Debtor's Options

Without the ability to file for bankruptcy, you really only have two options: pay off your debt or drown in it. With bankruptcy, you can come to an agreement that allows you to produce a plan, which helps you realistically satisfy your financial obligations and continue moving forward.

When a person is backed against a wall, there seem to be very few possibilities for escape. The states of Kentucky and Ohio have an alternative option in the form of bankruptcy law that allows honest and responsible individuals to fix their mistakes and try again. This has enabled many Midwesterners to get out of debt and become productive citizens.

With all that there is to lose when it comes to your finances, having a plan to fight for your monetary future is essential. Understanding the most important aspects of bankruptcy, including procedures like the automatic stay and vacating a default judgment, will allow you to approach the filing in the most effective and advantageous manner possible.

Greater Cincinnati and Northern Kentucky Debtor's Options

If you are struggling with debt and are searching for a solution, your greatest chance at fixing your financial legal issues is to work with a qualified bankruptcy attorney. The right attorney can effectively inform you of your options, and guide you through this complicated process.

Steiden Law Offices been helping individuals and families beat their debt problems for over 15 years and can be counted on to represent you in a way that is both professional and efficient. Eric Steiden considers the well-being of Ohio and Kentucky residents to be paramount in the continued growth and development of our nation and considers it an honor to help solve their financial issues.

Implementing a proactive approach to their practice, the attorneys at Steiden Law Offices pride themselves on their quick response time and ability to immediately begin working on your case. Steiden Law Offices is a firm that caters to individuals and businesses throughout the Midwest, including Hamilton County, Ohio. The attorneys also proudly work with residents in the cities of Cincinnati, Norwood, Forest Park, Blue Ash, Montgomery, Reading, Springdale, North College Hill, Harrison, Madeira and more.

Steiden Law Offices maintains two convenient Kentucky locations, one in Florence and the other in Covington. Along with serving the residents of these two great cities, Eric Steiden and staff also proudly represent those dealing with debt issues in Erlanger, Edgewood, Elsmere, Villa Hills, Fort Mitchell, Taylor Mill, Fort Wright and Ludlow, among others.

To schedule a free and confidential consultation to go over the details of your case, call (888) 877-3328 or send an online message today. Eric Steiden and attorneys are committed to the individuals and families throughout Kenton County and Boone County in Kentucky, along with those in Hamilton County, Ohio.


Debtor's Options Information Center


The Automatic Stay

Of the most common options that involve a reprieve from harassing creditor and bill collectors is what is termed the "Automatic Stay." In essence, an automatic stay is a temporary injunction against creditor activity. This means that if you are granted an automatic stay, you are given breathing room that stops all collection efforts, all harassment, and all foreclosure actions.

For example, a creditor with a claim that arose before the beginning of the bankruptcy process:

  • Cannot contact the debtor demanding payment;
  • Cannot request from the debtor security for existing unsecured debt;
  • Cannot initiate a lawsuit against the debtor or pursue litigation activities in a pending lawsuit against the debtor;
  • Must act to stop enforcement activities that are already in motion

As you can see, an automatic stay is a vital aspect of the bankruptcy filing and allows for much-needed space that will help you step back and figure out the proper course of action. The simple fact that an automatic stay goes immediately into effect after submitting the paperwork, shows this is an essential and extremely helpful aspect of filing for bankruptcy.


Wage Garnishment

A garnishment is a means of collecting a monetary judgment against a defendant by ordering a third party to pay money otherwise owed to the defendant, directly to the plaintiff. Wage garnishment is the most common type of garnishment and is the process of deducting money from an employee's monetary compensation. Wage garnishments continue until the entire debt is paid or arrangements are made to pay off the debt.

This arrangement can be in the form of bankruptcy, where wage garnishment is stopped. Section 522 and section 547 of the bankruptcy law allows a debtor to recover money involuntarily taken from him or her in the 90 days preceding the bankruptcy filing. These sections apply to wage garnishment, and they are often used to recover money garnished before a bankruptcy filing.


Vacating a Default Judgment

A default judgment is a court's written judgment after a defendant fails to appear in court. When an individual does not make it to his court appearance, a judgment will automatically be issued against him or her. The court usually awards the plaintiff the amount demanded in the complaint, plus interest and court costs

Bankruptcy is often the most efficient and cost-effective response if you have had multiple default judgments entered against you. This is especially true when you do not have any valid legal grounds to vacate the default judgments. Because bankruptcy will discharge your obligation to pay most debts, filing for bankruptcy will usually make it unnecessary to vacate default judgments in the state court.

It is important to keep in mind that bankruptcy will discharge your personal obligation to pay most debts. However, if you own a home or other real property, and a default judgment has been entered against you, a judgment lien will have been placed on your property. These judgment liens can often be voided in bankruptcy.


Resources for Debtor's Options

Proceeding To Vacate – Ohio Revised Code – This is the link to the Ohio Revised Code Chapter 2329. The statute itself is §2329.47 and involves the proceeding to vacate satisfaction of judgment. It describes what is necessary to vacate, along with what the court is required to do.

Kentucky Rules of Civil Procedure – Judgment – This is the link to the "Default" section of the Kentucky Rules of Civil Procedure. Contained is the specific statute (55.01 Judgment) and its definition, which includes the process, relevant parties and information on setting aside default.

Automatic Stay – U.S. Courts – This is the link to the specific statute involving automatic stays in United States Bankruptcy Court. It offers the full legal wording of the statute, along with information on creditors and debtors and the process involved in an automatic stay.

U.S. Department of Labor – Garnishment – This is the main page of the "Garnishment" section of the United States Department of Labor. It contains information on wage garnishment and how it works within our legal framework. It offers resources on compliance assistance and what the Department of Labor can do to help.


Steiden Law Offices | Florence, KY Debtor Options

When you have dug a hole of debt, it can seem impossible to get out. Even so, if you have the right bankruptcy attorney at your side, the situation will be much different. An attorney will be able to objectively look at your situation and communicate your best options in a simple and transparent manner. These options, many of which you may never have known about, have the potential to protect you from further financial deterioration while helping you set up a plan that will allow you to move on with your life.

Eric Steiden is a dedicated Cincinnati bankruptcy attorney who is well aware of the difficulties facing individuals and families these days. With his commitment to those he serves, Eric Steiden can be counted on to provide the quality legal representation to residents of Ohio and Kentucky that they truly deserve.

To schedule a free consultation to go over the details of your debt issues, and to see how Steiden Law Offices can help, call (513) 684-9900 or send an online message today. The firm has four offices locations, two in Cincinnati and one each in Florence and Covington. The attorneys proudly represent individuals and families throughout Northern Kentucky and Southern Ohio. This includes Hamilton County, Boone County, and Kenton County.

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Cincinnati, OH
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Cincinnati, OH
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