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September 2011 Archives

Payday loan companies and wage garnishment

The concept of so-called payday type loans is not new. Many Cincinnati residents who have fallen behind on bills due to a wide variety of reason are tempted to seek these short-term type of bridge loans to meet deadlines on other bills, hoping to catch up at a later time. In many areas of the country, payday type lenders eventually are not paid and many seek to garnish wages from people who have defaulted on the payments.

Foreclosure reform may still be a year away

The housing market crises and news of the foreclosure scandal have caused a great deal of press. The mortgage lending industry has been under fire in Ohio and across the nation for questionable foreclosure practices for some time now. Federal regulators stepped in and said due to pervasive misconduct in the foreclosure processes employed by major banks, the nation's 14 biggest banks need to not only overhaul the foreclosure process, but compensate some homeowners who were financially injured by wrongdoing or negligence in foreclosure activities.

Despite continuing economic doldrums, defaults are down

Consumers who continue to carry credit card debt have generally been able to make at least their monthly payments better this year than they did last year. Four of the six largest credit card issuers report that defaults on credit card debt have been lower this year. However, two of the large creditors report slight increases in write-offs of uncollectable balances, according to regulatory reports filed in August.

Saving home from foreclosure in chapter 13 bankruptcy

This blog has reported several stories that indicate that filing for bankruptcy protection can in many cases save a family home from foreclosure. The tough economy has left many working homeowners in Cincinnati in financial distress. Bankruptcy can provide an option for people who have struggled under debt to get back on top of their bills.

Study: Medical debt increases as primary basis for bankruptcy

A credit counseling service that serves financially stressed Americans nationwide says there has been an increase during the last year and a half in the percentage of debtors who have decided to file for bankruptcy who have made the decision based upon medical debt. In Cincinnati, individuals and married couples who file for bankruptcy protection are generally required to complete credit counseling as a requirement of the federal bankruptcy law. The counseling must be completed by an agency approved by the U.S. bankruptcy trustees.

Bankruptcy filings among college grads on the rise

A new report says that the number of college educated and higher income earners who are filing for bankruptcy protection is on the rise. The Institute for Financial Literacy released the study's findings on Tuesday. The researchers say that between 2006 and 2010 bankruptcy filings among college graduates rose by 20 percent. The study indicates that bankruptcy filings among individuals earning $60,000 a year jumped by 66 percent during the five-year period. Also on the rise, bankruptcy filings entered by people who are married.

Ohio Attorney General announces foreclosure scam indictment

Ohio Attorney General Mike Dewine has announced that a Cincinnati real estate business, known as American Equity Group among other business names, has been indicted on allegations of a fraud scheme that targeted financially distressed homeowners and builders. The allegations charge four people for allegedly working together in a scheme that offered to assist homeowners facing foreclosure to retain the home through the use of a loan fraud scam.

Stopping creditor harassment, wage garnishment in Ohio

Wage garnishment is controlled in each state under state laws. Ohio law allows creditors to garnish wages and bank accounts after the creditor takes certain steps. A creditor must first obtain a judgment on the debt before they can seek wage garnishment. That means the bank, credit card company or other creditor must first sue to collect the debt. Federal law prohibits bill collectors from undertaking certain collection practices that are not fair to consumers.

Ohio Mayoral candidate in chapter 13 bankruptcy

Several years ago, a Streetsboro, Ohio man experienced a string of financial setbacks. The man went through a divorce. The father of two carried his daughter on his medical policy and she ran into some health problems. The medical bills piled up. The working man experienced a 40 percent decrease in pay when he left a part-time job while he raised he two kids. His son began college, which the father was intent on helping out with financially.

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