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October 2016 Archives

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Vehicles and Chapter 13

Ohio who are struggling with debt are often trying to find different ways of managing their finances. In some cases, credit counseling or consolidation may be options, but these alternatives are not always feasible. In such cases, bankruptcy may be the most practical solution.

Effectively paying off credit card debt

Many Ohio residents use credit cards to pay for educational expenses, medical bills or to get rewards. However, there may come a time when it becomes difficult to keep up with the payments. An average household carries $5,700 in credit card debt while the number balloons up to $16,048 when only those who have outstanding balances are considered. To pay off balances, debtors may choose between the avalanche or snowball method. It is also a good idea to create a budget as well as determine one credit card to start paying down beyond the minimum payment.

Ohio residents say mortgages are biggest source of debt

The top source of debt for people in Ohio is mortgage debt, according to a survey by GOBankingRates.com. Ohio residents are not unique in their debt struggles, as residents of 41 other states also reported that they hold most of their debt in mortgages. People who reported that they have mortgage debt owe an average of $59,500.

Court rules against debtors' bankruptcy modifications

Based on the ruling of one court, people in Ohio who file for Chapter 13 bankruptcy and then want to make modifications to the model plan must go through the legal system rather than taking it upon themselves to do so. This was the judgment of the U.S. Bankruptcy Court for the Northern District of California after five debtors attempted to make modifications themselves that prevented the trustee from distributing any excess funds.

Three reasons why medical expenses remain no. 1 basis for bankruptcy

Take a quick look around the internet and it's obvious that the top reason for bankruptcy continues to be medical expenses. Insurmountable medical bills lead to nearly 2 million people filing for bankruptcy in the U.S. each year, accounting for about 62 percent of personal bankruptcies, whether it's Chapter 7 or Chapter 13.

The facts about Americans and credit card debt

Ohio residents may be interested to know that the average American household has $5,700 in credit card debt. This is according to ValuePenguin, and it was also noted that the young or those with low incomes are not the only ones guilty of carry credit card balances. Households that make $160,000 or more have an average of $11,200 while those who are under the age of 35 carry the second-lowest credit balances on average.

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