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Cincinnati Bankruptcy Law Blog

Does bankruptcy discharge student loan debt?

The total student loan debt in the United States continues to increase at an alarming rate. In 2018, the total debt owed by students surpassed $1.5 trillion. As college-related expenses continue to grow, more students will have to deal with this in the future. 

For some people, the amount of student loan debt compared with total income becomes too much to handle. Every year, many people around Ohio have to file for bankruptcy. However, you may not be able to get rid of student loan debt through this method. It varies on a case-by-case basis. 

What is the process like in a Chapter 13 bankruptcy filing

Deciding to declare bankruptcy is never an easy choice. There are many factors to keep in mind when trying to figure out what to do about your overwhelming financial obligations. One of the most significant factors in bankruptcy is whether you can keep your home.

Chapter 13 bankruptcy may allow you to keep your home and vehicle, even if you are behind on payments. It is essential to understand some aspects of this particular type of bankruptcy before deciding to move forward.

The 341 meeting—an important step in your bankruptcy process

If you have decided to declare bankruptcy, you will be assigned a trustee to manage your case, which is the focus of what is called the 341 meeting. However, this is also a meeting that concerns your creditors and they will be invited to attend.

A little background

You can stop creditors right now through bankruptcy

Phone calls during dinner from pushy telemarketers are bad enough, but harassing calls from creditors are even worse. Creditors have a right to pursue payment, and you are at their mercy, right?

Not quite. Yes, they have a right to get their money back, but you are not at their mercy. You do not have to put up with threats, foul language, deception or invasion of privacy. In fact, creditors must follow the strict guidelines in the Fair Debt Collection Practices Act by the Federal Trade Commission. It outlines how and when they can contact you and try to collect money. This does not mean that creditors follow it, though.

5 signs you should file for bankruptcy

When you are facing a massive amount of debt, you may have no idea what to do. Filing for bankruptcy may be a scary proposition to you. The term "bankrupt" may sound ominous. However, it does not need to be a nightmare. In fact, it may be a viable option for relieving your debt.

Sometimes, bankruptcy is the only way to get out of financial difficulties. Here are some signs you should seriously consider going bankrupt.

Chapter 7 bankruptcy: pros and cons

If you are one of the many Ohioans whose credit card and other consumer debts have accumulated to the point where you can no longer afford to make the payments, you may be considering Chapter 7 bankruptcy as a last resort for saving you from complete financial ruin.

It is true that Chapter 7 is the simplest form of bankruptcy, which is why nearly 71 percent of bankruptcy declarants choose it. There are, however, income guidelines to which you must adhere in order to be eligible to file a Chapter 7. Your best strategy is to consult with an experienced bankruptcy attorney who can explain the Ohio income guidelines and answer your other questions as well.

What single moms need to know about bankruptcy

If you are a single mother, then paying the bills to keep your family afloat is likely one of your top priorities. However, there may come a time when it all gets to be too much. Every day brings a new bill payment request, and you cringe every time the phone rings in case a collector is calling. You are stressed and unsure how to pay the rent or the electricity bill. Your kids are stressed too.

Bankruptcy may be able to help you and provide a fresh start. Here are some things you need to know.

How to improve your credit score after bankruptcy

Although filing for bankruptcy is scary, there is a light at the end of the tunnel. One thing you can be certain of is that your credit rating will take a hit. However, it will also go down if you remain in debt, so you are better off finding relief through bankruptcy

Bankruptcy will remain on your credit report for up to 10 years, but there are ways you can start rebuilding your score as soon as you discharge all of your previous unsecured debt. There are various ways to rebuild your credit, and as long as you go about the process wisely, you can recover in a timely fashion following your venture into bankruptcy. 

Understanding liquidation in Chapter 7 bankruptcy

If you are facing insurmountable debt and wondering how to get your life back on track, bankruptcy may seem like the last option you want to consider. Too many people assume that it will destroy their credit and doom their financial future when in fact the opposite is sometimes true. Chapter 7 bankruptcy, in particular, can provide debtors with a fresh start financially through liquidation.

This part of the process scares many people, though. When you hear the word liquidation, you might imagine losing your home and car, but liquidation can actually be a beneficial means of repaying debt and reclaiming your financial security. The following are a few things you should know about it.

Understanding lien stripping

Chapter 13 bankruptcy is a viable option for getting out of debt for both individuals and businesses. In 2010, the United States saw over 400,000 Chapter 13 bankruptcies filed, and a majority of those were from families.

Bankruptcy is a complicated area. There are numerous aspects of the process people need to familiarize themselves with, and that includes lien stripping. Anyone who hears their attorney casually mention lien stripping should take the time to learn about this concept. 

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Phone: 513-729-7196
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Phone: 513-729-7196
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