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Bankruptcy Lawyers in Dayton, Ohio

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Whether you're struggling with credit card debt, student loans, or other financial setbacks, bankruptcy may help you obtain relief. The bankruptcy code enables the relief of debts through liquidation or reorganization.

It can be hard to determine which type of bankruptcy is right for your situation. So, before you file, you should consult with our bankruptcy specialists. At Fox & Associates Co., L.P.A., our lawyers in Dayton offer solid advice on your financial situation and the best way to improve it.

Why Choose Our Dayton Bankruptcy Attorneys?

We provide thorough bankruptcy services for Dayton and surrounding areas. Call (937) 204-1555 or use our online form to schedule an appointment.

Liquidation Bankruptcy

Chapter 7 bankruptcy is known as a liquidation or fresh start bankruptcy. In Chapter 7, a court-appointed trustee may sell or liquidate your non-exempt property or assets to pay for all or part of your debts. These generally include luxury items and high-value assets. However, state law exempts some of your property from liquidation.

The trustee only liquidates assets that provide cash to pay your creditors. Any debts not paid through liquidation are typically discharged. An automatic stay is also put in place when filing, meaning creditors may not pursue further collection efforts.

However, it is normally two years before you can obtain a mortgage or other type of loan from a bank. Interest rates are much higher on these loans than on others, so this is not an option to take lightly.

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Bankruptcy Exemptions in Ohio

Bankruptcy exemptions are laws that allow you to protect personal property from creditors - these exemptions may include your home and car as well as the list below. There are two levels of exemptions, federal and state. Some states allow you to choose between the federal bankruptcy exemptions or their own state exemptions but Ohio does not. In Ohio, you must use Ohio's exemption if you file for bankruptcy in Ohio.

Exemptions include:

  • Your home or equity in your home
  • Wages
  • Your furniture
  • Your clothing
  • Your vehicle

Reorganization Bankruptcy

Filing Chapter 13 bankruptcy allows you to reorganize your finances so you can pay creditors over time. This is the preferable bankruptcy solution if you have a reliable, regular income source.

Depending on your situation, conditions for filing Chapter 13 may include:

  • Resolving federal, state or local tax obligations
  • Paying all or a portion of debts
  • Meeting debt and asset limits
  • Funding a payback plan

Under Chapter 13, you submit a plan detailing payment of your debts from disposable monthly income over a period of up to 5 years. The plan is monitored by a court-appointed trustee and supervised by the bankruptcy court. Upon successful conclusion of the plan, the court issues a discharge order.

Bankruptcy Frequently Asked Questions

Considering going through bankruptcy raises questions about it's benefits or whether it is the right choice for your situation. Here are a few frequently asked questions that can help you:

  • What will I lose if I file bankruptcy?
    • Non-exempt assets will be lost. This can include luxuries items that can be liquidated to pay off creditors.
  • Does Chapter 7 wipe out all debt?
    • Chapter 7 Bankruptcy wipes most types of unsecured debts but not all.
  • Can you file bankruptcy and still keep your house?
    • Depending if you file for chapter 7 or chapter 13 bankruptcy you may be able to keep your home. Bankruptcy is designed to give you a fresh start not leave you in burden and Federal and state governments often have exemptions on property.

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Contact Our Dayton, Ohio Bankruptcy Attorneys

Though other types of bankruptcy exist, most individuals file Chapter 7 or Chapter 13. Filing bankruptcy with the experienced lawyers at Fox & Associates Co., L.P.A. means you will have our quality counsel and representation for your case. Our bankruptcy firm serves individuals across Montgomery County and throughout Western Ohio.

Contact us at our bankruptcy law office in Dayton, OH. Call (937) 204-1555 to get started on your fresh financial start today.


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Why You Should Hire Us
  • More than 70 years of combined legal experience.

  • We develop effective legal strategies and provide innovative options.

  • We have a successful track record in handling cases just like yours.

  • We listen and create tailored solutions to meet your needs.