Profile cover photo
Profile photo
Eric Steiden
446 followers -
Northern Kentucky and Greater Cincinnati Bankruptcy Lawyer
Northern Kentucky and Greater Cincinnati Bankruptcy Lawyer

446 followers
About
Posts

Post has attachment
When people are considering bankruptcy a common question that we hear is “Can I continue to run my business?” The answer to that depends on both the type of business and the type of bankruptcy. Under a Chapter 7 bankruptcy, a sole proprietorship can be sold or distributed to pay creditors. However, under certain instances the assets of the business can be exempted and you can continue to run the business. 

Under Chapter 13 bankruptcy, you can continue to run your business and you can use the proceeds to fund a Chapter 13 plan to make your payments. However, when filing for bankruptcy it is important to speak with a Cincinnati attorney about your particular case so they can advise you with the best possible options. #bankruptcy   #Cincinnati  
Add a comment...

Post has shared content
When filing bankruptcy people usually have various types of debt and it is important to understand that the type of debt will affect how you file. In Chapter 7 bankruptcy, priority debts must be paid first. These include taxes owed, child support, alimony and spousal maintenance, among other types. The second-most important debts are secured debts which are ones where the creditor has some sort of collateral. Examples of these include mortgages and auto loans. Unsecured debts have no collateral or legal designation to make them a priority debt and oftentimes will be discharged in Chapter 7 bankruptcy. 

Since the particular type of debt that you owe will drastically affect your bankruptcy, it is important to have an experienced bankruptcy attorney on your side. Steiden Law Offices can help you understand your debt and make sure your bankruptcy is correctly filed in court. #bankruptcy #debt 
Add a comment...

Post has shared content
President Obama has ordered officials to study whether to expand bankruptcy options for “all student loan borrowers.” The bulk of the review is said to focus on whether to expand bankruptcy options for borrowers with student loans made by private lenders, like Sallie Mae and Wells Fargo & Co, which aren’t backed by the government.

Currently, private loans make up around 10% of all student loans and the remaining 90% is made by the federal government. Lending industry lobbyists and interest groups predictably argue that through the loosening of student loan rules, borrowing costs for everyone would go up due to the additional risk of bankruptcy. #bankruptcy #studentloans 
Add a comment...

Post has shared content
The rate of U.S. soldiers with over $10,000 in credit card debt is 27% compared to 16% for the rest of the American population- that is almost twice as high! Unfortunately, this is due to a variety of factors including the low amount of pay that they receive and the cost of moving around a family. The Servicemembers Civil Relief Act (SCRA) is in place to protect those serving in the Armed Forces from creditors and those seeking to sue members who are currently in service and for a year after active duty.

If you are currently serving or just coming back from duty and are facing severe debt, an attorney can help determine if bankruptcy is the best solution for your situation. A bankruptcy attorney has extensive knowledge of the SCRA act and understands how to get many of the debts and financial burdens you are facing discharged and reversed under this act.  #bankruptcy #servicemembers #Ohio
Add a comment...

Post has attachment
Last Thursday, Rep. John Delaney introduced a new bill, known as the Discharge Student Loans in Bankruptcy Act (H.R. 449), that would allow student debt to be discharged in bankruptcy. Delany spoke out about how student loan debt is making the American Dream out of reach for many, and it is the only type of debt not dischargeable in bankruptcy. 

According to research by the Institute for College Access & Success, 69% of college graduates from the class of 2013 graduated with student loan debt, averaging $28,400. If passed, this bill could potentially help relieve the burden of high student loan debt. #studentdebt #bankruptcy #studentloans
Add a comment...

Post has attachment
Filing for #bankruptcy can be a very stressful and complex process that raises many questions. One question that we often here is: Can I continue to run my business?

The answer all depends on what type of business and what type of bankruptcy you are filling. If the business is a sole proprietorship then it becomes an asset of the bankruptcy estate and therefore can be sold or distributed to pay creditors in a Chapter 7 bankruptcy. In certain situations, the assets of the business may be exempted and you can continue to run the business even after you file for bankruptcy protection. 

If you are filing a Chapter 13 bankruptcy, you can continue to run your business and use the proceeds to fund a Chapter 13 plan to make your payments. It is important to note that Chapter 13 business bankruptcies are more complicated than a normal Chapter 13 filing due to the fact that it is harder to estimate monthly income.

It may be beneficial to review your particular situation with an attorney who can help you find the most beneficial short-term and long-term solution to filing for bankruptcy as a business owner. 
Add a comment...

Post has attachment
For the first time in seven years, total U.S. #bankruptcy filings are expected to be less than one million in 2014. Total filings have decreased by 12% from October 2013 to October 2014. Consumer filings also declined 12% from October 2013. However, it is important to note that total filings from September 2014 to October 2014 increased by 8%. 
Add a comment...

Post has attachment
What is a #bankruptcy discharge?

A discharge will release the debtor from personal liability for certain types of debt. That means that the debtor is no longer legally required to pay any debts that were discharged. This is one of the primary benefits under the United States Bankruptcy Code and allows the debtor to have a fresh start. #BankruptcyDischarge
Add a comment...

Post has attachment
Thousands of businesses across the country are struggling due to their inability to pay off creditors. If your business is a sole proprietorship, filing for #Chapter13 bankruptcy can help address your extreme debts and move forward with your business. Our website provides you with detailed information about filing for #bankruptcy and many other issues related to the process. Our bankruptcy attorneys are available to answer any questions you may have on filing for bankruptcy as a small business.
Add a comment...

Post has attachment
The number one reason people file for bankruptcy is due to their high medical bills. In 2013, bankruptcies that resulted from unpaid medical bills affected almost 2 million people. Our experienced team is here to help you overcome your debt. #bankruptcy
Add a comment...
Wait while more posts are being loaded