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Chapter 7 Bankruptcy Archives


Will I be debt-free after filing Chapter 7 bankruptcy?

The short answer to the question posed in the headline of this post is: not necessarily. This can be frustrating for people looking for a simple "yes" or "no," but the fact is some people can have all their debt discharged in bankruptcy while others cannot.

Court rules debt can still be discharged after asset transfer

Ohio residents who have more debt than they can afford to pay back may choose to file for bankruptcy. While considering bankruptcy, it is important for them to understand the laws about transferring assets. If valuable property is transferred before a bankruptcy filing, the action could result in a denial of a discharge.

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.

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.

Court says income is part of bankruptcy estate

Ohio residents who file for Chapter 7 bankruptcy must turn over all of their nonexempt assets to a bankruptcy trustee so that the assets can be liquidated to pay off creditors. If an individual earns income after a bankruptcy case has commenced, this money does not have to go to the trustee. However, a person who is paid after a bankruptcy filing for work performed before the bankruptcy filing may have to give this money to the trustee.

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