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June 2014 Archives

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How to deal with debt obligations

It can be scary and stressful to get creditors calling daily or sending letters in an effort to get their money. However, consumers do have options to help them resolve their debt issues. In some cases, creditors have a limited amount of time to initiate legal action to collect a debt. In Ohio, a creditor cannot take legal action to collect a credit card debt after six years and after eight years for medical debt.

Supreme Court rules inherited IRAs not protected in bankruptcy

Ohio residents may be aware that funds saved for retirement are protected when an individual files for a bankruptcy. However, the rules regarding monies in an inherited retirement account have been less clear. This ambiguity was addressed by the Supreme Court of the United States on June 12. The court ruled unanimously that money in an inherited retirement account was not protected in bankruptcy proceedings, and it could be used to pay creditors.

Dealing with creditors in Ohio

In 2011, 200,000 lawsuits were filed by debt collectors in New York in an attempt to resolve cases where borrowers had failed to pay an obligation. However, a Federal Trade Commission study has revealed that only 6 percent of creditors actually have documentation to support their claim. Furthermore, many people claim that they aren't even told that they are being sued before a judge enters a default judgement against them.

Managing rising medication costs and related debt

Ohio residents who are faced with serious health problems may struggle under the burden of expensive medications. The issue can become even more frustrating as providers of medical insurance place a greater portion of prescription costs in the hands of consumers. The Affordable Care Act has drawn many newcomers into the insurance system as well, creating challenges as many of these individuals aren't familiar with basic insurance concepts and practices. Medical debt can mount quickly as these people attempt to handle premiums, co-pays and other costs.

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