Minnillo & Jenkins, CO. LPA
Call 513-723-1600
For A No-Pressure, Free Consultation

Cincinnati Bankruptcy Law Blog

Chapter 11 bankruptcy: Exploring the benefits of reorganization

With the increase in availability that goes along with online shopping, businesses in Ohio and elsewhere could be struggling to keep up with the competition. Larger chains could already be ahead of the curve, potentially leaving smaller businesses to struggle though periods of financial difficulty. While in some cases a company may be able to overcome these challenges on its own, in others, assistance could be required, such as financial reorganization through Chapter 11 bankruptcy.

Chapter 11 bankruptcy can provide a business with protection from creditors while it works on forming a plan to repay debts over time. A company may also be allowed to remain operational during this period, while it focuses on strategies to restructure finances. A popular shoe store recently completed the process of Chapter 11 bankruptcy, and claims that it was able to shed a substantial amount of debt and begin moving in a more successful direction.

Ohio bankruptcy on the rise for the first time in years

The good news is that the economy in Ohio has improved over the past few years. When the economy is good, a recent report asserts, the number of those seeking the assistance that a bankruptcy rises. In fact, the number of filings in the state has increased for the first time since the Great Recession in 2009.

When people in Ohio are employed and feeling good about their chances of staying that way, they are more likely to spend on items like cars and to use their credit cards. This, the report indicates, is what leads some to seek a personal bankruptcy. In particular, it appears that many in the state may be taking on sub-prime car loans at a higher rate than in the recent past.

Don't fall victim to a foreclosure assistance scam

Losing their home is a chief concern for many Ohio residents who are facing financial turmoil. After all, most families dream of owning their own home, and it is a goal that many work toward for a number of years before making the purchase. Holding onto that property through financial difficulties is important, and many homeowners will go to great lengths to avoid losing their home to foreclosure. Unfortunately, there are a multitude of scams aimed at taking advantage of homeowners who are struggling to keep their home, and it is important to know what to look for when evaluating offers of foreclosure assistance.

In fact, three men were recently sentenced in a foreclosure rescue scam operating out of the West Coast. Evidence presented by the prosecution painted a picture of an operation that specifically targeted distressed homeowners and offered to help them restore "free and clear" ownership of their homes. In reality, however, the company was collecting payments for little to no service.

Bridal store in Ohio seeks bankruptcy after business debt mounts

Getting married is both exciting and stressful, as many married people in Ohio know well. There is the ceremony to plan, the dress to buy, the caterer to hire and more. When things go wrong and the dress fails to arrive on time, stress levels can sky rocket. That is what is happening to many in the state and around the country when a  bridal dress chain filed bankruptcy as a result of its business debt recently.

The retailer, Alfred Angelo, may be familiar to Ohio readers as the business had several outlets in the state. The bridal dress business was large and many people had ordered and paid in full or partially for dresses for their upcoming weddings. Now, they are learning that the retailer was struggling with large business debt that resulted in the closure of every one of its stores recently.

Know your rights under the Fair Debt Collection Practices Act

Many Ohio residents know what it is like to get behind on their personal bills. The stress created by their financial situations is often bad enough, but when creditors begin calling and demanding payment, it could only get worse. If you find yourself in this situation, you should know your rights under the Fair Debt Collection Practices Act.

Debt collectors often use a variety of tactics to guilt or scare you into paying them. They may call at all times of the day and night at your home or even your work. Some may even try to contact your employer or members of your family in an attempt to get payment from you. You may not realize that many of these actions cross the line and violate the FDCPA.

Stop creditor harassment with bankruptcy and an automatic stay

Debt collector harassment always happens at the wrong time. Just when you're sitting down to dinner; just when you're trying to celebrate a special event; or just when you're getting into the swing of things at the office, a debt collection agency calls and tells you how much money you owe.

It doesn't stop with a simple informational reminder either. Debt collectors can use uncouth tactics, threats of litigation and they won't stop at harassing you. They'll also harass your family members, your co-workers and anyone else they think has a connection to you.

Ohio foreclosure rates fall, though some still suffer

There is good news in economic reports that have come out over the past several months. As the Great Recession fades for people in Ohio and elsewhere, the number of foreclosure cases and distressed properties has begun to decline. The evidence of this was apparent in a recent report of such matters in the state.

According to the report, the number of foreclosure cases has fallen in one Ohio county to levels not seen since 2000. In fact, the number is expected to fall a full 25% over the coming year. Authorities also expect that the trend for foreclosure cases will continue to fall as the devastation from the recession fades.

Ohio bankruptcy requires financial disclosure

Ohio readers will likely be familiar with the name of famed former attorney F. Lee Bailey. Bailey gained fame defending people like O.J. Simpson and others. What readers may not be as familiar with is Bailey's second recent bankruptcy filing.

According a recent report, Bailey filed a Chapter 7 bankruptcy in his home state last year. At that time, he was able to discharge many of his personal debts, as would be the case in Ohio. However, some of his debts remained after the bankruptcy discharged.

Business debt can come from many different situations

Economic problems can hit a business, regardless of the size of the company, at any time, as many business owners in Ohio know well. This is particularly true if an item that the company produces is found to be faulty or to have injured those who use it. This is what happened to a global company that caused it to accumulate business debt and to file a bankruptcy in, not one, but two countries.

The company, Takata, makes air bags for cars and other safety equipment. It has been in business since 1933 and has its North American headquarters in another state here in the United States. The company began to suffer large economic losses and take on high business debt when it was discovered to have created air bag systems that can explode when they become too full of air in a crash. The explosions have led to deaths and injury to car owners, a recent report asserted.

2 debt pay-off methods: The snowball and the avalanche

Imagine you have a family of five and you're struggling to make ends meet financially. It can be so tempting to charge something on a credit card so you can put food on the table one week. However, if this becomes a habit your debt problems can snowball fast.

If you're in a situation like this, you probably want to know how to reverse the situation. There are two great debt-payoff strategies that don't involve bankruptcy. These methods might work for you depending on your situation. They're called the "snowball" and the "avalanche."

Email Us For A Response

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Contact us right now for a free bankruptcy consultation

NACBA - National Association of Consumer Bankruptcy Attorneys

Proud Member NACBA

We are proud members of the NACBA, a national organization dedicated to serving the rights of consumer debtors. Read More

Super Lawyers

Jenkins Named Super Lawyer!

Founding partner, Christian A. Jenkins, was selected by his peers and the media as a Super Lawyer. Read More

Cincinnati Office
2712 Observatory Avenue
Cincinnati, OH 45208

Phone: 513-723-1600
Cincinnati Law Office Map

Cincinnati Office
792 Eastgate South Dr
Suite 150
Cincinnati, OH 45245

Phone: 513-685-0612
Cincinnati Law Office Map

Fairfield Office
447 Nilles Rd
Suite 9
Fairfield, OH 45014

Phone: 513-795-0995
Fairfield Law Office Map

Covington Office
526 Philadelphia St.
Covington, KY 41011

Phone: 513-795-0995
Map & Directions