A Friend and an Advocate.

Amy E. Stoner
Attorney at Law
520 Madison Ave., Suite 545
Toledo, OH 43604
Phone 419.242.8214
Fax 419.242.8658
E-Mail

Attorney Amy Stoner of Toledo, Ohio has longstanding commitments to families overwhelmed by debt. Even while she was in law school, Amy participated in moot court tournaments that emphasized bankruptcy cases. Toward the end of her law school career, she interned with an Ohio bankruptcy judge. Now a licensed attorney in Ohio and Michigan, Amy helps clients file for all types of bankruptcy, leaving them with a new start in managing their financial affairs.

Toledo Attorney Amy Stoner serves Wood County (Bowling Green, county seat); Hancock County (Findlay); Defiance County (Defiance); Ottawa County (Port Clinton); Lucas County (Toledo); and Paulding County (Paulding). She also serves two counties in Michigan: Monroe County (Monroe, county seat); and Lenawee County (Adrian). She can counsel you on whether bankruptcy might be helpful in your case. Please contact Amy for a free initial consultation.

Bankruptcy - An Overview

Bankruptcy is a legal vehicle that provides relief to individuals and businesses in serious financial trouble and protects their creditors to the extent possible. Generally, the bankruptcy process assesses the debtor's assets and liabilities and provides a structure within which the debtor is allowed to keep some, and in most cases, all property and ordered to satisfy as many eligible debts as possible, according to an order of priority established by law. Remaining debts are discharged, except those of certain types, like domestic support orders, debt obtained by fraud and most tax debt.

The traditional stigma of bankruptcy has faded and been replaced by the view that it is a fresh start after a time of trouble. Most bankruptcy debtors have experienced unexpected and extreme financial shock, such as that caused by sudden events such as job loss, business failure, death, divorce or illness.

In such cases, filing bankruptcy may be the right answer. If you are facing serious financial challenges, an experienced bankruptcy attorney can help you assess your legal options.

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Consumer Bankruptcy

When an individual falls desperately behind in his or her debt payments, one option may be to declare bankruptcy. Bankruptcy is a legal proceeding in a federal bankruptcy court that relieves the debtor of some or all of his or her debts. While bankruptcy may not be the best option for everyone, in the right situations, it can provide people with a fresh start.

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Commercial Bankruptcy

Like a consumer, a business sometimes finds itself in the uncomfortable position of being unable to pay its debts. One solution is to file for bankruptcy, a legal process in federal bankruptcy court that releases the business from the obligation to pay all or some of its debts.

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Credit Counseling Requirement in Bankruptcy

In 2005, Congress passed and the president signed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), a bankruptcy reform law. One of the new requirements BAPCPA imposes on a bankruptcy debtor is to receive credit counseling from an approved credit counseling agency before the bankruptcy filing.

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Surviving the Emotional Effects of Bankruptcy

No matter what circumstances ultimately led to filing bankruptcy, both the practical and the emotional impact on the debtor will be enormous. Confronting the emotional and psychological issues surrounding bankruptcy and reaching an understanding and acceptance of the situation are essential to rebuilding and maintaining a successful financial life.

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Bankruptcy Resource Links

American Bankruptcy Institute Consumer Bankruptcy Center
General information regarding consumer debt and bankruptcy.

Bankruptcy: An Overview
A bankruptcy overview from Cornell Law School, including links to state, federal and other sources.

Bankruptcy Courts
Links to U.S. Bankruptcy Court websites.

Official Bankruptcy Forms
From the Administrative Office of the U.S. Courts.

AnnualCreditReport.com
Official website where consumers can obtain free credit reports from the three national credit-reporting companies.

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Frequently Asked Questions About Bankruptcy

Q: Why are so many consumers filing bankruptcy?

A: Many Americans with excess debt have acquired their debts over long periods of time. While they intend to repay the debts, they may find themselves unable to do so because of unanticipated changes in circumstances such as medical emergencies, job losses or failed businesses, disability, divorce or loss of spouse. Any of these circumstances, combined with late fees, over limit fees and the extraordinarily high interest rates that creditors now charge can result in insurmountable debt.

Q: What alternative courses of action are there to filing bankruptcy when facing overwhelming debt?

A: Short of bankruptcy, a debtor may attempt to mediate with creditors or negotiate workout agreements to extend due dates, lower interest rates, partially forgive debt or alter other terms. A debtor may execute an assignment of property for the benefit of creditors (ABC), wherein the debtor puts assets in the trust of a neutral third party to pay creditors. A business debtor can sell the business, negotiating the satisfaction of debt as part of the deal. Other creative options to bankruptcy exist. Many debtors, however, find that their creditors are unwilling to agree to reasonable terms or are completely unwilling to negotiate.

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