Dayton Bankruptcy: Frequently Asked Questions

English: Part of Title 11 of the United States...

What is bankruptcy?  

Bankruptcy is a federal law designed to get you a fresh start, free from harassing creditor phone calls, lawsuits, repossessions and garnishments. It is a privilege granted to you under the United States Constitution. It is a very powerful law because it forces your creditors to permanently wipe out your debts (chapter 7) or to accept a repayment plan which you have proposed (chapter 13).

Will I lose my property if I file for bankruptcy? 

No, as long as you tell the court what you own and what you think it is worth, the law will allow you to keep your property as the basis for your “fresh start” subject to certain limitations. The law is very generous in allowing you to exempt your home equity, automobiles, household goods and furnishings, clothing, jewelry, bank accounts, stocks and bonds, pension and 401k plans, etc. The most important thing to do is make an accurate list of what you own and what you think it is worth (at a garage sale or on a secondary market).

Can I keep my house and car?  

Yes, you can file a bankruptcy and keep your house and car provided you continue to make payments to the finance or mortgage company.

I’m married, can I file alone or must my spouse also file?  

If you are married, you can file either together as a couple (jointly) or either spouse (husband or wife) can file on their own.  The law does not require that both the husband and the wife file.

The most important step in the bankruptcy process if finding an attorney who has the skill and experience to make your filing as hassle-free as possible. Zachary Bushatz devotes his practice to bankruptcy clients.  While in law school, Mr. Bushatz also worked extensively in the area of bankruptcy. He was a legal extern for bankruptcy Judge Richard Speer at the Northern District of Ohio in Toledo. He also worked for a chapter 7 trustee and an attorney that focused on representation of debtors.  He has the judgment and experience to represent you and knows the importance of providing personal, caring service.  Call now at (937) 879-9542 to schedule a free consultation.

Click here for Chapter 7 FAQ’s

Click here for Chapter 13 FAQ’s