point, the paperwork filed with the Chapter 13 bankruptcy documents will include a repayment plan detailing how the debtor intends to pay every debt. Out of all of the outstanding debt, the debtor will be required to pay “priority debts.” These often include tax obligations and owed employee wages, along with spousal and child support.

Typically, most Chapter 13 cases end in a discharge, wiping out all remaining debt after the payment plan has been completed. An attorney can help assist in providing legal counsel on how to save the home, vehicle and other debts under this chapter. Each individual situation should be looked at carefully by an experienced attorney before someone should file a Chapter 13 Bankruptcy. Call Badnell & Dick Co., LPA today to discuss your situation and see if now is the right time for you.

Federal law requires the following statement: We are a debt relief agency. We help people file for protection under the bankruptcy code.

Filing for Bankruptcy

Filing for bankruptcy is often a scary situation that leaves you with a lot of questions. Here are a few questions to ask yourself to help you determine whether this is the right decision for you.

How do I know when it is the right time to file for bankruptcy?

Every situation is different, but generally, Bankruptcy is a last resort for people who can no longer pay off debts that have been accruing over the years. Our experienced attorneys will analyze your specific situation and help you decide if the time is right. We will explore all of your options with you, with our main goal being to make sure you do not file bankruptcy at the wrong time. The following are things to consider which may mean that the time to file bankruptcy is right:

Reason One: Making Even Minimum Payments Is Impossible

If making even minimum payments on bills has become impossible, then it is probably time for bankruptcy. This is the right time if budgeting and cutting back on expenses still does not free up enough money to satisfy the demands of creditors. The inability to make minimum payments will mean the amount of debt will continue to increase through late fees and other charges until there is no hope of repayment. Filing for bankruptcy is the best option when this occurs.

Reason Two: Assets Will Be Lost

Another sign that bankruptcy might be the right choice is if assets are certain to be lost at some point in the near future. An asset could be a home or a car. If creditors are threatening repossession or foreclosure despite the best efforts to make payments, then bankruptcy might be able to help. Foreclosures could be delayed until the bankruptcy is complete. Assets like cars might still be lost although there is a chance the debt could be restructured so the vehicle can be kept.

Reason Three: Relying On Credit Cards to Buy Necessities

A sure sign that bankruptcy is probably necessary is if the household has started relying solely on credit cards to buy necessities and pay bills. This is a sign that the amount of household income is not sufficient to sustain everyone in the home. Relying solely on credit cards is the start of a long journey that will end with legal action, loss of assets and potentially homelessness once the credit cards become unusable. Filing for bankruptcy can potentially rescue the family from disaster in this situation.

Reason Four: Income Is Stagnant or Declining

If there is no way to increase the household income or if the income amount is declining despite mounting bills, then bankruptcy might be the only way out. Stagnant or dropping income will start to create a deficit that will widen between what is owed and what is being paid. There is often no way to cope with this situation. Bankruptcy can provide a brief period of calm where everyone in the household can start over and escape from many existing debts.

The list from above does not include every reason why someone might find themselves filing bankruptcy, and each individual situation should be looked at carefully by an experienced attorney before someone should file a Chapter 7 Bankruptcy. Call Badnell & Dick Co., LPA today to discuss your situation and see if now is the right time for you.

Federal law requires the following statement: We are a debt relief agency.  We help people file for protection under the bankruptcy code.