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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 t... CONTINUE READING

Why Older Americans are Filing for Bankruptcy

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

For Those in Serious Debt, Bankruptcy is Liberating

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 Fede... CONTINUE READING

How to File Bankruptcy in Ohio

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

Chapter 7 Bankruptcy and Taxes

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 I File Bankruptcy on Credit Cards and Keep My House?

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

Why Do Some People Choose Chapter 13 over Chapter 7?

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

Should You Get Rid of Credit Cards After Bankruptcy?

If you’ve declared bankruptcy, you may feel that you never want to see a credit card again, especially if using cards irresponsibly is what got you into financial trouble in the first place.  However, getting a credit card after bankruptcy or retaining a current card can be a smart move under certain conditions. Bankruptcy damages your credit score, and it is important to rebuild it gradually.  If you charge only what is necessary and get into the habit of always... CONTINUE READING

Can You Go to Jail for Credit Card Debt?

In these uncertain times, many Ohio consumers have become overwhelmed with debt they cannot pay. If you find yourself in this situation, you may wonder if you can be sent to jail for not paying your credit card debt. The short answer is no -- debt collectors cannot have you arrested for a credit card or other consumer debt, because it is illegal to jail someone for being past due on their credit card, medical, mortgage, personal loan, or student loan debt. While the only debt you c... CONTINUE READING

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    Debt Collections after COVID in Ohio

    We may be past the worst days of the COVID-19 pandemic, but the financial hardships that it has caused for so many Ohioans continue. Debt collections after COVID-19 in Ohio are in full force for some. While some COVID-19 debt collection restrictions are still in place, others have subsided. If you a...