Ohio consumers who decide to file for personal bankruptcy do so for multiple different reasons. Some may have overwhelming credit card debt while others may have committed to loans or purchases that they cannot afford to pay back. An insurance salesman in another state started driving for Uber on a part-time basis in Oct. 2014. His intentions were to enhance his income, but he ultimately sought bankruptcy protection.
Businesses in Ohio whose debts have become overwhelming may seek the protection offered by the U.S. Bankruptcy Code. Companies with serious debt problems can reorganize their finances while maintaining business operations under Chapter 11 bankruptcy. If the reorganization is not successful, the business owner may explore other options.
Sports Authority recently announced that it was planning to sell 140 of its stores across the country, including some in Ohio. This will serve as part of the company's reorganization plan under Chapter 11 bankruptcy. The company reported that it was left with no other option than to give up the leases and close or sell one-third of its stores.
This is the time of year when consumers nationwide, also here in Ohio, have to face the consequences of their holiday spending. While credit card debt can be discharged through personal bankruptcy, many people spend stressful months -- or even years -- trying different methods of resolving debt issues. In the meantime, penalties and interest rates accumulate, worsening an already dire situation.
Business owners in Ohio who are experiencing financial difficulties have likely explored their options under the protection of the U.S. Bankruptcy Code. Those who want to continue operating their business while reorganizing their debts can file a Chapter 11 bankruptcy. However, if all business operations must cease, Chapter 7 will discharge most debts and liquidate assets to pay creditors. As soon as a bankruptcy filing is recorded, an automatic stay will put a halt on any legal actions already started against the business owner.
A homeowner in Ohio might find it difficult to sell a house that is burdened with a second mortgage. To transfer the title of a property to a buyer, it has to be free of any encumbrances. The holder of the second mortgage has a lien on the house that serves as security for the loan. Although personal bankruptcy may be a solution, property owners may want to explore other options before filing for bankruptcy.
Ohio consumers who find themselves overwhelmed by credit card debt may be exploring remedies for the situation. Under the Bankruptcy Code, protection is offered that is not available in any of the many plans that may provide debt relief. The bottom line is that the only way in which credit card debt can be cleared is by paying it off, and with interest and late-payment fees ever accruing, this is a long-term option, unless personal bankruptcy is chosen.
Some small business owners in Ohio who have encountered unexpected financial difficulties may be exploring possible remedies. Fortunately there are several options under the Bankruptcy Code that might allow a business to continue rather than just shutting its doors. Careful consideration is required before these important decisions are made.
Filing for bankruptcy is a big choice that many couples and individuals are hesitant to make. Though Chapter 13 or Chapter 7 bankruptcy can be used as a tool to positively benefit a financial crisis, taking the leap is intimidating. Nevertheless, thousands of people who are living in the area of Cincinnati, Ohio, file for bankruptcy each day. If you are like most of these individuals and are considering bankruptcy, you naturally have many questions. One of the most common concerns that people have when filing for bankruptcy is the future of their retirement savings.
Let's say that the evidence has been stacking up lately that suggests you need to talk with a bankruptcy lawyer: you've been juggling some or even many of your bills, trying to stay one step ahead of having your electricity, telephone and water shut off. You've been "paying off" credit card balances by opening new credit card accounts and transferring the old card's balance to the new card, and you're only able to make the minimum payment on the balances that you have. You've borrowed all the money you can from your relatives. When the phone rings, you hesitate to answer it. In a worst-case scenario, some of your creditors may have already begun taking legal action against you.