Trying to decide whether or not to file for bankruptcy is never an easy time. Endless long, sleepless nights are followed by days spent avoiding the phone. This inevitably results in high levels of stress and tension within the family. Even the best relationships suffer. At some point, it becomes necessary to find out the facts as to just what bankruptcy would mean.
To get the worst outcome out of the way first, severe financial troubles piled on top of other problems causes some couples to decide to file for divorce. In most cases, it is best to postpone filing for divorce until after the bankruptcy has been filed. Otherwise, the court will prevent the divorce from proceeding until the bankruptcy has concluded. It is also cheaper to file one bankruptcy as a couple than to later file two bankruptcies as singles.
Couples or individuals are always worried about losing their home or car in the bankruptcy. In most cases, it will be possible to keep these valued assets. If the home is in foreclosure, the bankruptcy court will temporarily suspend the foreclosure. Chapter 13 bankruptcy offers the opportunity to catch up on missed payments on the home or car over 3-5 years and may be able to restructure the payments. Chapter 7 bankruptcy also offers opportunities to keep the home or car, but it is handled differently and does not offer the same protection as Chapter13.
People sometimes wonder if they can avoid listing all of their debts. The answer is absolutely no. All debts must be disclosed and not deliberately left out, even if the debt is owed to a friend or relative. If for some reason a debt is not included, it will not be discharged in the bankruptcy.
Brian E. Lusardi, Esq. received his Juris Doctor from the University of Dayton School of Law in 2005. Mr. Lusardi founded Miami Valley Bankruptcy where he focuses his practice in the areas of bankruptcy, family law and criminal and consumer law. Anyone contemplating filing for Bankruptcy Dayton Ohio should contact this firm for an initial consultation or browse their website at Domain to learn more about bankruptcy and how it could be of benefit.
