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May 2015 Archives

Bankruptcy could be an option for overwhelmed Ohio residents

In order to be successful, many Ohio residents know that money may need to be spent and investors attracted. However, if a person is unable to repay investors and/or make more money than he or she spent, serious financial issues could result. In some situations, parties may be too overwhelmed with debt to pay back loans, and they may wish to consider filing for bankruptcy

Chapter 7 could benefit Ohio residents

When Ohio residents are considering getting a handle on their debt, they may wonder which management option may be right for them. They may want to consider consolidation or settlements rather than bankruptcy because the word "bankruptcy" often appears to have a negative connotation. However, Chapter 7 bankruptcy may be an option that some parties could find substantially beneficial when working to get their financial situations back on track.

Bankruptcy may help Ohio residents facing medical debt

Trying to pay for expensive medical treatment can be a difficult situation for Ohio residents. Some procedures may be necessary in order for ailments or injuries to be remedied, but the bills associated with the procedures could leave individuals facing considerable medical debt. Rather than forego future medical treatment in order to avoid accumulating further debt, individuals may wish to look into their options for handling the already accrued debt.

Denial of Chapter 13 repayment plan and appeals

Ohio residents may be interested to learn about a recent U.S. Supreme Court decision in which the court ruled that a debtor does not have a right to appeal a denial of a proposed Chapter 13 repayment plan. The ruling was issued on May 4, and puts an end to splits in lower courts regarding the right.

Debts that are not discharged in a Chapter 13 bankruptcy

One of the options available to Ohio debtors who cannot obtain relief from their financial obligations through other methods is filing for Chapter 13, assuming the eligibility requirements are met. While a successful completion of the plan will result in the discharge of most debts that remain unpaid, some obligations are not eligible for discharge. These include criminal fines and compensation obligations, liabilities for drunk driving and debts not covered by the court-approved plan. However, two of the biggest debt concerns for some individuals are student loans and payments for alimony and child support.

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