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May 2014 Archives

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Personal bankruptcy for those with assets and income to protect

A common assumption about those who file for bankruptcy in Cuyahoga Falls may be that they just don’t have enough money to pay their debts. After all, how could one fall behind on one’s debt payments if he or she has a steady income coming in? However, the truth about those seeking bankruptcy protection is much less black and white. Studies done by the Office of U.S. Courts show that in 2012, the average monthly income if those who filed for Chapter 7 bankruptcy was over $2,700. Those same people also had, on average, almost $116,000 in total assets to their names.

Wife of former mayor seeks Chapter 7 bankruptcy protection

Many in Summit may question the reason why those who file for personal bankruptcy are said to be seeking bankruptcy “protection.” One may not be able to see exactly what sort of protection bankruptcy provides without having already been harassed by a seemingly endless stream of creditors. Eventually, those creditors lose the willingness to work through debt issues and start targeting the remaining assets that their debtors do have, namely homes and cars.

Can a personal bankruptcy really stop foreclosure?

Since the most recent economic recession, many homeowners in Cuyahoga Falls as well as in other parts of the country have experienced the financial pain that comes from being underwater with their homes. Fighting to keep one’s head above dangerous financial waters can be made that much more difficult if he or she owes 25% or more than what his or her house is currently worth. Yet with housing market just now starting to show signs of recovery, how realistic is it too assume that these struggling homeowners will be able to get out from under those mortgages and still be able to find adequate housing?

Communication key to resolving medical debt

Medical debt remains among the most common types of debt plaguing citizens of Summit and throughout the rest of the country. The American healthcare system stands above all others in the world in terms of positive patient outcomes and advances in treatment methods. Yet such exceptional care doesn’t come cheap, and even those who have health insurance often find themselves unable to cover the entire costs of their services. Left alone, patients can quickly see their bills overwhelm them and drive them into financial ruin.

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