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June 2014 Archives

Options for filing personal bankruptcy

Individuals in Ohio who are faced with overwhelming debts may be seeking different avenues for relief and might consider filing for bankruptcy. Most consumers typically file for either Chapter 7 or Chapter 13 bankruptcy, and both processes include different benefits and requirements for eligibility. For example, Chapter 7, which might be referred to as liquidation, provides a discharge of certain debts, and Chapter 13, which is also known as the wage earner's plan, reorganizes the consumer's finances, providing that person with a chance to pay back the debts.

What Ohio residents need to know about inherited IRAs

The Supreme Court ruled against a 35-year-old woman and her husband who claimed that funds from an inherited IRA should be protected during bankruptcy proceedings. Justice Sotomayor noted in the Court's decision that the purpose of protecting retirement accounts from creditors was to ensure that people had the resources to meet their needs after they stop working. Current laws stipulate that an individual be over age 59 to withdraw funds without penalty.

Beware debt created by credit card use

Ohio residents may be struggling with credit card debt and facing the prospect of bankruptcy as a result. Whether people are using credit cards to pay for necessities or to live above their means, there are a number of facts about the real cost of credit cards that might make people think twice about using them too freely.

The weaknesses of the impossibility defense

Residents of Ohio may be interested in a recent article describing an interesting bankruptcy case. The case described the efforts a Georgia man, who was formerly a D.C. police officer, to escape having to pay the amount owed to his trustee after filing a Chapter 7 bankruptcy. The man attempted an impossibility defense. This means that he attempted to prove to the court that he was unable to comply with the order to collect payment, despite his best efforts.

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