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October 2012 Archives

Bankruptcy lawyers issue warning about debt-settlement companies, P. 1

People struggling with debt in Ohio know that there may be options to deal with the debt load. In recent have years, debt-settlement companies have cropped up in advertisements all across the company, offering to get people out of debt in short order. Recently, the National Association of Consumer Bankruptcy Attorneys issued a consumer alert to caution Americans about the debt settlement industry.

Consumer agency proposes changes to CARD Act rules

In 2009, the Credit Card Accountability Responsibility and Disclosure Act came into effect. The CARD Act was intended for the most part to protect students from running up high credit card balances. Obviously, student debt remains a huge issue in this country. Excessive credit card debt is also a problem for many Ohio residents. However, the CARD Act has had some side effects that can be harsh on stay at home moms or dads whose spouse has a steady income.

Rapper 'Bow Wow' faces more financial woes after repo

Shad Moss-who is better known as "Bow Wow"-says that he is broke. Last year, the rapper had his $300,000 plus Lamborghini repossessed. The bank that held the note on the luxury vehicle has now filed a lawsuit seeking to collect $25,000 in debt still owed on the already repossessed Lamborghini.

Will Congress change credit reporting rules for medical debt? P. 1

Several years ago, an Ohio State student asked her lawmaker if the federal government could do something about how medical debts are recorded in a credit report. The woman suffered from fatigue and her doctor ordered a sleep study. Apparently, her medical insurance later refused to cover the medical bill, and the Ohio resident was saddled with bad credit from the medical debt.

Repo man accused of stealing cars with company truck

A repo man in the South Central United States was recently arrested for stealing a Chevrolet Tahoe. Authorities say that the repo man went into an apartment complex parking lot, hooked up the Tahoe to his company wrecker, and simply drove away. Apparently police stopped the wrecker later that morning. Police say that during the 6:00 a.m. traffic stop in May of this year, the repo man produced paperwork, and said the vehicle was a repossession. Authorities checked reports and noted that the Tahoe had not been reported stolen-so police let the man drive away with the SUV in tow.

College football coach John Smith amends chapter 7 bankruptcy papers

In July, this blog reported that a college football coach was considering filing for bankruptcy. Coach John Smith made the announcement during the off-season after falling into financial trouble after investing in real estate deals that went bad.

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