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September 2016 Archives

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Bankruptcy does not eliminate attorney's fees owed to ex-spouse

Divorced couples in Ohio who are considering bankruptcy may want to take note that a judge has ruled that the attorney's fees a man owes his former spouse for overtrial are a domestic support obligation. Debt qualifies as a DSO if it is intended to support a child, spouse or ex-spouse of the debtor. Under bankruptcy law, a DSO is exempt from discharge and labeled as a priority. This means that the fees are considered priority must be paid in full in a Chapter 13 bankruptcy.

When to seek credit help

Debt, which can include credit card balances, lines of home equity and student loans, has been identified as one of the main reasons why many Americans are unable to save. Ohio residents should know the five signs that indicate an individual needs a credit counselor.

Tackling high-interest debt from credit cards in Ohio

It is easy to run up a high debt balance on a credit card. Credit cards may carry interest rates as high as 30 percent as well as added penalties and fees for late payments. It is in one's best interests to pay off credit card debts as soon as possible before tackling other lower-interest debt balances.

Why is student loan debt so difficult to discharge?

Filing for bankruptcy can offer individuals a clean slate in most areas of life, but a couple of forms of debt are notoriously difficult to discharge: mortgages and student loans. The latter might seem especially baffling, especially to younger people. Why can't student loans be discharged as easily as credit card debt or car loans?

Bankruptcy rates higher in some states

Bankruptcy is an option for some Ohio consumers who are struggling under the weight of heavy debt. While filings have fallen nationwide, some parts of the country still have a high rate. Ohio is number 10 in the list of states with the highest filing rates per capita.

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