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Bankruptcy Archives

Seven ways to discharge student loan debt

Student loan debt is a growing issue in Ohio and across the United States. Individuals are struggling to pay back loans they incurred to cover education costs, many of them paying significant portions of their income to loan companies every month. For those who are looking for ways out, there are seven options for discharging student loans.

Using home equity loans to pay credit card debt

Many Ohio residents suffer financial distress due to high credit card balances and other forms of unsecured debt. High interest rates normally accompany the credit card balances or personal loans, leaving the borrower with repayment terms that damage the monthly budget.

How bankruptcy impacts a credit report

When Ohio consumers file for bankruptcy, it will go on their credit report. The bankruptcy may appear on a credit report after it was first filed even if the case was dismissed or a debtor chose to drop the case after filing. Those who file for Chapter 13 bankruptcy should expect to see it on their credit report for seven years after the filing date.

How to avoid spending traps after bankruptcy

While many of our posts focus on bankruptcy issues (i.e. discharging debts), we find it helpful to highlight some money saving tips that consumers can take advantage of so that they can avoid the need for bankruptcy protection. Indeed, there are a number of ways to save money that are popular (e.g. clipping coupons, taking shorter vacations), but arguably the most important way to save cash is to stop wasting money on retail items that can be purchased used.

The truth about bankruptcy

Many Ohio residents have a very tight budget, and it may take only a single financial emergency to send them on a path the bankruptcy. People who are considering filing for bankruptcy should be aware of the myths that surround the legal procedure.

Bankruptcy and the means test

Ohio residents who file for bankruptcy must pass a means test that decides whether they are eligible for Chapter 7 or Chapter 13 bankruptcy. The idea behind the means test is to keep the number of people who are able to file for Chapter 7 and most of their unsecured debt discharged lower. However, many people still qualify for Chapter 7 bankruptcy, and others may choose Chapter 13 because they want to keep some assets such as a home. People who are in debt from their business do not have to take the means test.

How does discharge in bankruptcy work?

Ohio residents, under the right circumstances, can file for bankruptcy to help them when they are facing significant financial struggles. The two main types of bankruptcy available are Chapter 13 and Chapter 7. In a Chapter 13 filing, the discharging of some remaining debts may take place following the successful completion of an approved repayment plan. In a Chapter 7 filing, the discharging of all qualifying debts takes place upon bankruptcy approval.

Bankruptcy or divorce: which should come first?

Financial difficulty is one of the main reasons that Ohio couples file for divorce. While ending the marriage may be the best option for your individual situation, this option does not mean that your financial struggles will be over once the process is finalized. In fact, debt and money woes can follow you for years after the divorce is final.

American families struggling to keep up with credit card debt

Families in Ohio and across the country send credit card companies an average of $1,292 each year in interest payments as part of paying off their balances, but that figure will likely be going up in the coming months. The U.S. Federal Reserve announced a quarter point interest rate increase on Dec. 14, which means that Americans will soon be paying more than 19 percent interest on average for the convenience of revolving debt.

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