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 ... 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 y... 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 t... 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 triple... 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 Fe... 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 sei... 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 disc... CONTINUE READING
Can You Declare Bankruptcy on Credit Cards Only? While credit card debt is a major reason people wind up filing for bankruptcy, you cannot file for bankruptcy on credit card debt alone, as the law requires that all your debts be listed in the bankruptcy documents. However, because bankruptcy can eliminate credit card and other unsecured debts, filing will often put you in a better financial position that allows you to keep your home. Keeping a house is a major concern for most people... CONTINUE READING
Chapter 7 is the most common form of bankruptcy and has certain advantages, but that doesn’t mean it is the best solution for you. Depending on your situation, Chapter 13 bankruptcy, which allows you to consolidate your payments and repay some or all of your debt affordably over a three- to five-year period, may be more advantageous. How do you know which form of bankruptcy is right for you? If you are facing a situation where your debt is getting to... CONTINUE READING
Student loan debt takes such a big toll on marriage that it can even lead to divorce. Financial problems are the leading cause of stress in a relationship, and student loan debt, which now stands at an all-time ... CONTINUE READING
Financial difficulties have been affecting people more and more, and that includes senior citizens. The need for elderly credit card debt relief is growing. When you look at the statistics, that’s no surprise. Nearly 4 million adults aged 65 and older had unpaid medical bills in 2020, according...
