Dayton & Trotwood Bankruptcy FAQs

Frequently Asked Questions

Will I lose everything if I file for bankruptcy?

No, you will not lose everything if you file for bankruptcy. In fact, the majority of people who file for bankruptcy do not lose anything.

Will my credit be ruined?

If you have experienced foreclosure or are behind on your bills, you probably already suffer from poor credit. Bankruptcy allows you to rebuild your credit and alleviate your financial stress. While bankruptcy will remain on your credit record for up to 10 years, it will also wipe out most of your debt and leave you in a better place to handle your current needs and to rebuild your credit score.

What will the bankruptcy cost?

Court costs for Chapter 7 bankruptcy are $338, and court costs for Chapter 13 are $313. There are also attorney’s fees to consider, set by statute in a Chapter 13 filing. In cases involving Chapter 7, Richard P. Arthur will work with you to ensure you receive an affordable and reasonable rate based on your circumstances a payment plan.

How long will the bankruptcy process take?

A Chapter 7 bankruptcy can typically be completed and discharged within three to six months. Chapter 13 can take significantly longer as it is often much more complex. It is critical to use an experienced bankruptcy attorney for these cases. Sitting down for a free consultation and estimation can give you a better idea of the timeline involved in your particular situation.

Does filing for bankruptcy discharge ALL debt?

No, not all debts are discharged by filing for bankruptcy; in a Chapter 7 case, debts such as recent taxes, divorce debts, court fees, DUI-related debts. Most student loans and various others will remain.

Chapter 13 does not discharge any debt resulting from instances including fraud, theft, embezzlement, breach of fiduciary duty, support-related debts, and various others.

What is Ohio’s homestead exemption?

Ohio’s homestead exemption allows homeowners to exempt a certain portion of their home equity. For more details, Arthur Law Office has offices in both Trotwood and Riverside. Please call (937) 278-9333 to schedule your free consultation in our Trotwood office or call 254-3738 to schedule your free consultation in our Riverside location.

If I am married, can I double my homestead exemption amount?

Yes. Joint bankruptcy filers may be able to each claim the homestead exemption in Ohio.

How do I file a homestead exemption?

Your exemptions will be claimed properly by your attorney when your case is filed. This is why it is important to have a qualified bankruptcy attorney who can make sure you take advantage of all of your exemptions. Richard P. Arthur, Attorney at Law, will work with you to ensure that all of your exemptions are properly claimed.

What is Ohio’s wildcard exemption?

Ohio’s wildcard exemption allows you to apply a specific dollar limit to any property. In other words, if your skateboard is valued at $200, you may use a portion of your wildcard exemption to maintain possession during bankruptcy proceedings.

Are there other exemptions that can be claimed as well?

Ohio has many other exemptions that protect things such as retirement accounts, automobiles, bank account balances, tax refunds, etc. This is why you need an experienced bankruptcy attorney such as Richard P. Arthur, Attorney at Law, to help guide you through the bankruptcy process.

Do you offer free consultations?

Yes! We offer both free consultations and estimates.

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The attorneys at Richard P. Arthur Attorney at Law offers personalized and sensitive service to those in financial distress. If you are currently struggling with the decision of whether to file for Chapter 7 or Chapter 13 bankruptcy relief. Please call (937) 278-9333 to schedule your free consultation today.