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January 2011 Archives

Bankruptcy can halt Ohio foreclosures

High unemployment and the foreclosure crisis have gripped the nation's economy. Many people in Ohio have sought relief under the bankruptcy code to put a halt to home foreclosures and seizures. In some cases, filing for chapter 7 bankruptcy is sufficient for those who qualify under the "means test" to not only stop the foreclosure process, but place a distressed homeowner in a financial position to be able to remain current on the mortgage and keep the home.

Bankruptcy judge rules 'ride-through' option no longer available

Individuals who seek chapter 7 bankruptcy relief are often able to keep their vehicle based upon available bankruptcy exemption limits. Many people have outstanding debt on their vehicle when they file for bankruptcy. A chapter 7 bankruptcy generally leads to a discharge of unsecured debt.

Common Scams Reported To Ohio BBB, Pt 2

Earlier this week, this blog began looking into some of the most common scams Ohio consumers can face according to the Ohio Better Business Bureau. Often, falling for a scam during a tough economy and at a time when a consumer is in financial distress can lead to the necessity to file for chapter 7 bankruptcy relief or chapter 13 bankruptcy protection.

BBB Says Scammers Prey On Distressed Consumers, Pt 1

A recent report issued by a consumer advocacy group warns that distressed consumers are targets for scammers. Kip Morse, president and CEO of the Better Business Bureau of Central Ohio says that in 2010, "scammers had a field day targeting those looking for work and trying to make ends meet."

U.S. Supreme Court Issues Decision In Bankruptcy Case

The United States Supreme Court issued a ruling in a chapter 13 bankruptcy case this week. The case centers on the allowance a debtor is entitled to claim for automobile ownership expenses in creating a chapter 13 bankruptcy repayment plan. A chapter 13 payment plan allows an individual to take certain deductions from their income for reasonable necessary expenses to calculate the individual's projected disposable income. A payment plan typically lasts between three and five years.

Economists Suggest Chapter 13 Should Allow "Cramdowns"

The housing market across the country has been on a roller coaster ride over the past decade. A housing boom was followed by a housing bust. Moreover, foreclosures have skyrocketed. The government has attempted over the past few years to stimulate the economy and housing market in an effort to stabilize the economy. Included within the stimulus efforts are incentive programs to increase loan modifications to help distressed homeowners halt home foreclosures.

FTC Toughens Rules On Loan Modification Assistance Companies

A new Federal Trade Commission rule became effective last week that is intended to provide financially distressed consumers with more protection from unscrupulous companies offering to help with debt. A second rule becomes effective at the end of this month barring companies that offer loan modification assistance from collecting advance fees.

2010 Sees Nine Percent Jump in Filings For Bankruptcy

Many media outlets continue to report that the economy is heading toward recovery. Continued unemployment, decreased home values, high consumer debts loads and the foreclosure crisis also seem to make headlines. In 2010, individuals across Ohio and nationwide continued to seek a fresh start in chapter 7 bankruptcy and chapter 13 bankruptcy relief.

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