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Bankruptcy Archives

Doctors frustrated with cancer medication costs

The moment a physician gives a cancer diagnosis is a life changing moment. Those who are battling this disease may seek recommended treatments and medications. Unfortunately, the costs associated with these treatments are often very high. Even those who have insurance may find they are left with a large medical bill.

When Divorce and Bankruptcy Go Hand in Hand

Dealing with a divorce is an emotional time for a family. Everyone involved deals with tough issues related to the end of a marriage. When a bankruptcy further complicates the situation, it can be overwhelming. Even if there were no financial troubles during the marriage, both parties can find themselves in debt after the divorce. All debts and assets need to be addressed and a plan should be made to manage them through the process of the divorce.

Filing for bankruptcy might follow psychological phenomenon

Credit card debt that rolls over from month to month accumulates rapidly. Filing for bankruptcy might eventually be the only way to get back on track. Ohio consumers may be interested in the findings of an economist at a university in another state. He found that credit card companies use psychology to get people to pay the minimum amounts.

Personal debt problems are not necessarily tied to the economy

It has been eight years since the economy started to show signs of recovery after the financial crash. In recent months, financial analysts and media pundits have spoken of the rise in the stock market as a sign is increased financial security. The inflation rate has remained low at roughly 2 percent, according to USA Today. As the economy continues to recover, analysts say that more Americans are seeing a rise in income. But, even with the low inflation rate and rising incomes, many consumers continue to struggle to make ends meet in the real world.

Explore the basics of bankruptcy before filing

Unanticipated events such as the loss of a job or a medical emergency have caused financial difficulties for many Ohio consumers. When debt problems become overwhelming, researching possible remedies may be the first step to take. One of the options that usually provides a fresh start is bankruptcy, and learning about the different filing alternatives can help in deciding the most appropriate course of action. 

Understanding bankruptcy and your credit score

Many individuals and married couples in Ohio carry significant balances on their credit cards. Often, consumers try to manage overwhelming medical bills, credit card payments and other forms unsecured debts by making the minimum monthly payments. If you can keep up with these payments without falling further in debt, all may be well.

Chapter 7 bankruptcy: Will you lose your car?

Unfortunately, anyone can experience financial difficulties. When an Ohio resident faces financial challenges that seem overwhelming, he or she might consider bankruptcy. However, if that person needs a car to earn a living, there may be a fear of losing it in bankruptcy. While Chapter 7 bankruptcy liquidates most assets, there are steps that a consumer can take to maintain ownership of a car.

Bankruptcy or credit card debt forgiveness: What's better?

Ohio consumers with overwhelming credit card debt may have questions about the Credit Card Debt Forgiveness Act, particularly if they are unsure whether it will be a suitable remedy for their circumstances. Pursuing this as a debt relief option may be best for consumers who have debts outstanding on multiple credit cards, and want to get reduced monthly payments. It is also a method of avoiding bankruptcy but comes with adverse consequences.

The desired result may not follow a DIY bankruptcy filing

With the availability of online options and do-it-yourself instructions for just about every procedure, Ohio consumers who are experiencing financial problems may choose to search for remedies online. Online instructions may not cover all eventualities, and for a process such as a bankruptcy filing, obstacles may arise that need professional assistance. A skilled bankruptcy attorney can explain the pros and cons of all debt relief options and compare them with those of personal bankruptcy.

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