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February 2012 Archives

Will tax liability on home loan modifications return at year's end?

Many people who fall deep into debt look into what options may be available to find meaningful debt relief. It is important to consider options, but it is also important to speak with professionals to help in making informed decisions on how to proceed. Cincinnati bankruptcy and credit restoration attorneys know that our culture relies heavily on credit to make transactions in day to day life.

US credit card and consumer debt rises in fourth quarter

Economists say that consumer confidence in the economic recovery is on the upswing. The Federal Reserve recently released numbers that track consumer debt, and those numbers show that Americans are taking on more debt. The Fed indicates that credit card debt jumped 4.5 percent in the fourth quarter of 2011, while overall consumer credit, including automobile loans, rose by 7.5 percent in the fourth quarter.

Actor Gary Busey files for chapter 7 bankruptcy

Actor Gary Busey has reportedly filed for bankruptcy after falling into financial distress. The 67-year-old star of TV and movies, including "Lethal Weapon," is seeking a fresh start under chapter 7 of the bankruptcy code. Busey reportedly is burdened with debts in the $500,000 to $1 million range, but only has assets amounting to $50,000 or less.

Will the mortgage foreclosure settlement renew calls for foreclosure?

News spread rapidly earlier this month that the attorneys general of 49 states, including Ohio, settled their differences regarding the foreclosure crisis. The parties agreed to settle matters in a deal that came with a $25 billion price tag for the major banks. The agreement includes a provision that is aimed at writing down debt on the principal balance of some homeowners across the country. The major banks will direct roughly $17 billion to write down debt on underwater mortgages.

Association of bankruptcy lawyers says student loans are a problem

Student loan debt in the United States totals nearly $1 trillion. Last year, federal and private student loan debt surpassed overall credit card debt in the country. Cincinnati bankruptcy attorneys know that student loan debt is rarely dischargeable in bankruptcy under current law.

NBA player faces bank account seizure over debt

Longtime professional basketball player Allen Iverson reportedly may have his bank account assets garnished in a Southern U.S. state. Although each state controls what steps a creditor must follow to lawfully seize bank accounts or garnish wages, creditors generally can sue to collect on a debt in every state of the union, including Ohio.

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Phone: 513-621-7902
Fax: 513-621-6402
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Colerain, OH 45247

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