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Bankruptcy Archives

The effect of debt on older Americans

Older Ohio residents are still in debt when they reach retirement age according to a MoneyMagnify analysis. The analysis was conducted using information from a University of Michigan study. Conducted since 1990, it asks more than 20,000 Americans at or over the age of 50 about the state of their finances.

Responsibility for a deceased person's credit card

If the owner of a credit card dies, surviving family members might be responsible for the debt in some circumstances. However, if a person is a sole cardholder, it is likely that no one else is responsible for the debt including the surviving spouse since Ohio is not a community property state. If the card is a rewards card, the company might apply the rewards toward the debt. If this is not enough to cover the debt, the credit card company might try to collect from the estate.

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.

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