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Cincinnati Bankruptcy Law Blog

The dangers of excessive credit card debt

Many consumers in Illinois turn to credit cards to build credit, pay for things that may be outside the budget and get through a tough financial time. According to ABC20, the state is one of the worst when it comes to credit card debt, and many attribute that to a budget impasse and high property taxes. The truth is that credit cards come with their own dangers and consumers should be aware of them.

Credit Karma defines one of the major dangers of having credit cards is the temptation to overspend. Because credit limits are often set higher than the consumer’s budget, it is easy to feel as if credit is free money. Many are inclined to spend more when paying with a credit card than they are when paying with cash. With credit, they avoid the pain of feeling the money as it leaves their account or wallet.

Healthcare billing policies force many into bankruptcy

Although bankruptcy is often seen as a sign of financial irresponsibility, the circumstances surrounding crippling debt are rarely that straightforward. Even the most responsible person can find himself facing an overwhelming amount of debt due to a single medical emergency.

Medical debt is one of the leading factors behind most individual bankruptcies in the United States. Even with health insurance, consumers are often hit with surprise hospital bills for out-of-network procedures they couldn’t possibly foresee or control. The problem has become so bad that individual states as well as federal legislators are working to curb this unethical practice.

How bankruptcy could help you save for retirement

The individuals and institutions that lend money do not particularly like Chapter 7 bankruptcy. If you successfully filed for this economic protection, then you would no longer have to pay off your debts in most cases. 

To you, this could be a chance to get your life back on track. To lenders, bankruptcy represents a great deal of interest revenue lost — interest that you would be earning instead of paying. Read on for a picture of how bankruptcy could change your future.

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.

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Phone: 513-729-7196
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