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October 2011 Archives

Banks in Ohio turning to demolishing foreclosed homes

A new trend is emerging after foreclosures, and the trend seems to have some roots in Ohio. A 2009 Ohio law created land banks. Parcels of land are sold through the land banks to institutions like churches or hospitals seeking to expand, or in some case the land is used as such things as parks. A number of banks, including banks in Cleveland, have found the costs associated with maintaining properties after an Ohio foreclosure have run so high that it is cheaper to bulldoze the foreclosed home and give the property to the land bank.

Study: late mortgage payments linked to health issues

There is no question that the housing market has had an effect on the nation's financial health. Foreclosures across Ohio have caused a drop in housing prices. The financial markets have also suffered from the effects of the housing market. Now new research indicates that the economic crisis is affecting the nation's overall health. That is medical health, in addition to the nation's financial health.

Ohio bankruptcies down, not necessarily less debt

Personal bankruptcies are down this year across the state of Ohio. Many experts, however, say that the decline in Ohio bankruptcy cases does not necessarily meant that many Ohio residents are not suffering from financial distress. Some experts suggest that many Ohio residents are relying on credit card debt to make ends meet.

Household incomes dropped after recession ended

News reports each week describe different statistics about the economy. Some reports suggest the numbers are good, while in others, the numbers may be discouraging. Most experts agree, however, that the recession ended some time ago. Intuitively, you would think that would have a positive impact on Ohio residents' household budgets.

Waiting periods for home loans after bankruptcy, foreclosure may vary

Many Cincinnati area homeowners have been hit hard by the economic downturn. One of the difficult decisions financially distressed Ohio residents face is what future potential effect a foreclosure, short sale or bankruptcy petition may have on an individual's credit rating. Credit scores do affect the ability to obtain car and home loans, but many people are unaware that is possible to restore credit after adverse credit issues that many have faced, or are facing, in today's economic climate.

Closed builder files bankruptcy over personal loan guarantees

The economic downturn has struck against a cross-section of Americans. The housing crunch has hit homebuilders hard in Ohio, and across the country. One Midwestern homebuilder closed his doors roughly 7-months ago due to the struggling market. During his years in business, the homebuilder signed a number of personal guarantees, backing loans taken out by his business. Now the former businessman has filed for personal bankruptcy protection to find debt relief from the personal guarantees.

Chapter 13 cases are occasionally converted to Chapter 7

In February, this blog discussed a provision of U.S. bankruptcy law that allows for a hardship discharge in a chapter 13 bankruptcy case. The 2005 changes to the bankruptcy code were intended to force more Americans into chapter 13 proceedings versus chapter 7. The code sets up a "means-test" that generally determines whether an individual, or married couple, qualifies for a chapter 7 bankruptcy, or whether the petition must proceed under chapter 13 of the code.

FTC closes down bill collector on egregious complaints

Any experienced bankruptcy attorney in the country has heard stories from consumers who have been subjected to creditor harassment. From time to time, this blog has recounted stories from the news of the outrageous tactics some bill collectors have used in pursuit of the almighty dollar. Cincinnati bankruptcy attorneys know that consumer laws are in place to protect financially distressed individuals from the outlandish tactics that some creditors use.

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