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October 2014 Archives

Options available in Ohio to avoid foreclosure

Homeowners who are having trouble paying their mortgages have several options to avoid foreclosure. The homeowners could take advantage of any of these options before or after their lenders file foreclosure complaints. The most frequently chosen option is a repayment or forbearance plan in which the lender consents to refrain from exercising its rights, including filing for foreclosure. While the terms of the plan vary depending on the situation, the homeowner generally resumes payments and pays whatever is past due over a period of time.

How older Ohio residents can deal with debt

According to the Federal Reserve in New York, two million Americans over the age of 60 have an outstanding student loan balance. Overall, the amount of student loan debt owed by those over 60 is $43 billion. This is up from just $5 billion in 2005. Statistics from a study done by Experian reveals that baby boomers also have the highest average number of credit cards and credit card debt.

Families can fight against medical debt

Medical bills account for a huge percentage of debt for many Ohio families, and in some cases these overwhelming bills can pile up and lead to potential bankruptcy filings. This does not have to be the case, however. Most doctors and hospitals have instituted protocol that allows them to work with debtors to pay off medical debt more quickly and easily.

Chapter 7 and Chapter 13 bankruptcy in Ohio

Individuals who file for bankruptcy may have the option of either filing for Chapter 7, which discharges debts, and Chapter 13, which reorganizes debt. Both types of bankruptcy require credit counseling no more than 180 days before filing, and both types also affect a person's credit report. A Chapter 7 bankruptcy mark stays on the score for 10 years, and Chapter 13 notations last for seven years.

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