Bankruptcy Is a Positive Solution.

Despite many people’s preconceptions, bankruptcy is sometimes a positive solution for hard-working and responsible people. In today’s economic climate, more and more Americans are finding themselves crushed with student loans and credit card debt, mortgages, car payments, and more.
If you are struggling to make ends meet and see no end to your financial predicament, then bankruptcy may be a good option for you. Bankruptcy can provide a clean financial slate, relieve overwhelming financial pressure, stop garnishments, foreclosures and repossessions and actually help your credit score increase.  Dayton bankruptcy attorney Helen Wallace can guide you through the legal bankruptcy process.  Many of her clients emerge from successfully discharged consumer bankruptcies with little or no debt, and finally are free to start living their lives without crushing financial burdens.

Below is a brief explanation of consumer bankruptcy. Please keep in mind that this is an overview of the basic law. Many considerations and factors go into analyzing what may be best for a person’s individual and specific situation. For a full analysis of your situation please contact Dayton bankruptcy lawyer Helen Wallace for a consultation. Helen is an experienced and skilled Dayton bankruptcy attorney who will be happy to review your situation and suggest the best possible solution for you.

The Basics of Bankruptcy

If you are unable to pay your debts, you may want to seriously consider bankruptcy. Although the thought of bankruptcy may seem frightening, like most things, it becomes less frightening the more you know about it.

Dayton bankruptcy attorney Helen Wallace urges you to come in and discuss your situation with her.

Bankruptcy is a legal process in which people with overwhelming debt can regain financial footing. Depending on the type of debt and the form of bankruptcy filed, you can have some or all of your debt erased. Immediately after filing bankruptcy, garnishments, repossessions and foreclosures can be stopped.

Consumer debtors may file two types of bankruptcy. Chapter 7 bankruptcy is considered liquidation, while Chapter 13 bankruptcy is a three to five year repayment plan of some or all of your debts.  Helen Wallace, Attorney at Law LLC can help you determine which type of bankruptcy suits your needs but no longer files Chapter 13 bankruptcies.  She does file Chapter 7 bankruptcies.

Chapter 7

Bankruptcy Terms

Documents Needed When Preparing for Bankruptcy:

  1. List of all creditors, including names, address, account number, balance due. Include family, friends, taxing authorities, utilities, student loans.
  2. List of all cosigners, including name, address and copy of the underlying document.
  3. Current paycheck stub AND evidence of income over the 6 prior months.
  4. Certificates of title to all titles assets, including but not limited to vehicles, motors, mobile homes, trailers, motorcycles.
  5. Copies of all leases, including premises and personal property leases.
  6. Copies of any appraisals you have had done on any real estate over the last 2 years. (An appraisal is needed to confirm a 13, must not be more than 1 year old in most circumstances).
  7. Copies of last three years tax returns.
  8. Copies of any and all lawsuits, judgments or liens, including tax liens.
  9. Copies of divorce decrees and / or domestic court orders relative to debt and / or support obligations.
  10. Checking account information for the day we file the bankruptcy petition (however, please be aware the trustee may request 12 months of bank statements).
  11. Copies of life insurance policies with a cash value.
  12. Consumer Credit Counseling documents (one credit counseling class is required before filing bankruptcy, and a second class is required after the bankruptcy has been filed).
  13. Copies of any prior bankruptcy cases, including petition, schedules and statement of financial affairs.


The contents contained in Helen Wallace, Attorney at Law’s Blog and Web Page(s) are for educational and informational purposes only, and shall not be construed as legal or tax advice. The reading of Helen Wallace, Attorney at Law’s Blog or Webpage does not create an attorney/client relationship with Helen Wallace, Attorney at Law. Please consult an Attorney in your jurisdiction (where you live or where the legal action arose) if you are seeking legal advice or representation. Please further be advised that Helen Wallace, Attorney at Law is a debt relief agency and helps people file for bankruptcy relief under the United States Bankruptcy Code.

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