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February 2011 Archives

In dire cases, Chapter 13 allows for hardship discharge

Filing for chapter 13 bankruptcy can provide relief from overwhelming debt for many working individuals. Under chapter 13, consumers with regular income can develop a payment plan to repay all or a portion of their outstanding debts. Generally a chapter 13 plan runs from three to five years. Regardless of the amount paid under a confirmed plan, all of the general unsecured debt will be eliminated provided the chapter 13 payments are made throughout the course of the proceeding.

US Court System: 2010 chapter 13 filings up for fifth straight year

The news is replete with opinions from economists and experts who say the nation is continuing toward recovery. The news has been reported since experts proclaimed the end of the recession sometime last year. News stories regarding employment, however, are not as rosy as unemployment remains high in Ohio and across the country.

Will Congress act to cap credit card interest?

It is no secret that many Ohio families rely on credit card debt. This blog recently reported the average household balances for Ohio residents. And as recent posts indicate the credit card companies are not shy in charging high interest rates that can leave Ohio families and individuals financially stressed. Cincinnati bankruptcy attorneys are well aware of the difficulty Ohioans are experiencing in this rough economy.

Credit Card Company Raises Interest Rate to 79.9 Percent APR--Legally

Ridiculous credit card interest rates could be the contributing factor to consumer's seeking the help of bankruptcy protection. A 59 year old woman saw her interest rate for a card issued by First Premier Bank jump from 29.9 percent to 79.9 percent, only to find out it wasn't a mistake.

Court releases data on 2010 Ohio foreclosure filings

The Supreme Court of Ohio released foreclosure data last week showing that foreclosures in the Buckeye State declined in 2010 compared to 2009. The drop in foreclosure filings is the first year-over-year decline in 15 years. Hamilton County saw 6,556 foreclosures filed in 2010, a decrease of 2.4 percent from 2009. The number of foreclosures in Hamilton County ranked third in the state.

CARD Act may not limit interest rates on credit

Earlier this week this blog reported that Ohio residents are carrying a high credit card debt load. The Federal Reserve says all across the country American consumers are returning to credit cards to pay for their purchases. Credit card companies reportedly are experimenting with the credit card market with offers of high interest rates. Cincinnati bankruptcy attorneys know that exorbitant credit card interest rates can make it even more difficult for families to make ends meet.

Equifax says Ohio residents carry high credit card debt

Equifax Inc. recently released data on credit card debt loads carried by the residents of the country's metropolitan areas. The information concerns the third quarter credit card debt burdens carried by individuals during the third-quarter of 2010.

National Taxpayer Advocate tells Congress too many tax-liens

Consumer debt can take many forms. Credit card debt, medical bills and secured debt, among others, can combine to place consumers in financial distress. Cincinnati bankruptcy attorneys know that in the tough economy, rising debt loads, high unemployment, divorce and home loans that exceed market value can strain the budgets of many Ohio residents.

Ohio congressman seeks repeal of HAMP program

Ohio Representative Jim Jordan introduced a bill in the U.S. House on Friday to end the Treasury Department's Home Affordable Modification Program. Republicans in the House are calling the foreclosure-prevention program a "colossal failure." Roughly 522,000 Americans have enrolled in the government program in an effort to stop a mortgage foreclosure, according to the Treasury Department.

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