Category: Bankruptcy

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

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

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

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

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

As Americans grow older, we face increasing challenges, and too many of us are facing a new problem in what should be the “golden years” of retirement -- the need to file for bankruptcy. According to an article in The New York Times,  citing a study from the Consumer Bankruptcy Project, the rate of people 65 and older filing for bankruptcy has tripled since 1991. From February 2013 to November 2016, there were 3.6 bankruptcy filers per 1,000 people aged 65 to 74; in 1991, there were 1.2. Older Americans also… CONTINUE READING

Carrying crushing debt can become unbearable.  Bills pile up, and you’re harassed by creditors and may be faced with foreclosure of your house, repossession of your car, utilities being shut off, and garnishment of your wages.  You feel overwhelmed and don’t know where to turn. You are not alone. Overall household debt stands at more than $13 trillion, according to the Federal Reserve. That includes $8.8 trillion in mortgages, $1.4 trillion in student loans, $1.2 trillion in car loans and more than $1 trillion in credit card debt. If serious debt… CONTINUE READING

If you are struggling financially and overwhelmed with debts that have become unpayable, you may wish to consider the “fresh start” that bankruptcy can bring.  To receive a “fresh start”, you need to know how to file for bankruptcy in Ohio. 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… CONTINUE READING

People are often confused when it comes to  Chapter 7  bankruptcy and taxes, as it is a common belief that bankruptcy cannot eliminate (discharge) tax debt.  Fortunately, this is not always the case.  While -most taxes are not dischargeable, you may be able to discharge federal, Ohio, and local income tax debts through Chapter 7 -- if they meet certain qualifications. If you do not qualify to file Chapter 7, you may be able to discharge some tax debts through Chapter 13 bankruptcy, as well. Bankruptcy, a legal way to… CONTINUE READING