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Cuyahoga Falls Bankruptcy Law Blog

Tackling credit card debt is a necessity

It’s the main event that you didn’t want to happen, but now it’s time to face the consequences. In this corner, it’s the American consumer who has tallied a record credit card debt of more than $1 trillion. His opponent for the match, of course, is the heavyweight, burdensome and continuously growing credit card debt.

Americans, it’s time to wake up and grapple with credit card debt, brought to you by your impulsive spending habits, the convenience of credit cards, and some of the highest interest rates when it comes to borrowing. The debt has placed such a burden on you that it’s affected your happiness, and, in some cases, even your health.

Nursing home owner files for Chapter 11

Business owners in a variety of fields may need to file for bankruptcy for a plethora of reasons. Sometimes, financial burdens such as high levels of debt simply have to be addressed via a bankruptcy petition, which may offer a number of benefits for those who run a company in Ohio. Not only is filing for bankruptcy often advantageous for those who own a business, but individuals may benefit in many ways as well, from sleeping easier at night to a new financial start.

The owner of multiple nursing homes in Ohio recently filed for Chapter 11 bankruptcy. As a result, the nursing homes, eight in total, will have a different owner. The transition is not expected to have an impact on the care that patients in the nursing homes receive, nor is it supposed to affect the benefits that employees receive.

Talking to loved ones about bankruptcy

There are so many facets of the bankruptcy process that have been covered on this blog, but those considering Chapter 7, Chapter 13, or another type of bankruptcy should bear in mind that they may encounter many more issues prior to and after the filing of their bankruptcy petition. For example, some people may have a hard time sharing their opinions with regard to bankruptcy while talking to a marital partner, child, parent, another relative, or even a friend. You may want to take another person's opinions into consideration, especially if they are an important part of your life. However, you should not let someone prevent you from doing what is best because of their opinions.

Some people have a very negative view of the bankruptcy process, whether or not their thoughts are valid. It may be helpful to explain your decision to file for bankruptcy and the different ways in which this decision will turn your life around, although some people will never be in agreement. If you owe a family member money or are married, you may encounter additional topics as a result of filing for bankruptcy. If you feel that you are being bullied by someone in your family as a result of your bankruptcy, you should take steps to address this problem and prevent further conflict.

The benefits of bankruptcy, from an emotional standpoint

When people think about bankruptcy, they likely understand the potential financial benefits of filing a petition, such as getting rid of debt or establishing a payment plan that helps one tackle their financial problems. However, what some may not realize is that filing for bankruptcy successfully could lead to other benefits as well. For example, those who are able to get rid of their debt may experience lower levels of anxiety or depression and could also be beneficial from a physical standpoint. In Cuyahoga Falls and across all of Ohio, it is pivotal for those who are going through a hard time financially to look at all of their options as they try to tackle the problem.

Wit reduced stress and more peace of mind, some people have enjoyed health benefits after filing for bankruptcy, such as improving their quality of sleep and having more energy to participate in physical activities or exercise. Furthermore, those who are struggling with depression or anxiety may find that these symptoms decrease or diminish altogether once their debt is addressed. By clearing debt, people may become more positive and their social life may benefit as their personality changes. Unfortunately, financial hardships can lead to a series of emotional difficulties that bring people down in other ways as well.

Child support obligations and bankruptcy

When it comes to bankruptcy, each case is unique and some people face particularly difficult challenges, such as those who are struggling with child support payments. With regard to bankruptcy and child support, there are a number of things that non-custodial parents who are struggling with payments should keep in mind. In Ohio, the outcome of a bankruptcy case could have a significant impact on the financial future of those who are responsible for paying child support.

Child support debt cannot be discharged by filing for bankruptcy, but moving forward with a bankruptcy petition may help a parent who is struggling with back child support develop a payment plan and eventually get caught up. Moreover, finding the financial freedom that often comes with eliminating debt can make it easier for a parent who is having a hard time paying child support make their payments on time. There are all sorts of reasons behind a parent's inability to pay child support, some of which may be out of their control (such as financial problems brought on by a medical crisis or the loss of their job).

Bankruptcy filing in place for popular gun brand, Remington

One of the most feared nightmares of any Ohio company is the reality of needing to file for bankruptcy when a major bump in the road hurts sales and withholds profits. Many companies go to great lengths to protect against the financial pitfalls that are so notorious for leading to bankruptcy filings. However, there are times when a seemingly wise decision ends up backfiring when circumstances fluctuate due to consumer demand, changes in the economy or problems with organizational processes. 

In a recent example, the popular gun maker Remington has prepared to file for bankruptcy after failing to sell a major amount of inventory. The problems stemmed from the company's decision to invest in surplus inventory in anticipation of the 2017 presidential election. If Hilary Clinton was voted into office, the retailing giant foresaw a dramatic increase in gun sales. However, when Clinton's opponent, Donald Trump won, the surge in a demand for guns never happened and resulted in excessive unsold product sitting on stock shelves.

5 steps to improving your financial situation

Alexandra is usually very well put-together, never a hair out of place and always perfectly dressed for the occasion. The morning she met Katie for coffee, however, her blouse was half tucked in and had a stain on the sleeve. Her eyes looked tired and there were bags underneath. Her ready smile wasn’t anywhere to be found. “Are you doing okay?” Katie asked her.

Katie could read the hesitation in Alexandra’s eyes and told her that she wouldn’t judge her no matter what she shared. Alexandra wiped away a tear and told Katie what had been going on with her: How her student loan payments had been stretching her paychecks every month. How her credit card balances kept growing though she could only afford the minimum payments. Then her daughter’s unexpected surgery brought on a multitude of medical bills that she couldn’t pay.

Chapter 7 and different property exemptions

Bankruptcy often brings up various issues, but it is essential to keep in mind that each case is unique. The ins and outs of one person's circumstances may vary dramatically in comparison to another person's financial hurdles, which is why it is so crucial to figure out which type of bankruptcy protection is ideal given your situation. Even after you have figured this out, you will need to carefully go over your financial affairs and understand how the bankruptcy could affect your life. Many people benefit from Chapter 7, especially those who are worried about losing certain assets. Fortunately, this route can help people retain certain assets that are considered exempt.

By moving forward with the Chapter 7 process, you may benefit from various property exemptions. For example, you may find that your vehicle, home, personal belongings, and household items are exempt. However, it is pivotal to remember that what may have worked well for someone else may not be the best path forward given the unique details surrounding your debt, assets, and financial circumstances.

Getting rid of your medical debt

We have been over many of the reasons why people incur debt, from our recent post about student loans to credit card use and other causes. However, it is important to point out that many people have found themselves in a tough financial position because of medical debt that resulted from a health issue that was not expected, or an ongoing medical issue which necessitated taking on debt. As with all forms of debt, this can be an emotionally and financially difficult place to be in. Unfortuantely, for people in Cuyahoga Falls and across all of Ohio, this is often especially true for those who those who are having a hard time with medical bills.

Sometimes, people who are struggling with a serious health condition experience additional challenges as they try to move forward. In fact, some might have had to take time away from work because of health problems, whether this was the root cause of their money burdens in the first place or it led to an even greater financial predicament. For some, bankruptcy has provided a path to freedom and helped people focus on recovering from their condition and improving their health. After all, the stress and associated challenges that often come with medical debt can hamper one's recovery.

A closer look at student loan debt

With student loan debt, there are many issues to go over. Sometimes, people assume that this debt cannot be eliminated through bankruptcy, which is not always true. On the other hand, some people are very judgmental and simply assume that those who are struggling with student loan debt were irresponsible. Unfortunately, many people in Ohio and across the country have found themselves buried in student loan debt that they took on in an attempt to improve their lives and secure a decent job.

In recent years, an alarming number of people have become burdened by student loans that they cannot pay off. With a competitive job market and the 2009 recession, it should come as no surprise that not everyone is able to find a good job just because they have a college degree. Unfortunately, some people feel hopeless and worry that this debt will follow them for the rest of their lives. It can be difficult to clear student loan debt through bankruptcy, but some people have been able to find a new beginning by taking this route. Ultimately, it depends on the individual and there are a number of criteria that have to be satisfied for someone to successfully discharge this debt through bankruptcy.

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