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Chapter 13 Archives

Student loans important considerations for Chapter 13 filings

For many people in the Cincinnati area, filing for bankruptcy may be the best option for their situation. Whether it's Chapter 7 or Chapter 13, filing for bankruptcy is often a difficult choice, but one that can allow for some semblance of moving forward while decreasing debt.

FTC fines debt collector for improperly contacting clients

Despite their best efforts, some hard-working residents of Ohio may find themselves in a financial bind. When faced with large amounts of debt, it may be that their best course of action is to file for bankruptcy. An experienced Ohio bankruptcy attorney can help someone considering this option, whether it be Chapter 7 or Chapter 13 bankruptcy.

Could having friends with bad credit affect a loan application?

Since the popularization of the credit score, it has been true that filing for bankruptcy in Ohio or anywhere else in the country can have a detrimental impact on a person's credit score. However, when it comes down to it, many people find that filing for bankruptcy, such as under Chapter 13, can be a steppingstone to financial freedom and moving on from a difficult situation.

Will filing for bankruptcy make your tax debt disappear?

Many people in Ohio who are contemplating filing for bankruptcy probably have several different kinds of debt responsible for their financial woes. While credit card debt is often a primary driver of difficult financial situations, many people with large amounts of credit card debt also have debt in the form of unpaid taxes.

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.

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.

Old tax issues send Dionne Warwick into bankruptcy

A publicist for Grammy Award winning singer Dionne Warwick announced earlier this month that the acclaimed singer is broke. Warwick filed for personal bankruptcy protection in her home state March 21. Her publicist says that the singer's financial troubles date back to the 1980s and 1990s, when the publicist says "negligent and gross financial mismanagement" of the singer's accounts occurred leading to massive tax liabilities and other debts, according to Reuters. The publicist attributes the financial problems to a former business manager who was fired several years ago, according to the Huffington Post.

Debt relief outside bankruptcy may have tax consequences, P.1

As we continue to approach the income tax deadline next month, it is important for people to understand that the Internal Revenue Service generally considers forgiveness of debt as a taxable event for income tax purposes, but there are some exceptions. There are a wide variety of ways for consumers to seek debt relief, but in each individual case, a consumer needs to seek information to learn the pros and cons of each method of finding debt relief.

Auto repossessions down; is it a temporary lull? P.2

In the last entry, this blog opened a discussion into a recent downturn in auto repossessions. Despite the current drop in repossessions, the president of an Ohio-based auto auction and repossession company says that repo companies are under pressure to make ends meet. Some have gone out of business, but those that remain continue to lower profit margins to remain in business. But, for a consumer, an auto loan is a debt taken on to secure transportation.

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