Menu
Talk to a Bankruptcy Lawyer Today.
Evening and Weekend Appointments Available.
513-621-7902

Cincinnati Bankruptcy Law Blog

How to improve your financial situation as a single mom

As a single mom in Ohio, you may find it hard to manage your household, raise your kids and pay your bills comfortably. Although you are working full-time, your income may not be enough for you to make ends meet. Instead of stressing out and losing sleep over your situation, you should learn what actions you can take to get yourself back on track. 

Here are some ways you can improve your financial situation. 

Dispelling common myths about bankruptcy

If you find yourself overwhelmed and completely suffocated with medical bills, credit card debt or utility bills you cannot pay, it is easy to feel hopeless, anxious and depressed all the time. The first thing you need to realize is you are not alone when it comes to dealing with debt, and you have options when it comes to a fresh financial start. Bankruptcy laws can be complicated and complex, and it is often tough to admit you need help, but not every fact you have heard about bankruptcy is true. For you to feel comfortable about filing for Chapter 7 or Chapter 13 bankruptcy, we have a few truths for you.

Bankruptcy and students loans

Out of all of the people who have participated in higher education over recent years, a significant percentage has left their educational institution with large amounts of student loan debt. In an ironic turn of events, some who have pursued education to ensure a way to provide for themselves and their loved ones have been unable to do so because of the cost of their education.

When the time comes to begin making student loan payments, many students have found that they do not have the resources to pay for their loans and to cover their cost of living. The first thought in these types of situations might be to declare bankruptcy, but student loans are one of the few types of debt that are generally not removed by bankruptcy. There may, however, be exceptions.

Beating medical debt: How they affect your credit score

Medical bills can be a burden, but waiting to pay them for too long can result in them ending up on your credit report. When that happens, you're in a position where your credit can be affected by them, making it harder to rent properties, get credit cards or to get loans or other financing.

Credit card bureaus only get information about your debts if you allow them to go unpaid. When that happens, the medical provider reports your account to the credit bureau, sending it to collections. The problem with paying a bill after it's in collections is that the report itself can take years to fall off. That means that even though it's been taken care of, you could still suffer the consequences for many years to come.

Will bankruptcy ruin my credit score?

One of the most common questions asked of bankruptcy attorneys is, "how will it affect my credit score?" People dread the thought of a tanked credit score following them around for the next ten years. Typically filing for bankruptcy will lower your score, but it will not ruin your score for a decade. There is no magic number stating how many points your score could drop because it all depends on your acquired debts and current credit status.

The long term impact on your credit score will depend on these two factors...

Consumer protections for creditor calls are about to get stronger

Being behind on your bills is an incredibly stressful experience. All the contact from creditors and collection agencies only makes things worse. While at first this contact might be seen as "friendly reminders," eventually it can turn into creditor harassment, and there are ways you can stop it.

Yes, there is life after bankruptcy

Bankruptcy can seem like a naughty word. But declaring bankruptcy does not necessarily indicate financial irresponsibility. Rather, the decision to declare bankruptcy indicates a willingness to accept one's situation. You are prepared to move forward in the face of financial difficulty.

Financial difficulties can happen to anyone. And when your situation can't be turned around, bankruptcy may be the smartest - and most responsible - decision for your family.

How does Chapter 13 bankruptcy benefit debtors?

Chapter 13 bankruptcy is known as the wage earner's plan. It's called this because anyone who has a regular income can work to pay part or all of his or her debts back using this bankruptcy code. The plan is either for three or five years, and it breaks down the debts into manageable payments.

If you have a monthly income that is less than the state median, your plan will be for three years at most. If you monthly income is higher than the state median, then you will pay an installment plan for five years in most cases, unless the court approves a shorter plan. No plan lasts longer than five years, so you can easily make a Chapter 13 bankruptcy part of your five-year-to-debt-free plan.

50 Cent on the verge of resolving his bankruptcy

The enormously successful rapper who goes by the humble moniker "50 Cent" has reached a tentative settlement in his bankruptcy proceedings. The rapper has agreed to pay out $23.4 million to creditors in order to settle the debts at the center of his bankruptcy process. The rapper will make the debt payments with future earnings.

Part of the bankruptcy settlement -- if it is ultimately approved by the court -- will involve the resolution of a $7 million debt owed to his ex-girlfriend. The ex-lover won a lawsuit against 50 Cent over a sexually explicit video he released of her engaging in a sex act with him. The settlement also resolves an $18.1 million debt owed to Sleek Audio and Sunburst Bank regarding a headphone venture, $4 million in mortgage payments owed to SunTrust Banks and $1.2 million owed to ASCAP related to advanced royalty payments.

Contact The Rose Law Office Today For A FREE Initial Consultation

Phone 513-621-7902
Fax 513-621-6402

Office Locations

The Rose Law Office
35 East 7th Street,
Suite 610

Cincinnati, Ohio 45202

Phone: 513-621-7902
Fax: 513-621-6402
Cincinnati Law Office Map

The Rose Law Office
6020 Cheviot Road
Colerain, OH 45247

Phone: 513-621-7902
Fax: 513-621-6402
Colerain Law Office Map

//