Medical debt can have long lasting consequences for those who owe. One of the biggest problems that it can lead to is a damaged credit score if an unpaid debt is referred to collections. It can take years to rebuild a person's credit profile, and poor credit can...
Month: November 2014
What to think about before declaring bankruptcy
Filing for bankruptcy is not something that should be done on a whim. A bankruptcy can remain on an Ohio debtor's credit report for up to 10 years, which may make it difficult to get a loan or even get a job in the future. Prior to deciding on bankruptcy, it may be...
Tax on forgiven debt could be a surprise for Ohio consumers
Anyone who has settled a debt that was owed to a creditor, such as a credit card company, by payment of less that the total amount owed should be aware that the IRS could consider the difference to be taxable income. For example, if a credit card debt balance is...
How many times can a debtor claim bankruptcy?
Ohio residents desirous of filing for bankruptcy may be wondering how often this can be done. While the laws usually allow a person to file for bankruptcy as often as he or she wishes, there are certain conditions that the filer must meet in order to be eligible to...