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Information About Joint Account Holders and Authorized Users

What is a Joint Account Holder?

If you are a joint account holder on a loan or credit card, you are agreeing to take full responsibility for the account.  Each person listed on the account is responsible for the debt.  If the debt is defaulted on, the creditor can file a lawsuit against a person listed as a joint account holder in an attempt to collect the debt.  The creditor will file a lawsuit seeking a judgment against a joint account holder so that the creditor can legally garnish wages, seize funds out of bank accounts, or attach liens to property.

I Co-signed on a loan, am I responsible for the debt?

If you co-signed for a loan, you are just as responsible as the primary account holder.  The reason why the bank or lender would have you co-sign for a loan is so that if the loan gets defaulted on, they have someone else they can attempt to collect the debt from.  It is important to be careful when co-signing for a loan because if anything would ever happen in the future, you are just as responsible.

What is an Authorized User?

Authorized users are found mostly on credit cards.  An authorized user is NOT responsible for the bill, but simply authorized to use the credit card.  This means that if you are an authorized user, you are free to incur the debt, but not legally liable if something would ever happen and the debt is defaulted on.  It is important to be careful when selecting someone as an authorized user on your account.  Selecting someone as an authorized user on your account gives them freedom to rack up debt that ultimately you will be responsible to pay.

What is the Difference Between a Joint Account Holder and an Authorized User?

The main difference between a joint account holder and an authorized user is that a joint account holder is responsible to pay the bill and an authorized user is not responsible to pay the bill.

What Happens When I File Bankruptcy On a Joint Account?

When you file bankruptcy on a joint account such as a credit card or personal loan, you will no longer be responsible for that debt.  The other person listed on the account will be responsible to pay the debt.  Many times married couples will file a joint bankruptcy petition to discharge debts that are in both of their names.

How Bankruptcy Can Help Financial Situation

  • Stop Wage Garnishment
  • Stop Foreclosure / Sheriff Sale
  • Stop Vehicle Repossession
  • Stop Utility Disconnection
  • Get Driver’s License Back From Suspension
  • Stop Harassing Creditor Phone Calls
  • Stop All Creditor Collection Efforts Against You
  • Prohibit Creditors From Beginning or Continuing a Lawsuit Against You
  • Eliminate Most of Your Debts

Debts Eliminated in Bankruptcy

  • Credit Cards
  • Personal Loans
  • Medical Bills
  • Utility Bills
  • Items Sent to Third-Party Collections
  • Debt Owed From a Foreclosed Home
  • Debt Owed From Repossessed Vehicles
  • Evictions
  • Reinstatement Fees
  • Attorney Fees

The Law Office of M. Sean Cydrus Can Help!

The friendly Law Office of M. Sean Cydrus can help you craft a plan to rebuild your financial future. We understand the stress of financial worry. We use a personal approach to solving your financial challenges and are here to help you through this difficult time. We pride ourselves on the ability to provide our legal expertise with compassion and understanding. We ensure that your rights are protected and that someone is looking out for your best interest. We can meet with you at our conveniently located offices in Columbus and Chillicothe. Call today for a free consultation. Help is one phone call away!

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Stop Foreclosure Today by Filing Bankruptcy

If your home is scheduled for sheriff sale, you must take action immediately before it is too late.  If nothing is done before the sheriff sale date, your home will be lost and you could be left with an amount of debt that would be nearly impossible to pay off with the amount of income you are receiving.

Ways to Stop a Foreclosure or Sheriff Sale

  • Get Caught Up On Mortgage Payments
  • Loan Modification With The Bank
  • Filing Bankruptcy (Chapter 7 or Chapter 13)

Chances are you don’t have the funds available to get caught up on your mortgage payments.  If you did, your home would not be in foreclosure.  Loan modifications are often denied and the application process can be very lengthy.  If your home is scheduled for sheriff sale, bankruptcy may be the best and only option for you.  Filing bankruptcy will stop the foreclosure and will take your property off the sheriff sale listing.  Once the bankruptcy is filed, an “automatic stay” will be set in place that will give you protection under the Federal government.

Filing Chapter 13 Bankruptcy to Stop Foreclosure

Filing Chapter 13 bankruptcy would be beneficial if you are behind in your mortgage payments and you would like to find a solution to keep your home.  Filing Chapter 13 bankruptcy will stop the foreclosure and a sheriff sale.  Filing a Chapter 13 bankruptcy would allow you to get current on your mortgage payments by being able to make payments on the arrears over a period of time compared to trying to come up with a lump sum of money you simply do not have.  Some of the other benefits are that you may be able to pay pennies on the dollar on your other debts such as credit cards, personal loans, medical bills,  utilities, items sent to third-party collections, and repossessed vehicles.  Chapter 13 bankruptcy is like a debt consolidation through the Federal government that allows you to protect assets from being taken from you and a legal avenue to clear up other debts owed.

Filing Chapter 7 Bankruptcy to Stop Sheriff Sale

As soon as you file your bankruptcy petition, your home will be taken off the sheriff sale listing.  Filing Chapter 7 bankruptcy would be beneficial if you are behind in your mortgage payments and you are looking for a solution to get the house off your hands.  You may be extremely upside down in your mortgage loan or perhaps the property needs a lot of work.  If you are giving up the house in a bankruptcy, the creditor or lender will have to start the foreclosure process all over again after the bankruptcy is filed that can help you maximize your stay in your home.  Filing Chapter 7 bankruptcy would also be a good idea if you are current in your mortgage payments and looking for a solution to eliminate your unsecured debts such as credit cards, personal loans, medical bills, utility bills, and items sent to third-party collections.

Should I File Chapter 7 or Chapter 13 Bankruptcy

There are many different legal options available by filing bankruptcy.  Chapter 7 and Chapter 13 both have their own unique benefits that could better your financial situation.  If you are trying to find a solution to stop a foreclosure and want to keep your home, Chapter 13 may be the best way to go.  If your home is in foreclosure and keeping the house is not an option you want to explore, Chapter 7 may be the best option for you.  The friendly Law Office of M. Sean Cydrus can help you tailor a bankruptcy around the unique needs and rhythms of your family.

The Law Office of M. Sean Cydrus Can Help!

The friendly Law Office of M. Sean Cydrus can help you craft a plan to rebuild your financial future. We understand the stress of financial worry. We use a personal approach to solving your financial challenges and are here to help you through this difficult time. We pride ourselves on the ability to provide our legal expertise with compassion and understanding. We ensure that your rights are protected and that someone is looking out for your best interest. We can meet with you at our conveniently located offices in Columbus and Chillicothe. Call today for a free consultation. Help is one phone call away!

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Hiring an Attorney to File Bankruptcy in Ohio

When you hire an attorney to file bankruptcy there are a couple things you should look for.  You want to hire someone who cares and has the experience needed to reach the optimum results possible protecting your assets and eliminating the most debt possible.  Experience counts most when you are faced with a wage garnishment, foreclosure, vehicle repossession, or utility disconnection.  An experienced Columbus Ohio Bankruptcy Attorney will be able to take the necessary legal action when time is of the essence.  There are many legal options that may be available to you given your situation.

There are legal avenues available if you want to find a solution to keep a house, car, or other assets that are being threatened from being taken from you because you are behind in your payments.  There are also legal options available to resolve the matter if you simply didn’t sign up for what you bargained for.

The friendly Law Office of M. Sean Cydrus can help you craft a plan to rebuild your financial future. We understand the stress of financial worry. We use a personal approach to solving your financial challenges and are here to help you through this difficult time. We pride ourselves on the ability to provide our legal expertise with compassion and understanding. We can meet with you at our conveniently located offices in Columbus and Chillicothe. Call today for a free consultation. Help is one phone call away!

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Eliminating Most of Your Debt by Filing Bankruptcy in Ohio

You may be one of many Americans living in Ohio struggling to make minimum payments on your debts.  You may be unemployed or underemployed.  Perhaps you have just had some unexpected expenses or some medical problems that have set you back financially.  Filing bankruptcy will give you protection under the Federal government and will eliminate most of your debt.

Debts Eliminated in Bankruptcy

  • Credit Cards
  • Personal Loans
  • Medical Bills
  • Utility Bills
  • Items Sent to Third-Party Collections
  • Debt Owed From a Foreclosed Home
  • Debt Owed From Repossessed Vehicles
  • Evictions
  • Reinstatement Fees
  • Attorney Fees

Can I File Bankruptcy and Keep My Car?

Just because you file bankruptcy doesn’t mean that you will lose your vehicle.  There are Ohio exemptions that protect your assets.  There are many legal options available by filing a Chapter 7 or Chapter 13 bankruptcy.   Filing bankruptcy will stop a vehicle repossession by Federal law.  Sometimes keeping the vehicle is not an option.  You may be upside down in your vehicle loan or perhaps the vehicle has tremendous mechanical problems.  You can give up the vehicle and eliminate the debt owed from a repossessed vehicle by filing bankruptcy.

Can I File Bankruptcy and Keep My House?

There is no question that your home is one of your most valuable assets.  Filing bankruptcy will stop a foreclosure or sheriff sale by Federal law.  Filing a Chapter 13 bankruptcy would be ideal if you are behind in your mortgage payments and you would like to find an avenue to keep your home.

Sometimes keeping the house is not an option that you would like to explore.  You may be underwater in your mortgage loan or perhaps the house needs a lot of work.  Filing a Chapter 7 bankruptcy will eliminate the debt owed from a foreclosed home.

Will I Lose My Retirement If I File Bankruptcy?

Many types of retirement accounts are protected when filing bankruptcy.  401k & IRAs are protected.  You have to disclose them in your bankruptcy petition along with other information about your finances, but they are protected and the court will not come after them.

Questions About Bankruptcy? We Can Help!

The friendly Law Office of M. Sean Cydrus can help you craft a plan to rebuild your financial future. We understand the stress of financial worry. We use a personal approach to solving your financial challenges and are here to help you through this difficult time. We pride ourselves on the ability to provide our legal expertise with compassion and understanding. We can meet with you at our conveniently located offices in Columbus and Chillicothe. Call today for a free consultation. Help is one phone call away!

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Divorce One of the Top Reasons for Filing Bankruptcy in Ohio

Going through a divorce can be devastating to your finances.  More times than not, by the end of the divorce process both parties are left with no money and an accumulation of debt that would be nearly impossible to pay off.  Times can become even more difficult if you are faced with a wage garnishment, foreclosure, vehicle repossession, or utility disconnection.   Filing bankruptcy will give you protection under the Federal government and can help you get a fresh start.

If you plan on separating from your spouse, it is important that you speak with an experienced Bankruptcy Attorney to find out if you should file your bankruptcy before or after the separation.  Everyone’s situation is different.  Legal counsel can tailor a bankruptcy around the unique needs and rhythms of your family.  An attorney can also give you legal advice as to every legal option available to you under the applicable law.

Ways You Can Separate From Your Spouse in Ohio

  • Divorce
  • Dissolution of Marriage
  • Legal Separation
  • Annulment

Types of Personal Bankruptcies You Can File

  • Chapter 7
  • Chapter 13
  • Individual Bankruptcy Filing (Filing Bankruptcy By Yourself)
  • Joint Bankruptcy Filing (Filing Bankruptcy With Your Spouse)

How Bankruptcy Can Help

  • Stop Wage Garnishment
  • Stop Foreclosure / Sheriff Sale
  • Stop Vehicle Repossession
  • Stop Utility Disconnection
  • Get Driver’s License Back From Suspension
  • Stop Harassing Creditor Phone Calls
  • Stop All Creditor Collection Efforts Against You
  • Prohibit Creditors From Beginning or Continuing a Lawsuit Against You
  • Eliminate Most of Your Debts

Types of Debts Discharged in a Bankruptcy

  • Credit Cards
  • Personal Loans
  • Medical Bills
  • Utility Bills
  • Items Sent to Third-Party Collections
  • Debt Owed From a Foreclosed Home
  • Debt Owed From Repossessed Vehicles
  • Evictions
  • Reinstatement Fees
  • Attorney Fees

The Law Office of M. Sean Cydrus Can Help!

The friendly Law Office of M. Sean Cydrus can help you craft a plan to rebuild your financial future. We understand the stress of financial worry. We use a personal approach to solving your financial challenges and are here to help you through this difficult time. We pride ourselves on the ability to provide our legal expertise with compassion and understanding. We can meet with you at our conveniently located offices in Columbus and Chillicothe. Call today for a free consultation. Help is one phone call away!

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Happy 4th of July From The Law Office of M. Sean Cydrus

The Law Office of M. Sean Cydrus would like to wish everyone a happy and safe 4th of July. We hope that your day is filled with happiness and love. We would also like to give thanks to all the current and past veterans that have served our country.  We appreciate the dedication and sacrifice made to give us the freedoms we have today!

If you are struggling financially and need to find a way to better your financial situation, we can help.  We invite you to contact us for a free consultation.  The friendly Law Office of M. Sean Cydrus can help you craft a plan to rebuild your financial future. We understand the stress of financial worry. We use a personal approach to solving your financial challenges and are here to help you through this difficult time. We pride ourselves on the ability to provide our legal expertise with compassion and understanding. We can meet with you at our conveniently located offices in Columbus and Chillicothe. Call today for a free consultation. Help is one phone call away!

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Federal Protection With Chapter 13 Bankruptcy in Ohio

Filing bankruptcy will give you protection under the Federal government.  When filing your bankruptcy petition, you will receive an “automatic stay” of protection that will stop all creditor collection efforts against you. Filing bankruptcy will prohibit creditors from beginning or continuing a lawsuit against you.  There are many benefits to filing bankruptcy.

Bankruptcy Can:

  • Stop a Wage Garnishment
  • Stop a Foreclosure or Sheriff Sale
  • Stop a Vehicle Repossession
  • Stop a Utility Disconnection
  • Prohibit Creditors From Beginning or Continuing a Lawsuit Against You
  • Discharge Reinstatement Fees to Get Your Driver’s License Back From Suspension
  • Stop Harassing Creditor Phone Calls

Debts That Are Discharged In a Bankruptcy:

  • Credit Cards
  • Personal Loans
  • Medical Bills
  • Utility Bills
  • Items Sent to Third-Party Collections
  • Debt Owed From a Foreclosed Home
  • Debt Owed From Repossessed Vehicles
  • Evictions
  • Reinstatement Fees

What is a Chapter 13 Bankruptcy?

Filing Chapter 13 bankruptcy is what most people envision of as a debt consolidation through the Federal government. A Chapter 13 bankruptcy may allow you to pay pennies on the dollar on your unsecured debts. Filing a Chapter 13 bankruptcy can help you if you are behind in your mortgage or vehicle payments. Filing a Chapter 13 bankruptcy can help you preserve your assets while consolidating your debt with a payment you can afford.

What is a Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is what most people envision of when they think about bankruptcy.  Chapter 7 bankruptcy is when your unsecured debts are discharged and no repayment plan is necessary.  Usually when you file a Chapter 7 bankruptcy you want to be current on any assets you want to keep such as a house or car.  Filing Chapter 13 bankruptcy will be beneficial if you are behind in your car or house payments and you would like to find a way to keep those assets.

How Do I Know Which Bankruptcy is Best For Me?

Speaking with an experienced Columbus Ohio Bankruptcy Attorney would be a good idea to see what all legal avenues are available to you.  Legal counsel will ensure that your rights are protected and that someone is looking out for your best interest.  There are many options that may be available to you given your situation.  An attorney can help you explore every legal option available to you under the applicable law and can capitalize on the best option available to you.

The Friendly Law Office of M. Sean Cydrus Can Help!

The friendly Law Office of M. Sean Cydrus can help you craft a plan to rebuild your financial future. We understand the stress of financial worry. We use a personal approach to solving your financial challenges and are here to help you through this difficult time. We pride ourselves on the ability to provide our legal expertise with compassion and understanding. We can meet with you at our conveniently located offices in Columbus and Chillicothe. Call today for a free consultation. Help is one phone call away!