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November 2014 Archives

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Consequences of medical debt in Ohio

Medical debt can have long lasting consequences for those who owe. One of the biggest problems that it can lead to is a damaged credit score if an unpaid debt is referred to collections. It can take years to rebuild a person's credit profile, and poor credit can hamper an individual's ability to get a loan.

What to think about before declaring bankruptcy

Filing for bankruptcy is not something that should be done on a whim. A bankruptcy can remain on an Ohio debtor's credit report for up to 10 years, which may make it difficult to get a loan or even get a job in the future. Prior to deciding on bankruptcy, it may be worthwhile to talk to creditors to see if there is anything that can be done to achieve debt relief without filing.

Tax on forgiven debt could be a surprise for Ohio consumers

Anyone who has settled a debt that was owed to a creditor, such as a credit card company, by payment of less that the total amount owed should be aware that the IRS could consider the difference to be taxable income. For example, if a credit card debt balance is $10,000, but the debtor negotiates that down to $6,000 or 60 percent of the balance, they would have $4,000 forgiven debt income, which must be reported as other income on Line 21 of their 1040 tax form.

How many times can a debtor claim bankruptcy?

Ohio residents desirous of filing for bankruptcy may be wondering how often this can be done. While the laws usually allow a person to file for bankruptcy as often as he or she wishes, there are certain conditions that the filer must meet in order to be eligible to file again under either Chapter 7 or a Chapter 13.

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