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April 2013 Archives

National program grant helps those at risk of foreclosure in Ohio

The recent recession has had many adverse effects on the economy and people's lives. The real estate market has been especially affected by the recession, causing many people to fall behind on their mortgage payments. However, the Ohio Housing Finance Agency (OHFA) plans to help these people through a grant from a national program designed to provide foreclosure counseling services.

Unraveling some of the facts of filing for bankruptcy

Bankruptcy is an established traditional remedy in which the government in effect declares that it's better for an individual or married couple to get a fresh start rather than to suffer incessantly in the destructive hold of overwhelming debt. Consistent with that policy, a filing for bankruptcy in a federal court in Ohio allows generally for the elimination of all unsecured debt, and for the reorganization of secured debt that has gone into arrears. A debtor with only unsecured debts such as credit cards and medical bills will usually want to file a Chapter 7. One requirement is that debtors must pass a 'means test' initially to prove that they cannot afford to pay their debts.

Debt consolidation traps could lead to Chapter 7 bankruptcy

For Ohio consumers who are looking for debt relief options, loan or debt consolidation often seems like a good choice. The promises made by companies offering consolidation services are enticing, and include the ability to lower interest rates and monthly payments and allow consumers to make one easy payment each month. However, a great deal of caution should be employed before embarking on a debt consolidation plan. In some cases, repayment is not possible, leading consumers to eventually file for Chapter 7 bankruptcy after a long period of repayment efforts.

Chapter 7 bankruptcy offers exemptions to filers in Ohio

The mayor of a small city in another state has declared personal bankruptcy. Like readers in Ohio, the man in this Chapter 7 bankruptcy proceeding found that he was unable to repay the debts that he had accumulated. The mayor explained that his financial problems were partially attributed to the recent recession that has affected us all.

Commentators recognize recent increase in doctors filing for bankruptcy

Health care has been a hot-button topic in the news for many reasons in recent months. Similarly, the economy has topped the headlines for several years. The two topics converge in an area that many of our Ohio readers may be surprised to learn.

Casey Anthony's lawyer objects to bankruptcy trustee motion to sell rights

Most chapter 7 bankruptcy proceedings do not lead to contested issues. Most consumers who seek bankruptcy protection do not have issues that lead to a contested issue. However, in the Casey Anthony bankruptcy, it appears that a contested issue has surfaced.

How does the statute of limitations work on debt in Ohio? P. 2

In the last entry, we began a discussion of the statute of limitation period on credit card debt. Each state sets its own limitations period. Some commentators say that the various limitations periods in each state create confusion when finances cross state lines.

How does the statute of limitations work on debt in Ohio? P. 1

Sources say that nearly 15 percent of all American households had at least one debt in some stage of the collections process at the end of 2012. That statistic represents those households that have fallen delinquent on a loan, or are in default. The statistics reveal that a great many households continue to suffer from some level of financial stress.

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Phone: 513-729-7196
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Colerain, OH 45247

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