By: Tara Burchett-Maxwell
This was the 40th meeting of the 46th year of the Dublin-Worthington Rotary Club.

There was one guest today, Bill Best.

"Happy Dollars"
1. Phil Geissler announced that each member in attendance (in person only) will donate one happy dollar. He added that since Alan attends and he drives 25-35 miles to do so, he owes another $2. 
2. Jim Miller's daughter is transitioning to be the minister of a new church in Philly. She will have a week of vacation in-between the transition of the 2 churches. Jim will be visiting her and getting to see his 2 youngest grandchildren. 
3. Steve Payerle got a new set of golf clubs and hopes that he "won't embarrass himself anymore". 
4. Teresa Russell added her happy dollar that she chipped a birdie. Wow!

Our speaker was introduced by Joe Patchen. Mark Ditullio is an experienced bankruptcy lawyer who has his own firm here in Columbus. He gave us an overview of consumer bankruptcy law, common misconceptions, trends, and emerging issues.
His presentation is titled, "Surviving a pandemic of debt, AKA How and what to do when debt goes viral".  An important fact of bankruptcy is that it won't get rid of criminal charges or liens. It is only to help with debt. 
1. Super spreaders of debt: death, disability, and/or divorce. These are the main events that lead consumers to Mark.
2. Virus: secured and unsecured debt. When debt is in default the person will get 3 notices followed by a certified letter, and then a default judgment will go into place. The judgement then goes to a collection attorney. The attorney can then take action by doing things like putting a lien on a property (secured debt) for 5 years. This can start proceedings into foreclosure of the property. The attorney can also send an order to the bank(s) to collect funds and order a garnishment of wages/commissions (unsecured debt). Garnishments are only 25% of the net pay. Exemptions to the 25% are earning only minimum wage and when you have 25% already going to child and/or spousal support. The debtor would need to file for an exemption hearing. The IRS and the State are also exemt to the 25% rule.
3. Home remedies: paying debt late but in full
A) Workouts: Pay into your unsecured debt and work on a negotiation of terms with your creditors. There is a tax liability on this option. Anything forgiven that is over $500 you will recieve a 1099 for the difference because it is considered income. 
B) Homeopathy: Pay your debt through credit counseling services. There will be no tax penalty.
C) Urgent care: Pay your debt through a Receivership/Trusteeship. This is where you agree to the 25% garnishment. You pay your debt to the court and they distribute the payments. 
4. Treatments: the hospital 
A) Chapter 13, wage earner plan: You give up a percentage of your future income to get rid of the unsecured creditors. This takes 3-5 years and then the rest of the debt is discharged. 
B) Chapter 7, bankruptcy: You give up your property valued $525 and over to get rid of creditors (excluding the exemptions) and you can acquire new debt/property the day after this is filed. 

Here is the link if you would like to watch: https://youtu.be/KPGgThGiZB0