How would you feel if we told you that Donald Trump (real estate icon), HJ Heinz (ketchup icon), and Milton Hershey (chocolate icon) had all benefited from filing bankruptcy?

What if we told you that Frank Lloyd Wright, Tom Petty, Elton John, Toni Braxton, Kim Basinger, Andy Gibb, Jerry Lee Lewis, Ted Nugent, Wayne Newton, and Willie Nelson had also filed bankruptcy? 

We’ll add Marvin Gaye, MC Hammer, Meatloaf, Cyndi Lauper, Natalie Cole, Mike Tyson, Walt Disney, Marion Jones, Ed McMahon, Gary Coleman, Anna Nicole Smith, Larry King, Sara Ferguson, Tammy Wynette, Merle Haggard, Chaka Khan, George Jones, Mickey Rooney, Burt Reynolds, Lynn Redgrave, Margot Kidman, Lorraine Bracco, and Johnny Paycheck.

Then there was Ulysses S. Grant, William McKinley, Levi Morton, George McGovern, John Connally, Leon Spinks, Joe Lewis, Johnny Unitas, Bjorn Borg, Dorothy Hamill, Frank Baum, Oscar Wilde, Susan Powter, and Kate O’Brien.

Even Henry Ford filed bankruptcy.

At one time, all of these people filed bankruptcy because they were under severe financial stress and needed a fresh start.  Most of these, the bankrupt of the rich and famous, went on to work hard and build wealth.  You can too. 

Read those names again.  If you think you may need bankruptcy protection, you are in good company and are only one person among the approximately 2 million+ people, who will file bankruptcy this year. 

Get Good Legal Advice:  Consult with a Qualified Bankruptcy Lawyer

Bankruptcy is a very specialized area of law; be sure your attorney focuses his or her practice on bankruptcy and helping people like you.   You can reach us at 513-793-6555 or Thomasjr@geygan.com.  Your next step is to contact us. 

Even if you are not sure whether bankruptcy is the right action for you at this time, get good legal advice from a qualified bankruptcy attorney now.  Bankruptcy may be inevitable or it may be preventable and you need to understand your individual situation. 

Planning ahead usually provides more opportunities and may save your home, car, jewelry, retirement monies, insurance, and other assets.  Most people who file bankruptcy get to keep all of their assets, except those they voluntarily give up because they no longer want to make the payments.

If Sam Walton can file bankruptcy and come back to found the super successful WalMart, and HJ Heinz can come back and found Heinz, you can come back and take good care of yourself and your family.  Best of luck with your fresh start!  You deserve it.

When you finally come to terms with filing bankruptcy, you may feel as if you’ve hit rock bottom, reached a dead end.  We understand that filing bankruptcy is not just a financial turning point, it’s an emotional turning point as well.  But most of our clients find it to be a good thing, a huge relief when the burden of debt and creditor harassment is lifted from their shoulders.

Admitting that You Need Help

We understand that it’s not easy to accept help.  If you’re like most people, you’d rather help someone else than accept help for yourself.  However, when you accept the help that bankruptcy offers, you are granted a giant “do over.”  This “do over” gives you (and millions of other people in a similar situation) a fresh start, a clean slate.  Once you accept the help that a bankruptcy attorney and the law can offer, you are no longer falling; you have started the journey of recovery with support from the U.S. Constitution, federal law, and state law.

Rebuilding After Bankruptcy

After bankruptcy, your debt will either be discharged (as in a Chapter 7 bankruptcy) or reorganized (as in a Chapter 13 bankruptcy).  This means that no more debt collectors will call and your monthly bills will be in line with what you can comfortably pay.  Time to refocus on the future; the secret to success has always been to never give up and always keep going. 

To rebuild your credit:

• Pay all of your bills each and every month and on time.
•  Use a credit card, but be sure you can pay it off each month.
• Don’t open new credit card accounts without a reason.  Having 2 or 3 cards is plenty. 
• Pay off debt; don’t just move it around from card to card.
• Ask loved ones to add your name to their credit cards as an authorized user, but never ever, ever never actually use the card.
• Get a small line of credit from the bank and put the loan proceeds in a savings account; use the account to pay back the loan over a year’s time. 

 Bankruptcy is not the end; it’s the beginning of rebuilding your credit history and your life.  It’s okay to ask for help; that’s why it’s there.  If you are wondering whether bankruptcy is the help you need, consult with a qualified bankruptcy attorney.  You can reach our bankruptcy law offices at (513) 793-6555, or by email thomasjr@geygan.com. Our office is located in the Kenwood area of Cincinnati.  Your next step is to contact us now.

When you consult with a bankruptcy attorney, your attorney will ask you to fill out forms, which include details on any asset transfers you’ve made.  Relevant transfers would include the retitling of any assets and payments made for which you did not receive fair market value in return.

Why does it Matter to the Bankruptcy Court What Transfers You’ve Made?

 Federal laws attempt to limit the use of bankruptcy laws to defraud creditors.

Prohibited transfers include transfers:

• That show a preference for one creditor over another.

• Into a Domestic Asset Protection Trust, within 10 years before filing bankruptcy.

• For less than fair market value (e.g. gifting).

Examples of Improper Transfers

Example One:

Alexander set up an Alaskan domestic asset protection trust and transferred 50% of his assets into trust; 9 years later, he filed bankruptcy and failed to disclose the transfer to his bankruptcy lawyer.  The bankruptcy  trustee discovered the transfer and, as a result, all the assets held by the domestic asset protection trust were available to his creditors.

Example Two:

Jennifer knew she was going to have to file bankruptcy; she just couldn’t keep up with the credit card payments and medical bills.  She inherited $40,000 that couldn’t be protected by Ohio exemptions so she transferred the money to her sister.

Example Three:

John owed $25,000 to Visa and $10,000 to his mom.  Before filing bankruptcy, John made a $5,000 to his mom and no payment to Visa. 

Disclose All Transfers to Your Bankruptcy Attorney

Transfers as far back as 10 years matter.  If your attorney knows about the transfers, they can be planned around, fixed, or reversed.  If in doubt whether to disclose, go ahead and disclose the information.

Bankruptcy is an intricate area of law and it may be in your best interest to work with a qualified bankruptcy attorney.  There was a recent case in which an individual filed his own bankruptcy petition, without legal counsel.

All the assets in his Domestic Asset Protection Trust became available for creditor seizure because he didn’t know about the 10 year bankruptcy look back rule.  If he had worked with a qualified bankruptcy attorney, those assets may have been saved.

We focus our practice on bankruptcy law, understand the legal intricacies, and help people just like you.  You can reach us at 513-793-6555 or Thomasjr@geygan.com.  We will collect the relevant information, gently walk you through the bankruptcy process, answer your questions, analyze your case, and aggressively fight for your legal rights.  We look forward to your call or email.

 Forbes.com is reporting that a mansion, formerly valued at $87 million dollars, will be auctioned off on April 26, 2012.  The owners are in bankruptcy and have been unable to sell the unfinished Italian style mansion, even though it’s been on the market for two years.

In many situations, home owners are able to keep their homes through bankruptcy.  In other situations, the owners are not able to make loan payments so they default, file for bankruptcy, and give up their home. 

Forbes.com reports,

“[I]n some cases , the owners default on their loans or file for bankruptcy, forfeiting the home in a foreclosure or bankruptcy fire sale.”

“Such is the case with the Newport Coast, Calif. estate formerly known as Villa del Lago.  Once valued at an astounding $87 million, the unfinished Italianate villa is headed for bankruptcy auction on April 26, at the behest of its creditors, after languishing for nearly two years on the market. It first graced the Multiple Listing Services in May 2010, asking $57 million, before reducing to $37 million, the price it still currently asks via Hom Sotheby’s International Realty.”

Can Your Home be Saved?

In many cases, folks can keep their homes even if filing bankruptcy.  At a minimum, a foreclosure may be able to be delayed so you have time to adjust, make plans, and find a new residence.

Although Chapter 7 filers have limits on how much home equity they can protect, most filers keep all of their property, including their home.

Chapter 13 filers have no limit to how much home equity they can protect.  The general rule is that if you can continue to make the payments on your home, you can keep it. 

Get Good Legal Advice

Even if you are not sure whether bankruptcy is the right action for you at this time, get good legal advice from a qualified bankruptcy attorney now.  Bankruptcy may be inevitable or it may be preventable and you need to understand your individual situation. 

Planning ahead usually provides more opportunities and may save your home and other assets.

Bankruptcy is a very specialized area of law; be sure your attorney focuses his or her practice on bankruptcy and helping people like you.  We focus our practice on bankruptcy law and helping people save their homes.  You can reach us at 513-793-6555 or Thomasjr@geygan.com.  Your next step in saving your home is to contact us.

After phone call after phone call with threats of law suits, threats of telling neighbors about your debt, and contacting loved ones, you want to know how to stop creditor phone calls.  That’s completely understandable; no one likes to be harassed and you know that you owe money.  You certainly don’t need a reminder of your stressful financial predicament. 

 How to Stop Creditor Harassment in Two Steps

 There are only two steps you need to take to stop the harassing phone calls. 

•  Hire a qualified bankruptcy attorney
• Provide all requested information

Hire a Qualified Bankruptcy Attorney

First, consult with a qualified bankruptcy lawyer; if bankruptcy is a good fit for your individual situation, hire the attorney and let him or her get to work on your behalf.

Provide All Requested Information

Second, fill out the required forms.  Your attorney will give you a lengthy form to fill out; no one likes paperwork; however, this information is required for your bankruptcy petition.  And, the petition is the key to getting you immediate relief from creditors. 

Your efforts in providing the information will be rewarded.

Automatic Stay

As soon as your bankruptcy lawyer has your information, your bankruptcy petition will be filed.  Assuming the petition is accepted (most are because your attorney wouldn’t file it otherwise), the court will issue an order, stopping creditor contact.

No More Creditor Harassment

The court order is called an “automatic stay” and it notifies your creditors that you have filed a bankruptcy petition and all attempts to collect on your debt must cease. 

Bankruptcy gives you protection from creditor harassment, including phone calls, law suits, repossessions and most wage garnishments.

How to Plug Any Leaks

Creditors are required to stop all phone calls, and other forms of collection, the moment they receive notice of the automatic say; however, sometimes calls leak through. 

If this happens, calmly explain that you are filing bankruptcy and that you are represented by an attorney.  Provide the attorney’s name and phone number.  They won’t call you again.

Take the First of the Two Steps to Stop Creditor Harassment

Consult with our qualified bankruptcy attorneys.   If bankruptcy is right for you, we will stop creditor harassment as soon as we have your financial information.  You take the first two steps and we take your bankruptcy case from there.  Your first step is to contact our office now.  You can reach us at 513-793-6555, the form below or Thomasjr@geygan.com. 

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