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December 2016 Archives

A hardship discharge under Chapter 13

Some Ohio residents who are struggling with their financial obligations choose to file for bankruptcy protection under Chapter 13. When they do so, they enter into repayment plans through which they pay off a portion of their debts over a time period that lasts from three to five years. Chapter 13 bankruptcy requires that people have regular sources of income that are sufficient to make the payments under the plan. In some cases, people will experience events that make it impossible for them to continue working, and they may be able to then get hardship discharges.

Repeat bankruptcy filer penalized under Bankruptcy Code

Ohio residents and others across the United States have the right to file for bankruptcy, though the process comes with certain rules and conditions that must be met. Violating the rules can result in penalties, as a bankruptcy filer in Kansas recently discovered.

American families struggling to keep up with credit card debt

Families in Ohio and across the country send credit card companies an average of $1,292 each year in interest payments as part of paying off their balances, but that figure will likely be going up in the coming months. The U.S. Federal Reserve announced a quarter point interest rate increase on Dec. 14, which means that Americans will soon be paying more than 19 percent interest on average for the convenience of revolving debt.

Court rules debt can still be discharged after asset transfer

Ohio residents who have more debt than they can afford to pay back may choose to file for bankruptcy. While considering bankruptcy, it is important for them to understand the laws about transferring assets. If valuable property is transferred before a bankruptcy filing, the action could result in a denial of a discharge.

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