In an apparent effort to do some pro-se prebankruptcy planning, a soon-to-be debtor transferred her Michigan homestead to her mother, who lived with her, about 16 months before she filed chapter 7 bankruptcy.  Upon a motion for turnover by the chapter 7 trustee, the debtor sought to amend the schedules to claim the property as homestead.  The Court denied this request, which was sustained on appeal in In re: MARIQUE SHARP, Debtor MARIQUE SHARP, Appellant, v. STUART A. GOLD, CHAPTER 7 TRUSTEE, Appellee., No. 17-12829, 2018 WL 2064083, E.D. Mich. May 3, 2018).  The transfer was made for consideration of $1.00.  The property was not listed in her asset schedule, but the transfer was disclosed in the bankruptcy filing.  When the debtor attempted to amend the schedules to claim the property as exempt in response to the trustee's request for turnover, the trustee objected that the voluntary transfer prevented any claim of exemption.  The bankruptcy court agreed, allowing liquidation of the property to benefit creditors.  The debtor appealed arguing that the §522(g) exception to allowing debtors to claim exemptions in property recovered by trustees applied only if the property was fraudulently concealed and not voluntarily transferred, and that she did not fraudulently conceal the property.    The District Court concluded that a debtor is prevented from claiming exemption in property recovered by the trustee if either the property was fraudulently concealed or voluntarily transferred.  Further, the court found that since the debtor did not disclose the property in her schedules, and only added it a month after the filing in response to the trustee's turnover request, did support a finding of fraudulent concealment.    Finally, the debtor argues that the trustee did not 'recover' the property triggering the exception under §522(g), ie that the avoidance of a transfer is not the same as recovering property. The most straight forward interpretation of recovery would be a trustee getting property or its value back from a third party.  As this occurred, the court found the property was recovered under the definition of §522(g).  Section 522 (g) Notwithstanding sections 550 and 551 of this title, the debtor may exempt under subsection (b) of this section property that the trustee recovers under section 510(c)(2), 542, 543, 550, 551, or 553 of this title, to the extent that the debtor could have exempted such property under subsection (b) of this section if such property had not been transferred, if--(1)(A) such transfer was not a voluntary transfer of such property by the debtor; and(B) the debtor did not conceal such property; or(2) the debtor could have avoided such transfer under subsection (f)(1)(B) of this section.Michael Barnett www.hillsboroughbankruptcy.com

Social Security Disability (SSD) provides two different types of programs for applicants.  If you have sufficient work credits after years of working and paying your FICA taxes, you should be able to apply through Social Security Disability Insurance (SSDI).  Otherwise, you would apply through the need-based Supplemental Security Income (SSI) program.  Your spouse and children may also be able to apply through SSDI using your record.  Since SSDI is based on your previous work history, it is no surprise that the amount of money you can receive in social security benefits is also dependent on your work history.  The Pennsylvania and New Jersey disability lawyers at Young, Marr, and Associates explain how SSDI benefits are calculated. Calculating SSDI Benefits in PA and NJ Social Security Disability’s Social Security Disability Insurance system pays disability benefits based on your prior work history.  The Social Security Administration (SSA) starts by looking at your income.  Every paycheck you receive should have a portion of taxes taken out for “FICA,” which stands for the Federal Insurance Contributions Act.  These taxes are paid by an employee (and matched by their employer) to cover Social Security programs and Medicare.  The amount of income you’ve paid FICA taxes on is considered your “covered earnings,” and is put through calculations to determine your SSDI payments. AIME Calculations The SSA takes your long-term covered earnings to calculate your “average indexed monthly earnings” (AIME).  This takes your prior income and adjusts it against the national wage index.  This helps reflect changes in the standard of living over the years, as well as future changes that will come while you receive benefits. PIA Calculations The SSA takes your AIME amount and applies a series of formulae to find your “primary insurance amounts” (PIA).  The PIA is the base amount you receive in benefits, but it may be adjusted after calculation.  To find the PIA, the SSA applies your indexed earnings to a table of “bend points,” which are threshold values decided for each year, which change the formula.  For instance, applying for benefits in 2018, the SSA calculates your base benefits as the sum of: 90% of the first $895 of your AIME, plus 32% of any AIME from $895 through $5,397, plus 15% of any AIME over $5,397. In this calculation, $895 and $5,397 are the “bend points.”  For instance, if your AIME defines your average monthly wages as $5,000 when you become disabled in 2018, your benefits will be the sum of: $805.50 (90% of your first $895), plus $1,313.60 (32% of all wages from $895 to your total $5,000 AIME). That means your base benefits start at $2,119.10.  The SSA rounds this value off at 10-cent intervals.  If the SSA comes up with a different value, you may be able to file for a disability hearing to appeal your benefit amount, even if your benefits are not denied in full. Adjustments for Age and Maximum Benefits After finding this base benefit number, the SSA may increase or reduce your benefits depending on whether you’ve reached your full retirement age or not.  Since these are disability benefits not retirement benefits, this seems strange, but it may still apply.  These benefits are also subject to a maximum amount of $2,788 per month for 2018. Calculating Family Benefits for SSDI In many cases, you may also receive benefits for your family.  Your spouse and children can also receive disability on their record.  Minor children, the parent of a child under 16, disabled spouses, and disabled children (disabled before they turned 22) can receive benefits on your SSDI record.  In many cases, the total benefits your family receives will be capped at 50% or 80%, depending on the circumstances.  Still, as a family unit, you may still receive a total of 150% or 180% of your benefit amount, since they can receive the reduced benefits in addition to your benefits. Offsets for Other Benefits If you receive multiple disability benefits at the same time, Social Security Disability may be reduced.  SSD is designed to essentially be the last resort for disability, and its rules allow SSD payments to be reduced if you receive other benefits aside from SSD.  This means that if you receive workers’ compensation benefits or other long-term disability benefits, your SSDI payments may be “offset.”  There are plenty of issues to discuss regarding how to best coordinate your benefits to help you achieve the best support during your disability, which is something a disability attorney can help with. PA and NJ Social Security Disability Insurance Lawyers Offering Free Consultations If you or a loved one is suffering from a disability, talk to our disability lawyers today about what SSDI benefits you might be entitled to.  The disability lawyers at Young, Marr, and Associates offer free consultations on Social Security Disability cases.  If you are in Pennsylvania, call us today at (215) 701-6519, and in New Jersey, call (609) 755-3115.  Our attorneys are available to schedule a free consultation to discuss your disability benefits. The post How Are Social Security Disability (SSDI) Benefits Calculated? appeared first on .

Applying for Social Security Disability (SSD) is a complicated process with many opportunities to have your application stalled or denied.  In many cases, it is possible to apply on your own and get your application accepted, even without an attorney.  However, hiring an attorney to help you with your application process can be a huge help.  Especially without prior experience applying for disability benefits for a family member, it can be a daunting task.  Talk to one of our Pennsylvania and New Jersey Social Security Disability lawyers at Young, Marr, and Associates today for a free consultation on your disability case and help understanding the benefits of working with an attorney. Do I Need an Attorney to Apply for Disability? Hiring an attorney to help you with your SSD application has a few clear benefits.  First, an attorney who works with disability applicants has experience handling applications and understands the process.  If you have never applied for disability before – which is likely, since most disability applications come from first-time applicants – you might need help figuring out what forms are necessary and what kind of information you should give. If you are disabled and cannot go to work, you likely need assistance with your application.  A spouse or loved one can probably help you with your application, and talking to your doctor may help you gather information you may need.  However, it is unfair for the SSA to expect people who are too disabled to perform job tasks to do something as complicated as fill out disability paperwork.  An attorney can help you with this task. Lastly, working with an attorney can help improve your chances of approval.  Many disability applicants who do not work with an attorney fail to provide full information, and their claims are delayed or denied.  In many cases, if the Social Security Administration (SSA) cannot determine whether you qualify for disability, they will delay the application while they request additional information.  Our attorneys know what kind of information they need and can help you supply this information the first time.  We can also help you ensure that your information is accurate. While you certainly can apply for Social Security Disability without an attorney, it can be a difficult, complex process.  Instead of adding to the stress you and your family face, consider letting one of our lawyers help with your application while you focus on coping with your condition. What Happens if My Disability Application is Denied? If you do apply without the help of a Social Security Disability lawyer, you may find that your application was denied.  In some cases, your application will not be denied outright, and the SSA will simply request additional information.  Either situation demonstrates an excellent opportunity to bring an attorney into your case. If your application requires additional information, our lawyers can help you understand what information you need and help you submit it to the SSA.  In some cases, you may be required to fill out medical evaluation forms (and to have a doctor fill out a similar form).  These forms are complex, and our lawyers can help you understand what answers to give and how much information to provide.  In the case that your condition is not on the SSA’s list of approved disabilities, you may need to submit additional paperwork to verify that your condition or injury meets the SSA’s definition of “severe” and qualifies you for benefits.  Our lawyers can also help with this process and fight for a “medical vocational allowance” (Med-Voc) for an unlisted condition. If your application was denied outright, our lawyers can help file disability appeals.  In many cases, the SSD will deny your application because it is incomplete or inaccurate, but they may allow you to resubmit it.  At that point, one of our attorneys can step in and help ensure your application is complete and accurate.  If it is denied because your condition does not qualify or your condition is not severe, our lawyers can help you get additional medical evidence and testimony to fight the denial. If your case is set for a disability denial hearing, we can also represent you in those hearings.  Disability hearings are like typical court proceedings, and hiring an attorney to navigate the courtroom and the complex legal issues can be an incredible help.  Especially if you are physically disabled, it may be difficult for you to take the time and effort to act as your own lawyer. PA and NJ Disability Lawyers If you or a loved one is applying for Social Security Disability through Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI), talk to an attorney today.  The Pennsylvania and New Jersey disability lawyers at Young, Marr, and Associates represent disabled people in either state and help them and their families to get their disability applications approved.  For a free consultation on your case, contact our law offices today at (215) 701-6519 if you are in PA or (609) 755-3115 if you are in NJ. The post Do I Need to Hire an Attorney Prior to Applying for Social Security Disability Benefits? appeared first on .

By Emma G. FitzsimmonsHelen Ochisor drove the yellow taxi in the morning. Her husband Nicanor took it in the afternoon.They rarely saw each other during the week. She was asleep when he got home after a long night of driving. They exchanged a quick hello while handing off the taxi.Immigrants from Romania, the couple had bought their New York City taxi medallion nearly three decades ago. Lately, it had been difficult to find fares. Her husband worked 12-hour shifts, but brought home less money. He was worried about the plunging value of their once-lucrative medallion and frustrated about Uber’s takeover of the industry.On a cold day in March, Mr. Ochisor hanged himself in his garage in Queens. His family blames the growing hopelessness he felt over his fortunes as a taxi driver.“It depressed him, it irritated him, it probably angered him — maybe all three,” his son Gabriel Ochisor said in an interview at the family’s home. “It was definitely a factor. Otherwise, we can’t piece together any other factor.”“We have a 7-month-old over there,” he said pointing to his infant son — his father’s first grandchild, who lived upstairs. “Why would you want to leave?"Nicanor Ochisor, 64, was one of four professional drivers to take their lives in the last five months. Another driver, Doug Schifter, killed himself with a shotgun in front of City Hall in February after sharing a Facebook post about the financial turmoil he was facing.Suicide is a deeply intimate decision, and there is no way to know for certain what confluence of factors might lead someone to make such a choice. But the recent series of deaths has drawn attention to the economic desperation that many taxi and livery drivers are grappling with, and has renewed calls to rein in Uber and other ride-hailing services.After Mayor Bill de Blasio suffered a bruising political defeat when he tried — unsuccessfully — to cap Uber in 2015, there has been a growing sense that something has to be done. In a first step, the City Council held a hearing on Monday for several bills that could change the rules for car service apps.Mr. de Blasio has said he may try again to limit the number of for-hire vehicles.“I think the caps are the kind of thing we need to talk about again,” Mr. de Blasio said in a recent radio interview, “because the situation has gotten worse since then, both in terms of the pressure that’s been put on the medallion owners, everyday taxi drivers, but also because of congestion.”Uber has transformed how Americans get around and has upended the transportation network in community after community. In New York City — Uber’s largest United States market — the app has siphoned commuters from the sputtering subway and bus system, but more significantly it has all but vanquished the iconic yellow cab, plunging it into an existential crisis.Taxi medallions that once sold for more than $1 million now go for as low as $175,000. More than 60,000 black cars are tied to Uber, dwarfing yellow taxis, which are capped by city law at about 13,587. Last year, Uber trips eclipsed yellow taxi rides for the first time.Uber is the biggest player, with about 410,000 trips per day in February, but Lyft and Via, two other ride-hailing apps, have made inroads. (Lyft provided about 112,000 trips per day in February, and Via about 33,000, according to the city’s taxi commission.) The influx of vehicles has contributed to gridlock on the streets of Manhattan, where traffic has slowed to a crawl and city buses travel at just 5.7 miles per hour on average.In 2015, Uber launched an aggressive campaign against the city’s proposed cap, with television advertisements criticizing Mr. de Blasio, and an app feature, known as “de Blasio view,” that showed long wait times for a ride if the cap were approved. But this time Uber might be a less formidable foe. The company has struggled with a series of scandals over its workplace culture and aggressive tactics, leading to the resignation of its chief executive and founder last year.Other cities have tried to corral Uber, including London — its largest European market — where Uber lost its license to operate last year. After Austin imposed strict regulations, Uber left the city, though the app returned last year when Texas passed new rules.Austin Finan, a spokesman for Mr. de Blasio, said new regulations on for-hire vehicles were back in the conversation.“The mayor has been clear about the need to re-evaluate our options in the face of explosive growth we’re seeing in the industry,” Mr. Finan said in a statement.Councilman Stephen Levin, a Democrat who represents Brooklyn and has sponsored a bill to restrict the number of for-hire vehicles, believes a cap would have a better chance this time.“New Yorkers see the congestion issue much more apparently — it’s clear now,” Mr. Levin said. “I also think empirically we’re seeing it’s much harder to make a living driving a cab.”But Alix Anfang, a spokeswoman for Uber, defended Uber’s growth in New York, arguing that drivers keep up with a demand in the boroughs outside Manhattan for a reliable transportation option.“Capping the number of Ubers would only hurt the millions of outer borough riders who have long been ignored by yellow taxis and who don’t have access to reliable public transit,” Ms. Anfang said.Less than two weeks after his father’s death, Gabriel Ochisor stood outside City Hall at a protest calling on Mr. de Blasio to strengthen regulations. Four coffins were covered in white flowers, one for each driver.His father had attended a taxi protest at City Hall shortly before his death. It was unusual for him. He was quiet. He usually didn’t go to protests.“He was mad at the politicians,” said Gabriel, the couple’s only child. “He was mad at Silicon Valley and all these big shots that have billions of dollars. You’re trampling over the little guys that invested in something and wanted to have some exclusivity, as they were told when they bought the medallion.”On a recent afternoon, the family prepared to host a special meal to mark 40 days since his death. They created a fund-raising website to help pay off the balance on the taxi medallion, which Mr. Ochisor had borrowed money against, so that his wife can retire.Helen and Nicanor met at an electronics factory in Romania. They married and moved to New York, purchasing the medallion for $180,000 in 1989. As its value rose, hitting a record of $1.05 million in 2013, they hoped it would fund their retirement.But the price of a medallion has dropped dramatically with the rise of ride-hailing apps. The city has not held an auction since 2014 because of fears that the medallions would not sell for a good price, and owners who sell medallions privately have not commanded large sums.When Helen Ochisor drives the taxi in Manhattan during the morning, business is virtually nonexistent.“After 10 o’clock, I cannot pick up nobody,” Ms. Ochisor said. “For one hour or two hours, I was going downtown, uptown, and nothing.”Mr. Ochisor had also worried about having to buy a new wheelchair-accessible vehicle — part of a city mandate — that would be cumbersome for the older couple. He did still enjoy parts of the job: talking to customers and playing backgammon with other drivers in a parking lot at Kennedy International Airport, where he waited before picking up passengers.The family has not found a suicide note.“We checked up and down, left and right,” Gabriel said. “Computers, phones.”“I didn’t find anything yet,” Ms. Ochisor said.Gabriel Ochisor wants the problems that troubled his father to be addressed. He has sent letters to Mr. de Blasio and to a list of other elected officials, pleading for them to level the playing field between taxi and Uber drivers. He met recently with Meera Joshi, the city’s taxi commissioner, but has not heard from the mayor’s office.In a statement, Ms. Joshi said she admired “his resolve to make his father’s situation, concerns and beliefs heard.”Bhairavi Desai, the executive director of the New York Taxi Workers Alliance, a group that represents drivers, said Mr. Ochisor’s death had brought a sense of urgency to their campaign for new regulations. A fee on for-hire vehicle trips in Manhattan, which was recently passed by state lawmakers to raise money for public transit, is another devastating financial setback, she said.The taxi group is now focused on pressuring the City Council to pass new rules and watching for signs of depression among drivers to prevent further deaths.“Right now, there is a sense of, ‘We’re not going to let our friend’s death go in vain,’” Ms. Desai said.Still, it is easy to see how Uber has found a foothold in New York City. The Ochisor family lives in the Maspeth neighborhood of Queens, far from the nearest subway line. A reporter visiting the home asked for advice about the quickest way back to Manhattan.Gabriel Ochisor had to admit that the best option was Uber.Copyright 2018 The New York Times Company.  All rights reserved.

After Bankruptcy, check your credit score Most people have a credit score of about 620 a couple months after bankruptcy.  That’s from a study by the Philadelphia Federal Reserve Bank. a few years ago.  (I saved the complete study here.)  And here’s the full size  Chart that shows how scores recover.   What’s your after bankruptcy […] The post After Bankruptcy, check your credit score by Robert Weed appeared first on Robert Weed.

Everyone is required to bring their social security card to their bankruptcy hearing. And a lot of people have lost theirs over the years.   Virginia was recently added to the states where you can use your drivers license and apply on the internet to get a replacement card sent to you.   You don’t […] The post For your bankruptcy hearing, you’ll need your Social Security Card by Robert Weed appeared first on Robert Weed.

  In In re: NYESHA D. HARTSON & CHARLES J. WILLIAMS, Debtors. RICHARD A. BAUMGART, CHAPTER 7 TRUSTEE, Plaintiff, v. NYESHA D. HARTSON & CHARLES J. WILLIAMS, Defendants., No. 17-10905, 2018 WL 1887326, (Bankr. N.D. Ohio Apr. 18, 2018) the Court denied the debtor's discharge under §727(a)(6)(A) for failing to produce certain documents at a 2004 examination set by the chapter 7 trustee.  The order granting the trustee's motion for 2004 examination required the debtors to produce copies of their 2016 state income tax return, titles to all scheduled vehicles, a copy of the unscheduled life insurance policy, and a printout of all activity for the unscheduled NetSpend account for 1 January 2017 through 12 June 2017.  The examination was scheduled for 12 June 2017, but the debtors did not appear, and did not produce any documents.  The trustee then filed an adversary to deny the discharge under §727(a)(6)(A) for refusal to obey a lawful order of the Court.  The debtors filed an answer stating that they may have believed the examination would be changed to a later date but also admitted the documents were not produced.  Section 727(a)(6) provides that the court shall grant the debtor a discharge, unless the debtor has refused, in the case - to obey any lawful order of the court, other than an order to respond to a material question or to testify...   Courts are split on the level of intent required to deny the discharge under this provision.  Some courts have found that the word 'refused' requires a showing that the debtor willfully and intentionally refused to obey the court's order.    See Smith v. Jordan (In re Jordan), 521 F.3d 430, 434 (4th Cir. 2008); Concannon v. Constantini (In re Constantini), 201 B.R. 312, 316 (Bankr. M.D. Fla. 1996).  Instead, the court followed the alternative line of cases finding §727(a)(6) to be similar to a charge of civil contempt, negating the intent requirement.   Hazlett v. Gorshe (In re Gorshe), 269 B.R. 744, 746 (Bankr. S.D. Ohio 2001).  Congress could have included a willfulness or intent standard in §727(a)(6) such as it did under §727(a)(2), but declined to do so.  The only requirements under this standard is the moving party must establish (1) the alleged contemnor had knowledge of the order he is said to have violated, (2) he did in fact violate such order, and (3) the order violated must have been specific and definite.  Glover v. Johnson, 138 F.3d 229, 244 (6th Cir. 1998).  Once this is established, the debtors have an obligation to explain their noncompliance.  Impossibility or inability to comply would be valid defenses, when supported by evidence showing that all reasonable efforts to comply have been undertaken.  Hunter v. Magack (In re Magack), 247 B.R. 406, 410-11 (Bankr. N.D. Ohio 1999). The Court found that the debtor's assertion that they had a good faith belief that the examination would be continued as not a valid defense, thus the Court granted the trustee's motion for judgment on the pleadings pursuant to Rule 12(c) of the Federal Rules of Civil Procedure. Michael Barnett www.hillsboroughbankruptcy.com  

Suffering from a permanent or continuous physical injury can be devastating.  Not only do you need to deal with potentially time-consuming and painful medical expenses, but you still need to deal with many of the rigors of day-to-day life.  Claiming benefits through Social Security Disability (SSD) can help alleviate some of the stress of not being able to work by providing you with ongoing benefits to support yourself and your family.  But when should you apply for these benefits?  What is the best time to start filing your disability claim?  The Pennsylvania and New Jersey disability attorneys at Young, Marr, and Associates may be able to help. When Should I Apply for Social Security Disability in PA and NJ? In most cases, you should apply for disability as soon as possible.  Disability is something that you can only receive if your condition makes it too difficult to work, and the Social Security Administration (SSA) may closely scrutinize your case.  That means that if there is any delay where you did not apply, it may seem to the SSA that your case is not urgent or that you were not truly in need of disability benefits. When you apply for Social Security Disability, you may face some wait times.  First, there is time for the paperwork to reach review.  After that, there may be time for the SSA to review your application, during which time they may ask for additional paperwork from your doctor or may even request a medical exam from their own physicians.  After reviewing your application, it can still take some time for the SSA to accept your application.  In some cases, you may even be denied disability, and it takes time to appeal your disability claims and fight to get you the benefits you need. You may ultimately be entitled to retroactive benefits and back benefits, depending on how you apply for SSD benefits.  In most cases, SSD can pay back benefits that reach all the way back to your application date.  This means that the earlier you get your application in, the more time you can receive benefits for.  In some cases, you may even be entitled to retroactive benefits, which date back to the first day you were disabled.  In these cases, the date you apply might not be as important – but you still cannot begin receiving benefits until your application is approved, so act quickly. In many cases, applying for disability is a huge burden.  The expectation is that your condition makes it impossible to perform work-related tasks, yet you may still be required to work through packets of difficult paperwork.  Talk to a disability attorney for help on your application. When Do I Qualify for Disability? One important factor to consider in timing your disability application is that you should not apply until you actually qualify for disability.  In some cases, your condition or illness may be building over the years.  Even if you have a qualifying condition, your condition may not yet be sufficiently “severe” to qualify you for benefits. To qualify for SSD, your condition must be sufficiently “severe” by the SSA’s definition.  The SSA defines a severe condition as one that “interfere[s] with basic work-related activities.”  This can include both physically-demanding work activities as well as work activities that demand mental focus or concentration.  If your condition is severe enough to prevent you from being able to work, it may be time to seek disability benefits. Unlike other programs, Social Security Disability does not provide benefits for short-term disabilities.  Instead, the Social Security Administration’s rules actually assume that you have other ways to provide for yourself for short-term disabilities, such as through private insurance, personal investments, or state workers’ compensation benefits.  This means that the SSA will hold strictly to its rules, and it will not pay benefits until you fully qualify for disability.  Take this into account when timing your application. Should I Talk to a Lawyer Before Applying for SSD? Applying for Social Security Disability may be a long process, and having someone with experience may ease your application process.  Talking to an attorney about your application before submitting it can help you ensure that your application is accurate and strong before submitting it.  If your application is accepted on the first try, there is no need to appeal the SSA’s decisions or worry about having your application denied. Especially if your condition is not listed in the SSA’s list of qualifying conditions, you may need help submitting your application.  A social security disability lawyer can help guide you through the application process. PA and NJ Disability Lawyers Offering Free Consultations If you or a loved one suffered from a condition that might qualify them for Social Security Disability, talk to an attorney right away.  The Pennsylvania and New Jersey disability lawyers at Young, Marr, and Associates represent people applying for disability throughout PA and NJ.  For a free consultation on your case, contact our law offices today at (215) 701-6519 in PA and (609) 755-3115 in NJ. The post When is the Best Time to File for Social Security Disability Benefits? appeared first on .

Recently, a potential client reached out in distress. Just before Christmas, he lost his job and lucrative income, and wanted to know if he should immediately file for bankruptcy protection. It is not uncommon for a person, who has suffered a major financial setback, to look at bankruptcy as a solution. However, while you may feel it is necessary to start the process quickly, each situation needs to be looked at individually. There is no single answer that works for everyone. With the specific person mentioned above, he was making good money, but has little in the way of savings and investments. Like many Americans, despite being able to pay all his bills, this individual was virtually living paycheck to paycheck. Worse yet, the layoff came right at the holidays. This potential client now faces using credit cards and cash advances to keep him and his family afloat. It seems only logical to consider bankruptcy. Don’t you agree? Nonetheless, this is the time when one should pause and evaluate the situation. With a Chapter 7 bankruptcy, you must pass a means test. While you may think that having no source of income means something, it may have little impact in passing the means test. Essentially, you need to look at your income over the last six months. If the income before is greater than the state median income, then you may not pass the means test. If you wait just a few months, allowing your average income to go down, it will make things easier. While income is a prime factor in determining if you should file, it is not the only factor. For instance, if you have a pending foreclosure or lawsuit, you may not have the luxury of waiting. You will want to discuss your unique situation with a qualified bankruptcy attorney. What haven’t we covered yet that is important to you? If you have lost your job and are considering bankruptcy, or need more information, please contact us. The post I Just Lost My Job. Should I File for Bankruptcy? appeared first on Chris Wesner Law Office.

Bankruptcy in Springfield, Ohio can be a bit more demanding and strenuous than in other areas of the county because the state grants fewer exemptions. Regardless of this fact, Ohio’s bankruptcy rate is the eighth-highest in the United States. When filing, you have two options. A Chapter 7 (or Straight) Bankruptcy can absolve you of all debt, while a Chapter 13 (personal reorganization) will mandate monthly payments, for a set period, to the court. In this instance, the court will distribute funds to your creditors, but typically only up to a certain portion. After a defined period of payments, creditors are required to consider the balance paid.  When filing bankruptcy in Troy, Ohio, in order to begin the process, you will need a list of your creditors and a copy of your credit report. You will also need to work with a credit counselor within six months of filing bankruptcy in Ohio. Moreover, be prepared to provide at least six months of income and expense documents. The court uses this information to determine the type of bankruptcy you qualify for. Finally, create a comprehensive list of all your assets: home, car, investments. Some items are considered exceptions, and you will need to consult with a Troy, Ohio bankruptcy attorney. Your bankruptcy attorney will ensure the paperwork is properly filled out and filed with the court. While having an attorney will cost you money, they provide the peace of mind that your bankruptcy is done correctly. In many cases, if you have the ability to pay $10,000 or more, over the next five years, then the court will require a Chapter 13. This means your debts will not be discharged, and you will need to repay at least some of your debt. It is the court that will decide the percentage you will pay to each creditor. The court will tell you how much you owe and garnish your wages, then distribute that money accordingly. What haven’t we covered yet that is important to you? If you would like to talk about how to file bankruptcy in Troy, Ohio, or need more information, please contact us. The post Discover How to File Bankruptcy in Springfield, Ohio appeared first on Chris Wesner Law Office.