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March 2015 Archives

Information regarding bankruptcy proceedings in Ohio

When an Ohio resident considers filing for Chapter 7 bankruptcy, they may not fully understand a number of elements involved in the process. For example, some individuals might have questions about working with a bankruptcy trustee. In addition, a consumer may not know whether the action will work to delay a pending foreclosure.

Arbitration clauses: A potential issue for credit card users

Many Ohio residents make use of credit cards, but a large number of these individuals may be unaware of arbitration clauses that restrict their ability to sue in the event of alleged wrongdoing by the company. According to the Consumer Financial Protection Bureau, three-fourths of consumers are unaware of arbitration clauses, and only 7 percent understand the implications of this type of stipulation.

Why bankruptcy can be a smart decision

For many Ohio residents, filing for bankruptcy may seem to be something that is only done by those who have no other choice. While declaring bankruptcy is a serious decision, it can actually work to restore a person's credit rather quickly in addition to the other benefits it can provide. According to a recent report by the Federal Reserve Bank of New York, people who are constantly in debt or who repeatedly default on a loan have lower credit scores than people who file for bankruptcy.

Can taxes be discharged in bankruptcy?

In Ohio, many people struggling with debt are also facing the challenge of tax payments. When debts from credit cards and other sources start to pile up, it can be difficult to make tax payments. These missed payments will start to create tax debts and penalty charges that make a debt problem tougher. It may be possible to discharge some of these tax debts by filing for bankruptcy.

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