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.

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.