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June 2011 Archives

Ohio ranks 13th in U.S. foreclosure rate

Last week, RealtyTrac released its mortgage foreclosure report covering the month of May. The report says the number of United States homeowners who were put on notice for falling behind on mortgage payments fell last month to the lowest level seen since 2006. Much of the decline is attributed to a slowing housing market and lingering delays in foreclosure proceedings after the "robo-signing" debacle.

New consumer protection agency to open doors

The Better Business Bureau in Ohio, like in BBB offices across the country, regularly receives complaints from consumers about unfair debt collection practices. The Federal Trade Commission and attorney general offices across the country also field numerous complaints. Laws exist to attempt to control the tactics creditors use in their efforts to attempt to collect on debt. Next month a new federal agency, the Consumer Financial Protection Bureau, will open its doors to join the federal efforts of the Federal Trade Commission in policing debt collection practices.

Some signs of financial distress for Ohio residents, Part 2

In the last post, this blog began a discussion of some of the warning signs that individuals, or couples in a Cincinnati household may be heading toward financial distress. Many individuals have a tendency to overlook the signs as the months pass by. In the long run, overlooking the signs may only delay the inevitable as creditors become more aggressive. In other cases, overlooking the signs early in the game may only result in financial distress that could have been avoided.

Some signs of financial distress for Ohio residents, Part 1

Many Ohio residents have been hit hard by the economic recession. It is common to work paycheck to paycheck and try to maintain a budget for households throughout Cincinnati. At times, the total income for a household, however, is not sufficient to cover the monthly bills. Experts say there are a number of signs that point to a true financial problem where seeking some sort of debt relief can be beneficial.

Study: higher incidence of bankruptcy following bills related to cancer

A recent study was presented this week before the American Society of Clinical Oncology's annual meeting. Researchers found that cancer survivors were nearly twice as likely to file bankruptcy within one year after their diagnosis as the general population. An experienced Cincinnati bankruptcy attorney can tell you that medical bills are a common reason people seek chapter 7 or chapter 13 bankruptcy protection.

Couple turns table, forecloses on bank

A couple, originally from Ohio, decided to head south and found their dream retirement community. The couple found an affordable home and paid the purchase price of $165,000 in cash. Four months later a representative from Bank of America came pounding on their door seeking mortgage payment arrears.

Wage garnishment can follow judgment on a debt

Many Ohio residents who have fallen behind on the bills know of the incessant phone calls and letters that can follow a default. Bill collectors seeking payment can at times seem relentless. The difficulty with the process is that many people begin to ignore the calls and letters. Sooner or later a bill collector may involve the courts and gain a judgment on the debt. That can cause unexpected hardship.

So what are the consumer protection rules for debt consolidation companies?

Recently this blog reported a story on debt consolidation companies. In some cases, debt consolidation firms have made matters worse for Ohioans and people across the country. The recent story indicates that certain consumer protection laws are in place in an effort to control the practices of debt consolidation firms. After the Federal Trade Commission (FTC) finalized new rules several months back, some consolidation firms went out of business rather than attempting to comply. Many companies modified their practices to play by the rules. Other companies have sought loopholes or other claimed exemptions from the rules.

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

Cincinnati, Ohio 45202

Phone: 513-729-7196
Fax: 513-621-6402
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The Rose Law Office
6020 Cheviot Road
Colerain, OH 45247

Phone: 513-729-7196
Fax: 513-621-6402
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