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October 2013 Archives

Bankruptcy meant to provide financial protection, not escape

Bankruptcy is often viewed as a taboo by people in Cuyahoga Falls. The immediate assumption that many make is that personal bankruptcy is simply a way for financially irresponsible people to escape from having to pay their bills. Yet those who assume this may be surprised to learn just who around them has sought bankruptcy protection in the past. Many bankruptcy experts will point out the fact that that’s what bankruptcy is supposed to provide: protection. When one saddled with debt doesn’t have the financial resources to resolve it, he or she is essentially at the mercy of creditors who may choose to garnish wages, file a judgment, or place liens on property. At least under bankruptcy protection, one is able to actually prove to his or her creditors that he or she isn’t capable of meeting expenses. Plus it allows him or her to at least make an attempt at restitution.

Medical debt could soon have less of an impact on a credit score

There are a number of different forms of debt that consumers in Cuyahoga Falls can accrue, and most are due to conscious decisions that they make with their money. However, there is one form of debt over which people often have no control: medical debt. Medical emergencies can't be planned for, and the expenses associated with them are out of a person's control. One should never be in the position of feeling that he or she needs to refuse necessary medical care for himself or herself or members of his or her family because of concerns about not being able to foot the bill.

Chapter 13 filers owing more on student loans after bankruptcy

Many of those who file for bankruptcy in Cleveland make too much to file for a standard Chapter 7. Yet this may actually be a blessing in disguise since a Chapter 13 allows filers to keep many of their assets, including their homes. For people in such dire financial circumstances, a Chapter 13 bankruptcy is meant to allow them a fresh financial start while still being able to repay some of their creditors. However, recent cases have brought to light a potential unexpected bump in the road for those looking for the relief that a Chapter 13 provides.

A "Do-It-Yourself" bankruptcy hard to accomplish with a Chapter 7

Those who are in the position of needing to file for Chapter 7 bankruptcy in Cuyahoga Falls are usually in such a position because money is tight. What many don’t realize is that the choice to file bankruptcy also brings with it some financial and legal obligations that can quickly add up, leaving one who’s already stretched thin with the added worry of now covering the costs of the very process meant to help save him or her from financial ruin.

Candidate defends her decision to file for personal bankruptcy

While there are any number of reasons why people choose to file for personal bankruptcy in Cuyahoga Falls, the established reason for filing for bankruptcy remains the same: to protect one's personal assets. While some may view bankruptcy as a convenient way to cover up for one's lavish spending, while others recognize scenarios where it is truly one's only option, the fact is that those who file are still placing themselves at the mercy of the bankruptcy court and their creditors in an attempt to meet an agreeable solution that allows one to keep some of his or her personal assets while still meeting some of the debts that he or she owes.

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