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June 2013 Archives

More Ohio credit card debt means lower credit score for many

The possible effect of bankruptcy is on the minds of many people in Ohio when they file. This includes how such an action will be seen long term through things like a credit score. Now, many find that they must chance a credit score change because of the amount of unmanageable credit card debts that they have accumulated. Before the recent recession and housing bubble, many banks were encouraging people in Ohio and elsewhere to take money out of their homes through equity loans. When the value went down during the recession, the money was still owed. Some found it hard to make payments and turned to credit cards for help. This may lead to financial stress and a lowering of a credit score.

Ohio Chapter 7 includes asset and debt disclosure

The recession hit many people in Ohio hard. In fact, for some the hard times have continued. That is the case for one man who readers may find interesting. Before the housing crash he owned a hugely successful development firm and lived a lavish lifestyle that included yachts and vacations. That venture ended and the man recently filed for a personal bankruptcy, possibly a Chapter 7 that, if successful, could offer debt discharge.

Ohio Chapter 7 bankruptcy requires disclosure

The need to file for the protections offered by a personal bankruptcy can come to people from all walks of life. In fact, readers in Ohio may be interested to learn about the Chapter 7 bankruptcy of a former company owner that occurred recently in another state. The man filed when he found that he could not repay the debts that he had accumulated.As is the case in Chapter 7 bankruptcy cases here in Ohio, the man in the most recent matter had to disclose his assets and liabilities to the court. This is done so that the trustee in a bankruptcy can make a determination if creditors will be repaid some, or all, of what they are owed. There is also a review conducted of the assets to determine if any will be sold in a bankruptcy case.

Minor Chapter 7 bankruptcy similar to some in Ohio

People in Ohio may think that it is only those of lower net worth that seek the protections offered by a personal bankruptcy. While this may often be the case, readers may be interested to learn about the Chapter 7 bankruptcy filing of a man who was once worth more than a billion dollars. The man is Halsey Minor, former owner of CNET Networks.

Credit score can improve quickly after Ohio bankruptcy

People in Ohio worry that if they decide to file for a personal bankruptcy that they will have difficulty recovering financially. Just the opposite is true, however, as one recent report notes. In fact, there are steps that people can take as soon as their bankruptcy is finalized that can begin to rebuild a credit score and return to good financial standing.

Ohio students can recover from bad credit score and high debts

Young adults in Ohio who are just graduating from college will not be surprised to hear about the increasingly high amount of debt being carried by their peers. In fact, a recent report notes that the average college graduate in our nation has $35,200 in debt when they leave school. This can lead to some having difficulty with repayment and a low or bad credit score.

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Phone: 513-621-7902
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Colerain, OH 45247

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