Coronavirus Shutdown Is Affecting Debt Reporting and Foreclosures

In the midst of all the chaos and uncertainty surrounding the coronavirus pandemic, some consumers are looking for ways to tighten their belts and prioritize finances.  For other consumers who were already behind on their bills, the virus could spell financial disaster.  This is especially true of workers who abruptly lost their jobs due to mandatory business shutdowns.  Experts say, at a time like this, it’s important to prioritize food, shelter, medical needs and utilities.  If absolutely necessary, you can hit the “pause” button temporarily on some other debts. Under… CONTINUE READING

What Is the Statute of Limitations for Collecting a Debt in Ohio?

If you’ve fallen behind financially and are having trouble paying your bills, you may be wondering what is the statute of limitations for collecting a debt in Ohio?  Unfortunately, it is six years for most types of debt; however, debt does not expire or disappear until you pay it. If a debt is valid, you still owe it until you pay it off, no matter how much time passes. The statute of limitations simply limits the amount of time during which a debt collector may take legal action to collect… CONTINUE READING

How Does Bankruptcy Affect Your Credit Score?

THESE DAYS EVERYONE KNOWS THEIR CREDIT SCORE, JUST LIKE THEY KNOW THEIR PHONE NUMBER.  CAN THIS IMPORTANT NUMBER BE DAMAGED BY FILING FOR BANKRUPTCY? While filing for bankruptcy can initially lower your credit score, wiping out your debt will help raise your credit score over the long term.  Often, a person can rebuild their credit score after bankruptcy by following a few straightforward steps. Are you struggling with debt that seems to keep mounting no matter what you do and wondering which direction to turn?  Do you stay awake at… CONTINUE READING

How Do I Get Out of Payday Loan Debt?

There is no shame in wondering “how do I get out of payday loan debt?” Life happens. The roof springs a leak, the car needs new tires, or an unexpected illness lands you in the hospital (and off work) for some time. These things can happen to anyone, and if you don’t have an emergency fund in savings, then you might have turned to a payday loan to meet these necessary expenses. When a crisis occurs, you do what you have to do to get past it. It can really… CONTINUE READING

Can Bankruptcy Stop Vehicle Repossessions and Lawsuits for Vehicle Debt?

If your creditors file a lawsuit and get a judgment against you, they are allowed to repossess your vehicle and other property, foreclose on your home, and garnish your wages. Not only can you lose the house you live in or the car you have relied on to get to work, but you also lose the value you already made in payments. Fortunately, it can take several months for creditors to get a judgment, so you have time to act to protect your property. Even if your vehicle has already… CONTINUE READING

The Basics of Working with an Ohio Consumer Debt Lawyer

Overwhelming debt can cause problems in all areas of your life, from being less productive at work to having money arguments at home that can lead to family breakdown. Adding to the stress is the accompanying harassment by creditors and the fear of repossession of your property and foreclosure on your home. If you are struggling to meet your consumer debts, you are not alone. Overall household debt stood at more than $13 trillion at the end of 2017, according to the Federal Reserve. That includes $8.8 trillion in mortgages, $1.4 trillion… CONTINUE READING

A Look at the Average Bankruptcy Filer

Contrary to commonly held beliefs about who files for bankruptcy, the average bankruptcy filer is not a free-spending celebrity or a crook trying to cheat the system, but an ordinary middle-class American. According to an analysis by Jonathan Fisher, a research scholar at the Stanford Center on Poverty and Inequality, “median income for bankruptcy filers is $42,000, which is $6,000 less than the national median.” Many of these individuals are hard working people who are struck by unexpected problems that hurt them financially. People are laid off, hit by major illness… CONTINUE READING

How Bankruptcies Work in Ohio

If your debts have become more than you can handle, the good news is that bankruptcy, a legal way to have many debts forgiven, can put you on the road to financial recovery.  If you’re a good candidate for bankruptcy, filing can keep creditors from harassing you and seizing your possessions, allow debts to be forgiven, and provide a way for you to keep your assets and begin to rebuild your life. However, the bankruptcy process is not simple and can be confusing. There are a number of steps you… CONTINUE READING

Why You Need a Debt Settlement Attorney in Ohio

If your bills and debts are becoming overwhelming, you may be tempted by advertisements from debt-settlement companies claiming that they can talk your creditors into settling your unsecured debts for pennies on the dollar. This could be a big mistake. While debt settlement may work, debt-settlement companies are in business to make money, not to help you out.  If you are not careful, you could actually worsen your situation and wind up owing more due to added fees and interest charges. It makes much more sense to speak to a… CONTINUE READING

How Much Do You Have to be in Debt to File Chapter 7?

When times are tough and you are hit with problems such as unexpected layoffs or major illness, bills rapidly pile up to the point where you may be considering filing for the relief that bankruptcy can bring.  You may wonder just how much debt you have to be in to file for Chapter 7. There is no strict answer, because Ohio bankruptcy laws don’t require a certain minimum debt amount to be eligible for bankruptcy. While your debt amount is a significant factor, deciding whether bankruptcy is the right choice… CONTINUE READING

In the midst of all the chaos and uncertainty surrounding the coronavirus pandemic, some consumers are looking for ways to tighten their belts and prioritize finances.  For other consumers who were already behind on their…

If you’ve fallen behind financially and are having trouble paying your bills, you may be wondering what is the statute of limitations for collecting a debt in Ohio?  Unfortunately, it is six years for most…

THESE DAYS EVERYONE KNOWS THEIR CREDIT SCORE, JUST LIKE THEY KNOW THEIR PHONE NUMBER.  CAN THIS IMPORTANT NUMBER BE DAMAGED BY FILING FOR BANKRUPTCY? While filing for bankruptcy can initially lower your credit score, wiping…

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