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Cincinnati Bankruptcy Law Blog

Important for Ohioans to address possibility of foreclosure

Ongoing financial challenges can often lead to outcomes such as filing for bankruptcy, repossession and having to acquire a home equity loan. In the face of unemployment money trouble can continue to grow and may seem overwhelming for any family or individual homeowner.  Losing income will naturally add to the possibility of facing foreclosure.               

Other worries about mortgage payments and whether you can afford your property can cause added stress to an already stressful life situation. Insufficient equity or significant problems with the house can translate into further problems and expenses. 

What kinds of debts are not dischargeable under Chapter 7?

Chapter 7 bankruptcy is colloquially known as "fresh start" bankruptcy. Unlike its Chapter 13 counterpart -- under which the debtor obligates himself or herself to repay at least part of his or her debts under a payment plan -- Chapter 7 generally completely eliminates or "discharges" eligible debts. In this way, the debtor is able to start over again with a mostly clean financial slate.

Chapter 7 should not, however, be mistaken for a "magic bullet" that will destroy all debts. Some types of debts are either not dischargeable at all, or require some showing of proof that they will constitute a hardship on the debtor before the bankruptcy court will discharge them.

Homeowners in foreclosure may soon abandon their homes too soon

Perhaps you have hit some hard times recently, and have fallen behind on your mortgage payments. You might even have had to file a petition for bankruptcy. It has come to the point where your mortgage lender has given you notice that it is beginning foreclosure proceedings.

So it is time to move out of your home, right? Not so fast.

How the FDCPA protects you from creditor harassment

We have posted on our blog about some of the ways that creditors, and even individuals seeking to pose as creditors, have attempted to intimidate or otherwise unfairly communicate with individuals in connection with debt collections.

However, there are strict laws in place that dictate what practices are allowed and prohibited in the practice of seeking to collect debt. Ohio residents should know that these laws protect them against unfair debt collection practices.

We know bankruptcy laws so you can focus on what is important

For most people, contemplating bankruptcy is something that they never thought they would ever end up doing. But an axiom of life is that it is not always fair, and sometimes bad things can happen to good people. A sudden job loss, or a catastrophic illness or injury and consequent hospital bills, do not always telegraph their approach.

Once your bills start outpacing your income and savings, coping with them can quickly become overwhelming. You might think of it as facing off against a wolf pack: they don’t line up and come at you one at a time, but they surround and swarm you instead. And although creditors seldom coordinate their efforts, the basic effect remains much the same. Which do you take on first; the late penalties, the collection calls, the threats to shut off your utilities, the repossession threats, or the foreclosure proceedings?

You do not need to go through bankruptcy alone

There were a series of television commercials a few years ago that centered on the theme, “Life comes at you fast.” And when it comes to personal finances, this can certainly be true. An unexpected serious injury or illness, or a divorce, or the unexpected loss of employment can quickly capsize one’s ability to stay within a budget or even to pay for fundamental things like one’s car or even one’s home.

If this has happened to you, then you may already be familiar with the grinding stress that can ensue when the bills start piling up, when it seems that all you and your spouse can talk about is which utility service payment to juggle this month. 

How do Chapter 7 bankruptcy and Chapter 13 bankruptcy differ?

Assuming that you are an individual and are contemplating bankruptcy as an option for debt relief, you may have wondered about the differences between Chapter 7 and Chapter 13 bankruptcies. There are multiple differences between them to carefully consider, assuming that you have already carefully considered bankruptcy in lieu of other options.

Some, but not all of the distinctions between Chapter 7 and Chapter 13 are:

  • How much money do you make? If you make more than the Chapter 7 "means test" allows for, then Chapter 7 may not be available to you. In that case, you may be looking at Chapter 13 more by default than by choice.

How can I use bankruptcy to discharge my federal student loan?

Of the various kinds of debt that an individual might seek bankruptcy relief from, federal student loans can be among the most difficult to get out from under. Even if you were not able to complete your degree, or were not able to find work in the same field as your degree, or even if you feel that the quality of the education that you received was not worth the tuition you paid, you are still obligated to pay your student loans.

Moreover, if you are in a state of financial difficulty serious enough that you are contemplating bankruptcy, in many instances your student loan debt may still survive once you have come out of bankruptcy.

Ohio homeowner sues mortgage company over foreclosure filing

An Ohio homeowner may be among the first individuals to use a provision of the Dodd-Frank law to file a lawsuit against a mortgage servicing company.

Although the Dodd-Frank law may be thought of by many as a law dealing largely with securities regulation, one provision deals with a problem that some homeowners have encountered when it comes to properties under threat of foreclosure. Specifically, the law requires banks and other mortgage lenders before filing for foreclosure to entertain in good faith attempts by homeowners to apply for loan modifications.

The basics of foreclosure

Since the housing market hit a downturn in 2008, many people in Cincinnati, Ohio, and across the country, have had difficulties paying mortgages due to fluctuating variable interest rates.

These people are facing the threat of foreclosure, and the prospect of losing their home. In order to know how to deal with foreclosure on your mortgage, and escape the threat of losing your home, it's important to know what foreclosure is and how it works.

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