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Cuyahoga Falls Bankruptcy Law Blog

Can filing for bankruptcy end creditor harassment?

Ohio residents who are suffering under debt have a lot on their plate. This is especially true if creditors begin to harass you. They may use tactics that border on what could be considered legal, or even some that are downright illegal, to try intimidating you. If you are in that kind of situation, filing for bankruptcy may help.

FindLaw takes a look at a few of the different ways you can end creditor harassment and get back your life. Filing for bankruptcy legally makes it so that creditors can no longer pursue you for money. This means an end to:

  • Threatening phone calls or letters
  • Intimidating at-home visits
  • Email floods
  • Other intimidation and threat tactics

Apps that can help get your finances back on track

When you are in debt, it can feel overwhelming. Bills can pile up while you struggle to find a good place to start repairing the damage to your financial well-being.

However, you cannot begin to address a debt issue without knowing what caused it. That’s why paying attention to your finances is so important. In the age of smartphones, there are several useful apps that can help you track where your money’s being spent and on what:

The stress of unemployment can be a hindrance

When workers show up to their job in Ohio and are met with the startling and unexpected news that they have been laid off, they could be left scrambling to pick up the pieces and figure out where to begin. Rarely, do people ever expect to lose their job. When it happens suddenly, they may be in a dire position if they have not adequately prepared for a situation such as the one, they are now in.

One of the most difficult aspects of losing a job for many people is the ability to cope with the stress and anxiety of having no dependable income until they are able to secure another form of employment. According to HelpGuide, a job provides many people with self-confidence and is a part of their personal identity. It can also add purpose to their lives. Losing a job can not only be a blow to someone's financial situation, but it can also cause damage to each of those other aspects as well. 

How managing your finances can help you stay debt-free

Realizing that the debt you have accumulated is more than what you are capable of paying back by the required dates is jarring, to say the least. Now, you are left to scramble and make changes to allow you to meet your lenders' requirements before you are sent to collections or face the repossession of items that have value and meaning to you. At Debra Booher & Associates Co., LPA, we have helped many people in Ohio to learn more about how debt and bankruptcy will affect their financial future. 

Fortunately, you have the opportunity to live within your means and to make wise decisions regarding how you will spend your money. While the task of managing your finances may sound relatively simple, it does require your consistency and regular attention in order to identify where changes need to be made, as well as so you are able to stay aware of where your money is going out and why. 

What is the number one reason people go bankrupt?

When most people think of bankruptcy, they think of individuals who spend too much, budget too little and all around mismanage their money. However, according to The Motley Fool, the number one reason people go bankrupt is a reason no one can control — not even the most well-intentioned, financially accountable individual. That reason is medical expenses. If you live in Ohio, have substantial medical bills and would like to relieve yourself of your debt so you can finally get ahead, you may be one of millions to file bankruptcy because of the high cost of health care.

According to the Kaiser Family Foundation, more than 25 percent of U.S. adults struggle to pay their medical expenses. Many people try to place the blame on lack of health insurance, but the report suggests that insured individuals make up a large majority of medical-driven bankruptcies. The same study indicates that an estimated 40 percent of Americans claim the reason they filed bankruptcy is because of the outstanding cost of medical care.  

How can you rebuild your credit score after bankruptcy?

If you are like most Ohio residents who found themselves in over their heads with debt, bankruptcy may have been your only viable relief option. Now that you are debt free, however, you may wonder what you can do to rebuild your credit score and move forward with your life. TransUnion offers a few key bits of wisdom for doing just that.  

The major credit reporting bureau suggests that you immediately start building your savings post-bankruptcy. Having a cash cushion on hand can help you pay for major unexpected expenses upfront without having to put them on credit. It can also prevent a debt at the end of the month which you cannot pay. Saving money also makes it easier for you to pay your bills on time every month, as you do not have to worry about having enough cash on hand for necessities such as food and gas. 

Tips for improving your credit score after bankruptcy

Filing bankruptcy is a necessary step for some people to regain financial footing. However, many people are afraid of the poor credit scores they may be left with once their bankruptcy process is complete. Poor credit scores can make it difficult to obtain housing or loans, but those with poor credit scores do have options. If you are going through bankruptcy, there are steps you can take to rebuild your credit score after completing the bankruptcy process.

Correct any errors on your credit report

Does filing for bankruptcy mean a business must close?

Running a small business is tough. You make many decisions on your own. It allows you freedom, but it can also feel like a burden. This is especially true when business is not going well. Maybe the market is down, or you made some unwise purchasing decisions. Whatever the case, your business is losing money, and you cannot seem to get ahead.

You were considering filing for bankruptcy to get the creditors off your back, but you do not know if you are ready to close up shop. Here is what you need to know about filing for business bankruptcy.

What are the signs credit card debt is too high?

A credit card is a nice thing to have. When used correctly, it can help you in emergency situations or enable you to build your credit score for other financial moves down the road. However, many people in Ohio and other states struggle with credit card debt. If you are concerned about the amount of debt you have, then it is a wise idea to understand some signs that your credit card debt is getting out of control.

According to Money Talk News, you should first look at your financial situation. If you have no extra money in your monthly budget, this is a good sign there are issues. You need to have the ability to handle emergency expenses. Along that same line, it is also a problem if you have no savings.

You do not have to give up your jewelry in your bankruptcy

At Debra Booher & Associates Co., LPA., in Ohio, we understand that some people want to file for Chapter 7 bankruptcy in Ohio to find relief from debts, but losing certain assets would be devastating. For example, you may have an emotional attachment to a necklace left to you by your grandmother, a wedding ring from your deceased husband or a special set of earrings given to you by your children. However, your creditors are calling you every day, your wages are being garnished and you are in danger of losing your home. What can you do?

Fortunately, you do have options. The Ohio bankruptcy code allows exemptions on certain assets so that they do not have to be claimed in bankruptcy, and among these is a jewelry exemption. However, if your jewelry is valued at more than the amount allowed for the exemption, which changes from year to year but is generally between $1,300 and $1,500, the trustee may have to sell it to pay your creditors. Giving it to a friend or family member to hold until the divorce is final is not the answer, as hiding assets constitutes bankruptcy fraud

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