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March 2015 Archives

Choosing between debt consolidation or bankruptcy

Ohio consumers who are struggling with overwhelming financial obligations may wonder whether it makes better sense for them to attempt a debt consolidation, enter into a debt management plan or simply to file for bankruptcy. The answer to that question largely depends on the individual situation of the debtor.

Suggestions for those seeking an Ohio bankruptcy

When an individual files for bankruptcy, there are many items that he or she may expose liquidation. What a bankruptcy trustee may be able to take depends on the type of bankruptcy case and exemptions allowed by state and federal law. In addition, there are some actions that should be avoided if a person wants to protect as many assets as possible.

Changes to medical debt reporting could help consumers

Many Ohio residents have unpaid medical debts that are damaging their credit reports. Fortunately, some new changes in the way that these obligations are reported to credit bureaus could mean that a lot of people's credit scores will be going up. On March 9, Experian, Equifax and Transunion announced that they were going to be reporting medical debt differently and responding to complaints about credit report errors with more diligence.

Comparing common forms of bankruptcy in Ohio

When an individual wishes to file for bankruptcy, they will usually file for Chapter 7 or Chapter 13 bankruptcy. Those who run a business as a sole proprietor may also file for either of these forms of debt relief. Regardless of the type of bankruptcy that an individual is filing for, they must complete credit counseling no more than 180 days before filing.

Eliminating federal tax debt with bankruptcy in Ohio

If someone has unpaid taxes, they may be able to discharge them by filing for bankruptcy. In most cases, tax debt is not eligible to be eliminated with a bankruptcy, but there are certain situations where this is possible. Generally, a Chapter 7 filing will be more likely to eliminate this type of debt than a Chapter 13 filing, as Chapter 13 reorganizes debt and does not necessarily discharge it.

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

Cincinnati, Ohio 45202

Phone: 513-621-7902
Fax: 513-621-6402
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The Rose Law Office
6020 Cheviot Road
Colerain, OH 45247

Phone: 513-621-7902
Fax: 513-621-6402
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