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September 2014 Archives

Can I keep my house and other property after Chapter 7?

Ohio law allows Chapter 7 filers to exempt certain property from bankruptcy proceedings, on the theory that debtors would not be able to take full advantage of a fresh financial start if they had to give up everything during the process. Bankruptcy is based on federal law, but filers may rely on exemptions established by the state in which the case is filed.

What are the eligibility requirements for Chapter 7 bankruptcy?

Some consumers in Ohio may benefit from submitting a petition for bankruptcy protections if they are unable to keep up with debt obligations and are seeking relief. In many cases, Chapter 7 bankruptcy is able to help a consumer discharge their debts, allowing them to rebuild their financial foundation without worrying about outstanding accounts. However, there are some rules that limit who can be granted the action.

Filing chapter 13 bankruptcy

Ohio residents in debt may be interested in filing bankruptcy without losing some of their property. Filing chapter 13 bankruptcy allows an individual to keep their home while setting up a plan to pay their debts over a three to five year period. The period is determined by the debtor's income and debt level. A chapter 13 bankruptcy stops creditors from using wage garnishment or continuing foreclosure proceedings in an attempt to collect on outstanding debts.

Medical debt scoring changed by FICO

Medical bills are the leading cause of bankruptcy filings in the United States, and Ohio residents may find that even with the Affordable Care Act, costs continue to rise. Those who have insurance may still deal with high out-of-pocket costs in the form of deductibles and co-pays. Those who are unable to continue to pay their medical bills may find that it becomes impossible to stay afloat financially. Experts indicate that a lack of financial and insurance literacy may contribute to problems as consumers attempt to use benefits only to discover that they misunderstood the terms.

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Office Locations

The Rose Law Office
35 East 7th Street,
Suite 610

Cincinnati, Ohio 45202

Phone: 513-621-7902
Fax: 513-621-6402
Cincinnati Law Office Map

The Rose Law Office
6020 Cheviot Road
Colerain, OH 45247

Phone: 513-621-7902
Fax: 513-621-6402
Colerain Law Office Map

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