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Bankruptcy Blog

Protecting Your Firearms in Bankruptcy

If you are a gun owner who is worried about losing your weapons when filing for bankruptcy, there is good news. Both Ohio and federal bankruptcy laws exempt certain property, so your guns may be part of the property you wind up keeping. Most of the time, the federal property exemption is large enough to protect your firearms; but what is even better is that Ohio is one of the states that specifically names firearms in its list of exemptions. Even so, you need to be careful when filing for… CONTINUE READING

The Difference Between a Bankruptcy “Dismissal” and “Discharge”

If you file for bankruptcy in Ohio, there is a big difference whether your case ends with a discharge or ends with a dismissal.  Bankruptcy terms and concepts can be confusing, but the goal of bankruptcy is always the same – getting a discharge that will give you a fresh financial start by eliminating debts that have become overwhelming. Unfortunately, if you make mistakes that lead to a dismissal, your case will be dismissed by the court and ended without a discharge being given.  Your creditors can immediately go back… CONTINUE READING

How Trump’s Plan Has the Potential to Further Bankrupt Millennials

The Republican plan to replace the current Affordable Care Act (ACA) is tough on millennials, especially those who are already struggling to make ends meet.  While the plan, the American Health Care Act, (AHCA) would save the government money and benefit rich people, it is predicted to leave 22 million people without insurance by 2026, according to the Congressional Budget Office (CBO).  If you have a major illness and don’t have insurance, you can be faced with bills high enough to bankrupt you. Medical bills are already a major cause… CONTINUE READING

The Affordable Care Act Drove Down Personal Bankruptcies

Medical bills are a leading cause of people filing for bankruptcy in Ohio, but the situation has improved since the adoption of the Affordable Care Act (ACA).  Since the act went into effect and expanded public healthcare coverage, fewer Americans have taken the step of filing for personal bankruptcy.  Filings have dropped about 50 percent, from 1,536,799 in 2010 to 770,846 in 2016. Unlike other causes of debt, medical bills are often unexpected, involuntary, and large. Even people who have always been financially stable can find themselves facing financial disaster if… CONTINUE READING

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

If you are a gun owner who is worried about losing your weapons when filing for bankruptcy, there is good news. Both Ohio and federal bankruptcy laws exempt certain property, so your guns may be…

If you file for bankruptcy in Ohio, there is a big difference whether your case ends with a discharge or ends with a dismissal.  Bankruptcy terms and concepts can be confusing, but the goal of…

The Republican plan to replace the current Affordable Care Act (ACA) is tough on millennials, especially those who are already struggling to make ends meet.  While the plan, the American Health Care Act, (AHCA) would…

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