Profile cover photo
Profile photo
Bailey & Gunderson Co., L.P.A.
1 follower
1 follower
About
Posts

Post has attachment
Choosing whether to file a Chapter 7 or a Chapter 13 bankruptcy depends on many factors requiring the assistance of a qualified attorney. For example, an attorney can help you assess some of the following factors that must be considered when filing for bankruptcy:

a. Personal assets. A Chapter 7 bankruptcy involves the liquidation of assets although there are some exemptions available that will allow you to keep all (or most) of your assets. If there are assets that must be turned over to a bankruptcy trustee in a Chapter 7, a Chapter 13 bankruptcy will allow you to begin a repayment plan to retain those assets that otherwise would be lost in a Chapter 7 bankruptcy.

b. Nature of the debt. Credit card debt is typically dischargeable at the end of bankruptcy. A Chapter 7 bankruptcy may be desirable for people with mainly credit card debt while those with non-dischargeable debt, such as income taxes, may benefit from a Chapter 13 repayment plan.

c. Personal income level. Your income will determine whether you can file a Chapter 7 bankruptcy, or will have to pay some (or all) of your debt through a repayment plan in a Chapter 13 bankruptcy.

The attorneys at Bailey & Gunderson can help you assess which bankruptcy is the best choice for you and explain why.

This insight into the law is provided by Michael S. Bailey, Esq. of the law firm of Bailey & Gunderson Co., L.P.A., with offices in Norwood, Western Hills and Anderson Township. Phone: (513) 631-0022.
Photo
Add a comment...

Post has attachment
New child support laws in Ohio will be implemented soon. Ohio House Bill 366, which passed both houses of Ohio's legislature on June 7, 2018, updates Ohio's child support guidelines for the first time in over 25 years. The changes modify the child support calculations, child support tables, and healthcare coverage guidelines. The changes also implement new parenting time adjustments to child support orders.

Interested in more information? Please contact us at 631-0022.

This insight into the law is provided by Michael S. Bailey, Esq. of the law firm of Bailey & Gunderson Co., L.P.A., with offices in Norwood, Western Hills and Anderson Township. Phone: (513) 631-0022.
Photo
Add a comment...

Post has attachment
“TEAMWORK IN DIVORCE CASES IS BEST FOR THE CHILDREN”

Came across this article that discusses and supports the concept that divorcing parents must put the needs of the children first for their betterment. This article addresses concepts that:

(a) “By parents operating as a team, the children will feel they are more valued and important than the conflicts that ultimately dissolved the marriage.”

(b) “When parents work together and co-create an amicable, consistent and responsive family unit after divorce, the child will benefit invaluably.”

(c) “Their child’s prior definition of family has been broken, and it now holds two parents that do not love each other anymore. In working together as a team with intention, parents can address their children’s feelings and worries head-on and help the family create a new sense of normal that allows children to love each parent freely and without fear of creating loyalty conflicts.”

Your legal and counseling team can give you advice on how the law can help you co-parent better for your children.

http://akronlegalnews.com/editorial/20303

This insight into the law is provided by Michael S. Bailey, Esq. of the law firm of Bailey & Gunderson Co., L.P.A., with offices in Norwood, Western Hills and Anderson Township. Phone: (513) 631-0022.
Photo
Add a comment...

Post has attachment
Happy 4th of July from the attorneys and staff at Bailey & Gunderson Co., L.P.A., with offices in Norwood, Western Hills and Anderson Township. Phone: (513) 631-0022.

Have a safe holiday!
Photo
Add a comment...

Post has attachment
The new tax law may change how spousal support is treated on your income tax returns in the future.

Under the Tax Cuts and Jobs Act passed by Congress in December, 2017, spousal support will not be tax deductible for the person paying spousal support. Likewise, spousal support will no longer be considered income, and thus taxable, for the person receiving spousal support.

It is important to note that this new law will only apply to divorces and separation orders that are executed on or after January 1, 2019. The provisions of the law related to this issue are not retroactive, and thus, do not apply to divorces and separation orders entered before January 1, 2019.

This insight into the law is provided by Michael S. Bailey, Esq. of the law firm of Bailey & Gunderson Co., L.P.A., with offices in Norwood, Western Hills and Anderson Township. Phone: (513) 631-0022.
Photo
Add a comment...

Post has attachment
The Commonwealth of Kentucky has enacted a new law that will go into effect in June making Kentucky the first state in the country to establish a blanket presumption "that joint custody and equally shared parenting time is in the best interest of the child" in every divorce case.

The law includes provisions to disqualify unfit parents based on prior domestic violence or significant mental health problems as well as physical distance that would make co-parenting impractical.

The new law will ensure that children don't automatically "lose" a parent to a divorce. There is hope that the new law will prevent parents from becoming hostile over custody issues.

This insight into the law is provided by Michael S. Bailey, Esq. of the law firm of Bailey & Gunderson Co., L.P.A., with offices in Norwood, Western Hills and Anderson Township. Phone: (513) 631-0022.
Photo
Add a comment...

Post has attachment
Are you an older individual considering divorce or a dissolution of marriage?

There are several unique issues to consider for those older individuals deciding whether or not to terminate his or her marriage. Such individuals may already be retired.

How are you going to support yourself if you are retired? Will you receive spousal support, and for how long? Do you keep the house, and will you have to give up your interests in other assets in order to do so? Will your retirement plans have to be divided?

The attached article provides additional points to consider for those older individuals considering a divorce or dissolution of marriage.

https://money.usnews.com/money/retirement/articles/2015/04/24/7-things-to-know-about-divorcing-during-your-senior-years

This insight into the law is provided by MICHAEL S BAILEY, ESQ. of the law firm of Bailey & Gunderson Co., L.P.A., with offices in Norwood, Western Hills and Anderson Township. Phone: (513) 631-0022.
Add a comment...

Post has attachment
The deadline date to file your income tax returns for 2017 is fast approaching. This is a reminder to our prior and current clients who pay or receive spousal support of the income tax consequences.

You should review your court order for spousal support and consult with your income tax preparer or attorney about your obligation to report the spousal support you received in 2017 as income, or if you can deduct your spousal support payments paid in 2017 from your other income.

It's important to note that spousal support is different from child support. Child support received is neither taxable as income nor deductible from your other income if you pay child support.

This insight into the law is provided by the attorneys at Bailey & Gunderson Co., L.P.A., with offices in Norwood, Western Hills and Anderson Township. Phone: (513) 631-0022.
Photo
Add a comment...

Post has attachment
Creditors do not have an unlimited amount of time to pursue collection of debts owed them.

Ohio’s statute of limitations is six (6) years regardless of the type of debt. The time limit is counted from the date the debt becomes overdue or from the date the borrower last made a payment, whichever date occurred more recently. If it has been more than six (6) years, a creditor cannot sue the borrower for debt collection purposes.

This insight into the law is provided by the attorneys at Bailey & Gunderson Co., L.P.A., with offices in Norwood, Western Hills and Anderson Township. Phone: (513) 631-0022.
Photo
Add a comment...

Post has attachment
Do you have questions about child support and how child support may affect benefits you receive for a special needs child?

The attached article from the Ohio Bar Association has some useful information on this topic. If you have a friend who may need information on this topic, please forward this information to him or her.

https://www.ohiobar.org/ForPublic/Resources/LawYouCanUse/Pages/Child-Support-Payments-and-the-Special-Needs-Child.aspx?utm_source=EBAR&utm_medium=email&utm_campaign=news

Provided by Bailey & Gunderson Co., L.P.A., Attorneys at Law, with offices in Norwood, Western Hills and Anderson Township. Phone: (513) 631-0022.
Photo
Add a comment...
Wait while more posts are being loaded