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Bankruptcy Archives

Medical debts can be discharged in personal bankruptcy

Unpaid debts can have a detrimental impact on the future financial stability of consumers in Ohio. A scarred credit score can jeopardize a person's ability to obtain a mortgage, get financing for a car or rent accommodation. In many cases, the source of the debt is unanticipated medical debts, and, fortunately, there are manners in which the debt can be reduced, or it may even be possible to get it discharged in personal bankruptcy.

Many bankruptcy filings follow minimum payments on credit cards

Credit cards are often the cause of consumers having to face mountains of debt with not enough funds to settle the bills. In fact, credit card debt has led to many bankruptcy filings in Ohio. One of the causes for spiraling credit card debt may be the fact that some consumers are unaware that making the minimum required payment every month is a dangerous practice.

Ownership of a house is not necessarily lost in bankruptcy

Ohio residents who are experiencing financial hardships and fear losing their homes may be considering their options. One of those is filing for bankruptcy, and the intention of the federal Bankruptcy Code is to help people to rebuild their lives. But will that save their homes? The answer depends on several aspects related to the unique circumstances of the individual and also the laws of the state.

Bankruptcy can remedy overwhelming credit card debt

There are many advantages to having credit cards and likely just as many reasons not to have them. The successful navigation of credit card debt depends on the account holder's ability to manage the payments. Many Ohio consumers file for bankruptcy protection to responsibly address past due payments that have simply become unmanageable. Often, the situation arises when unanticipated medical or other emergency expenses were charged to a card.

Bankruptcy: Too many credit cards can cause financial havoc

Consumers in Ohio who are concerned about their struggle to manage monthly credit card payments because they have too many cards may be considering closing some of their cards. However, under certain circumstances, this may not be a wise decision. Although it is true that overwhelming credit card debt issues can possibly be resolved by filing for bankruptcy, there may be other options.

Unsure about filing for bankruptcy? Get answers to questions

Financial difficulties can lead to tension in relationships. While many Ohio couples may realize that personal bankruptcy may provide a fresh financial start, they may procrastinate because they have many unanswered questions. Although many may believe married couples have to file jointly for bankruptcy, this is a myth. One spouse can file individually.

Hoping to sell -- Hastings files for Chapter 11 bankruptcy

Hastings Entertainment -- a retail chain selling books, music, video games and movies at 126 locations in various states, including in Ohio -- has announced that it is seeking potential buyers. The company recently filed for Chapter 11 bankruptcy, seeking protection while waiting for interested purchasers. It will keep the doors open for another 30 days in anticipation of an offer.

Bankruptcy: Prioritize life's essentials in difficult times

Some Ohio consumers who are struggling to pay their bills find it difficult to prioritize which debts to pay first. Financial advisors suggest consumers pay those items that are essential in their lives. Typically, a roof over one's head is most important -- regardless of whether it is a mortgage or rental payment to be made. The second most important item is transport -- especially if a person needs a car to get to work. If there are no funds to pay these essentials, it may be time to consider bankruptcy.

Consider bankruptcy before draining retirement funds

Ohio consumers who are facing overwhelming debts might share the opinion that debts must be paid at all costs. It is often said that all avenues should be tried before filing for bankruptcy, though the most sensible remedy may be to file for personal bankruptcy before all assets such as retirement accounts are drained. Why would a consumer expose him or herself to debt collectors and other creditor's harassing actions rather than opt for the protection of bankruptcy?

Personal bankruptcy can provide a fresh financial start

Filing for bankruptcy in Ohio is a complicated process and may be best navigated with the guidance of an experienced bankruptcy attorney. He or she can explain the pros and cons of the different types of bankruptcies -- called chapters. Individuals typically have to do a means test to determine whether they qualify for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 brings debt relief within months, while Chapter 13 takes between three and five years.

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