Many people believe that filing for bankruptcy means that you have to give up your most prized possessions. This is, however, not the case. Bankruptcy law allows debtors to take exemptions, which offer certain property some protections from the bankruptcy process. Many of those filing for bankruptcy in Ohio are especially concerned with the homestead and personal property exemptions available to them.
While most Ohio residents usually associate credit scores with credit cards, other financial issues can play a huge role in the credit score process as well. According to a recent article in the New York Times, one of those issues is the effect of unpaid medical bills. While medical costs are usually very much out of a person's control, their effects can be just as devastating on a person's financial well being.
Many individuals facing substantial debt see filing for bankruptcy as a last resort. Though many may be unwilling to consider bankruptcy initially, it can provide an opportunity for a fresh financial start. One of the most important steps is determining whether filing for Chapter 13 or Chapter 7 bankruptcy is right for you.
When it gets difficult to pay your bills, you'll start looking for ways to bring home more cash. A common way people try to do this is to stop or lower their 401k contributions. Don't change your contributions to a 401k or any other employer-sponsored retirement plan without talking to a qualified bankruptcy attorney first. While in most instances you can keep contributing money after filing bankruptcy, you might not be allowed to start a new contribution during your bankruptcy. For some Chapter 13 debtors, this means you cannot start a new 401k contribution for 3-5 years. Confusing? Don't worry. We can help you to understand the effect of bankruptcy on your retirement accounts and other assets during a free consultation
Many people are surprised when they hear how much it costs to file for bankruptcy. After all, bankruptcy is supposed to offer people facing substantial debt an opportunity to start over. As a result, some people seek out the least expensive representation they can find. Unfortunately, as is often the case, you get what you pay for.
There are many things that can be used to serve as a marker for economic recovery-and the amount of bankruptcy filings can be one of them.