Helen Wallace, Attorney at Law Moves Into New Office in Washington Township

Helen Wallace, Attorney at Law is pleased to announce that she has moved her growing Dayton family law and Dayton bankruptcy practice into new, larger office space in Washington Township, Ohio. If and when you are in the neighborhood, please visit her there at 7601 Paragon Road, Suite 103, Dayton, Ohio 45459!

For a consultation to discuss your legal issue, please contact Helen today at Helen Wallace, Attorney at Law by clicking on the preceding link, by e-mail to hw@helenwallacelaw.com or by telephone to (937) 654-6800.

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.

Tax Refunds and Chapter 7 Bankruptcy

If you are thinking about filing a Chapter 7 bankruptcy and also expecting a tax refund, please contact an experienced Dayton bankruptcy attorney! There are many important things to consider. When a person files for Chapter 7 bankruptcy, all of their assets, including their tax refund, become part of the bankruptcy estate. The theory behind Chapter 7 bankruptcy is that the trustee, the attorney appointed to administer the bankruptcy estate, can use a person’s assets (unless exempted or protected as discussed below) to pay off unsecured creditors.

If you file bankruptcy before receiving and spending your tax refund for the year, the unspent refund is considered part of the estate. The tax refund is looked at as money that was unnecessarily paid to the IRS, therefore it is treated like cash or money in a bank account. If you receive a significant refund every year, you may consider adjusting your withholding to reduce the refund to a lesser amount. This will allow you to get more money in each paycheck and make the refund too small to be of value to the trustee.
 
Planning the timing of your bankruptcy with the receipt of your tax refund is advisable. If you have already received your refund, you are allowed to spend it on necessary expenses prior to filing bankruptcy. Necessary expenses include mortgage payments, rent, home or motor vehicle repair, food, clothing, utilities, medical expenses, etc. However, be careful! Do not use the refund to purchase luxury goods, or to pay a friend or family member, or to pay one particular creditor (this may be a preferential payment – a payment made to one creditor and not others. Preferential payments can be avoided, meaning the trustee can order the creditor to return it to the estate).

Even if you file bankruptcy prior to receiving and/or spending your tax refund for the year, therefore making the tax refund part of the estate as discussed above, you may be able to exempt or protect it. The bankruptcy code (or law), provides exemptions for certain property including some that can protect your refund. For example, the earned income and child tax credits allow many people who file Chapter 7 to keep their entire refund. The wildcard and cash on hand exemptions may also be used to protect some or all of your refund.

If you are expecting a tax refund and also considering bankruptcy, please consult with an experienced Dayton bankruptcy attorney who can analyze your particular situation and help you determine both the best use of your refund and the best time to file bankruptcy.

For more information about bankruptcy, and/or to schedule a consultation please contact your Dayton bankruptcy attorney at Helen Wallace, Attorney at Law today by clicking on the preceding link, by e-mail to hw@helenwallacelaw.com or by telephone to (937) 654-6800.

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.

How Often Can A Person File for Bankruptcy?

Sometimes people who have filed for bankruptcy protection in the past can find themselves in situation where it would be to their benefit to file for bankruptcy again.  For example, a person may have recently received a Chapter 7 discharge, but then incurred a tax debt that could be paid back through a Chapter 13 bankruptcy plan.

The general rule is that a Chapter 7 bankruptcy debtor who receives a discharge cannot receive another Chapter 7 bankruptcy discharge for 8 years.  However, there are important exceptions to this general rule.  In order to properly analyze your particular situation, you need to consult with an experienced Dayton bankruptcy attorney.

However, generally speaking, the Federal Bankruptcy Rules allow the following:

If it has been 8 years since a person received a discharge in any sort of bankruptcy case, he or she is free to file again for bankruptcy under any chapter (7, 11, 12 or 13).

If a person has received a chapter 7 discharge in a case filed within 8 years, then he or she cannot receive a discharge in a subsequent Chapter 7 Bankruptcy filed today.  However, he or she could still file and receive bankruptcy protection.  For example, that person could file a Chapter 13 bankruptcy, and would be eligible for a discharge if 4 years had past since the filing of the discharged Chapter 7 case.  If 4 years had not yet passed, the person could file the Chapter 13, repay debt in the Chapter 13 plan, but would not be eligible for a discharge.

A person who filed a Chapter 13 and received a discharge, could file and receive a discharge in a Chapter 7 bankruptcy once 6 years has passed since the Chapter 13 filing.  That person could file another Chapter 13 case, and receive a discharge, 2 years after the first Chapter 13 was filed (but again, that person could file for Chapter 13 bankruptcy protection before 2 years has passed, they would just not be eligible for a discharge).

To schedule a consultation with an experienced Dayton bankruptcy attorney at Helen Wallace, Attorney at Law today, click on the on the preceding link, send an e-mail to hw@helenwallacelaw.com or place a telephone call to (937) 654-6800.

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.

Bank of America Settles Bad Mortgage Claims for over $10 Billion

Your Dayton bankruptcy attorney is pleased to report that Bank of America has agreed to pay the federal government more than 10 billion dollars to resolve claims stemming from bad mortgages (risky mortgages that were incurred questionably by Bank of America and then later packaged and sold by Bank of America to Fannie Mae). Please click on the link below to an informative article in The New York Times to learn more:

http://dealbook.nytimes.com/2013/01/07/bank-of-america-to-pay-10-billion-in-settlement-with-fannie-mae

To learn more about past or present foreclosures, mortgage debt forgivenss, loan modifications, and/or to schedule a free consultation please contact your Dayton bankruptcy attorney at Helen Wallace, Attorney at Law today by clicking on the preceding link, by e-mail to hw@helenwallacelaw.com or by telephone to (937) 654-6800.

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.

Things To Do and Not to Do When Contemplating Bankruptcy

It is very important to do and not to do certain things when preparing to file bankruptcy. Your Dayton bankruptcy attorney can give you a comprehensive list of do’s and don’ts similar to the one below. If you wonder if something is appropriate to do before bankruptcy – CONSULT YOUR ATTORNEY BEFORE DOING IT!

Things Not to Do When Contemplating Bankruptcy

1) Don’t pay off or pay down any debts without consulting your Dayton bankruptcy attorney. 2) Don’t buy, sell, give away or transfer any property. 3) Don’t fall for companies or individuals promising debt consolidation without extensively researching their legitimacy. There are many fraudulent, criminal enterprises out there that will take your money and never pay down your debt. 4) Don’t borrow or cash out your retirement without first talking to your Dayton bankruptcy attorney. In Ohio, most retirement/pension accounts are 100% exempt (meaning they are completely protected) in bankruptcy. This means that a person may file bankruptcy, emerge after a successful discharge without any unsecured debt but with their full retirement account(s) intact. 5) Don’t take out new loans or create new debts prior to filing bankruptcy. 6) Don’t wait until the last minute to talk to your Dayton bankruptcy attorney about bankruptcy. Having time to plan and properly prepare a bankruptcy is the best case scenario.

Things To Do When Preparing to File Bankruptcy

1) Do tell your Dayton bankruptcy attorney about ALL of your debts and creditors. Often clients think that leaving out one credit card to use after bankruptcy for emergencies will be ok, but this can often lead to problems. Tell your Dayton bankruptcy attorney about absolutely every creditor and together you can decide what is the best course of action in your situation. 2) Do keep in contact with your Dayton bankruptcy attorney. Bankruptcy is a process which can take 4 – 6 months. It is important that your Dayton bankruptcy attorney can reach you when needed. If you change your phone number or address, be sure to inform your attorney. 3) Do tell your Dayton bankruptcy attorney your complete story (including but not limited to all your assets and, as discussed above, all of your debts) in order to help you make the best legal decisions for your particular situation. 4) Do consult with your Dayton bankruptcy attorney to learn whether bankruptcy is a good option for you.

For more information about bankruptcy, and/or to schedule a free consultation please contact your Dayton divorce law firm at Helen Wallace, Attorney at Law today by clicking on the preceding link, by e-mail to hw@helenwallacelaw.com or by telephone to (937) 654-6800.

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.

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. We urge you to come in and discuss your situation with us.

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 is a repayment plan of some or all of your debts.

To learn more about bankruptcy, or to discuss your personal financial situation with an experienced Dayton bankruptcy attorney , please contact your Dayton bankruptcy attorney today at Helen Wallace, Attorney at Law by clicking on the preceding link, by e-mail to hw@helenwallacelaw.com or by telephone to (937) 654-6800.

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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