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Bankruptcy Blog

What is the Role of Bankruptcy Judges?

What Bankruptcy Judges Do Article I, Section 8, of the United States Constitution authorizes Congress to enact "uniform Laws on the subject of Bankruptcies." In 1978, with this authority, Congress enacted the "Bankruptcy Code," the uniform federal law that governs all bankruptcy cases. This law has been amended several times. There is a bankruptcy court for each of the 90 judicial districts in the country. Each state has one or more districts, and the bankruptcy courts generally have their own clerk's offices.  Each bankruptcy judge is appointed for a term… CONTINUE READING

The IRS is Hiring Private Telephone Collection Agencies to Collect Owed Taxes

There is bad news for those who are behind in paying tax debts -- the Internal Revenue Service (IRS) is taking a hard line against taxpayers who have certain overdue tax debts by hiring private debt collectors to do their collecting.  These private collectors are allowed to use tactics and methods that government agents are normally forbidden to use. The reason most people owe back taxes is that they do not have the money to pay them.  However, even if you find yourself drowning in debt to the extent that… CONTINUE READING

Student Loan Laws are Changing

Student loan debt is a major problem in Ohio, with 67 percent of the state’s college graduates dealing with debt from financing their education. According to The Institute for College Access & Success’ Project on Student Debt report, the average Ohio student loan debt stood at $29,353 in 2014, a 53% increase from 2004. Since many people cannot find a job after graduation with pay high enough to meet expenses and also cover their high student loan payments, it is no wonder that borrowers wind up seeking debt relief. However,… CONTINUE READING

The Psychological Impact of Personal Debt

Being in debt is more than just not having enough money -- it can lead to a number of serious emotional and psychological issues.  And too many Americans find themselves not only drowning in debt, but also suffering psychologically as a result. According to CreditCards.com, the average American has $15,950 in credit card debt, and 39% of Americans carry credit card debt month to month. Student loans are a major contributor, since the average college student will graduate with a whopping $40,000 of loan debt. Add to this the debt from… CONTINUE READING

Tips to Prevent Credit and Debit Card Fraud

The bad guys are after your credit cards, and you can’t be too careful in protecting them.  Credit card fraud costs billions of dollars each year in the United States, and everyone winds up paying through increased finance charges and annual fees. In Ohio, credit card fraud is defined as the unauthorized use of another person’s credit or debit cards or their information.  This includes making online purchases, making or possessing fake card readers, and making purchases with stolen devices. Credit card fraud is common, but there are ways to… CONTINUE READING

Tax Day is April 18th This Year

If you are a last-minute tax-filer, you get a break this year -- three extra days to file your taxes.  The deadline is April 18, 2017, because April 15, the day taxes are usually due, falls on a Saturday, and also because on Monday, the District of Columbia celebrates Emancipation Day. As a result, the tax deadline has been extended to the following Tuesday, April 18, and you get the extra time to file. Even if you wait to the deadline to actually file your returns, you should already be… CONTINUE READING

Things You Shouldn’t Do Before (or During) a Bankruptcy

It’s natural to try to hold on to your assets, so when faced with the prospect of filing for bankruptcy, people often look for ways to keep as much as possible after the bankruptcy is over.  Bankruptcy is a way out, usually as a last resort, for people whose debts have become overwhelming, and there are legitimate methods to retain some or most of your property once the bankruptcy is discharged.  However, bankruptcy filing is complex, and there are mistakes you can make that could create complications, cause your bankruptcy… CONTINUE READING

Debt is Putting More Pressure on Americans

Your mounting debts can be creating enough stress to make you sick.  The more debts, the greater the pressure to meet them, and the greater your stress level can become.  It’s no wonder that researchers at the Ohio State University found that people with higher levels of debt showed higher levels of physical impairment and worse health than those with lower levels of debt. If you’re stressed over debt, it can cause problems in all areas of your life. You’re likely to be less productive at work, and your family… CONTINUE READING

America’s Enormous Tax Situation

It is estimated that Americans will pay $3.3 trillion in federal taxes and $1.5 trillion in state and local taxes this year, making tax one of the largest financial burdens facing our citizens. According to the Tax Foundation, Americans work several months every year in order to pay its annual tax bill to Uncle Sam. Tax Freedom Day is the day when the nation as a whole has earned enough money to pay its federal, state, and local taxes for the entire year. In the early 1900s, this day occurred on January 20, but… CONTINUE READING

Use Your Income Tax Return to File That Bankruptcy You Keep Talking About!

If you are thinking about filing bankruptcy in Ohio, you should consider what to do about any tax refunds you expect to receive or already have received.   Depending on how you handle it, some or all of your refund may be protected; if you wind up filing for bankruptcy, you are permitted to use your tax refunds to pay for your bankruptcy attorney fees and court costs. Tax refunds are particularly tricky to deal with, because you may owe tax from a time prior to your bankruptcy, and you… CONTINUE READING

What Bankruptcy Judges Do Article I, Section 8, of the United States Constitution authorizes Congress to enact "uniform Laws on the subject of Bankruptcies." In 1978, with this authority, Congress enacted the "Bankruptcy Code," the…

There is bad news for those who are behind in paying tax debts -- the Internal Revenue Service (IRS) is taking a hard line against taxpayers who have certain overdue tax debts by hiring private…

Student loan debt is a major problem in Ohio, with 67 percent of the state’s college graduates dealing with debt from financing their education. According to The Institute for College Access & Success’ Project on…

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