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April 2014 Archives

Lawsuit against former airline executive halted by bankruptcy

When people start tossing the word “bankruptcy” around, most in Cuyahoga Falls may automatically think of large companies or corporations that are going under. While many of the more high-profile bankruptcy cases that garner media attention do center on corporate cases, there is often an untold story behind the corporate saga. Many company owners and employees find their own personal finances to be deeply affected by the failure of their companies. Thus, it’s quite common that a good number of personal bankruptcy cases have direct ties to a corporate filing, as well.

Experts warn against replacing medical debt with other debts

Medical debt is quickly replacing all other forms of the debt as the primary source of financial struggles for families in Cuyahoga Falls and throughout the rest of the U.S. Many may wonder how is it that so many can be without health insurance in today’s day-and-age. Yet surprisingly, many of those who struggle with medical debt do have insurance. So, one may be left to wonder how those with insurance can still end up struggling to afford their medical care.

Reality TV stars exit bankruptcy with same debt they had going in

Chapter 7 bankruptcy offers protection for those in Summit whose debt threatens to overwhelm them. Should they comply with all of the demands of the court during the time that their bankruptcy is active, then the remainder of those debts not already satisfied through the liquidation of whatever eligible assets they had will be discharged. Yet in order to take full advantage of that protection, one has to be completely upfront with the court during his or her bankruptcy proceedings. This includes disclosing any and all assets they hold to their court-appointed trustee. A failure to do so could leave him or her facing possible criminal charges.

Couple sues over auto loan debt discharged through bankruptcy

Those in Cuyahoga Falls who choose to file for Chapter 13 bankruptcy protection work with the court to arrange repayment of a large portion of those debts over a set period. Typically, creditors are entitled to at least the amount they would have received through a liquidation of non-exempt assets. The bankruptcy filer will then follow the payment schedule through the life of the bankruptcy. Once the Chapter 13 is discharged, the debts are discharged, as well. A failure for creditors to accept this discharge when their debts are included under the Chapter 13 could open them up to legal action from their former debtors.

Furniture store closes as part of owner’s Chapter 7 bankruptcy

For many in Summit, owning their own business and only having to answer to themselves would be a dream come true. The American Dream was built off of such ideals. Yet many underestimate just how much responsibility one assumes as his or her own boss. Should the business fail, his or her own personal financial situation often goes down with it. Thus, many failed business owners are often left to file for personal bankruptcy right along with their businesses.

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