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January 2017 Archives

Motor vehicles and bankruptcy filings

Making large purchases before filing for bankruptcy is generally frowned upon, but Ohio residents who are struggling with unmanageable bills sometimes have few choices. A reliable car is a necessity for those who commute to work and have few, if any, public transportation options, and buying a vehicle before a bankruptcy filing can actually be beneficial in certain situations. However, bankruptcy trustees know the rules well, and they are rarely sympathetic when it appears that debtors may be trying to take advantage of them.

SCOTUS hears arguments in debt collector case

Debt collection companies in Ohio and across the country are part of a growing industry that is already worth about $13.7 billion each year. These companies buy tranches of debt for as little as 1 or 2 cents on the dollar, and they then hound consumers for payment using tactics that sometimes verge on harassment. Companies in this sector sometimes ignore the provisions of consumer protection laws, and they also frequently submit proofs of claim for what are known as time-barred debts in personal bankruptcy cases.

CFPB report reveals violations of debt collection rules

Receiving calls from debt collectors is a part of daily life for many Ohio residents, but a report from the Consumer Financial Protection Bureau reveals that many of the companies behind these calls routinely ignore federal regulations and subject consumers to tactics that border on harassment or abuse. The federal agency, which released its report on Jan. 12, based its findings on more than 2,000 survey responses received from American consumers in 2014 and 2015.

Why eliminating credit card debt should be a priority

Many Ohio residents make promises to themselves at the beginning of a new year to improve their lives in some way. For example, some may choose to pay off bills. Reports indicate that the average U.S. debt-carrying household is responsible for at least $16,000 in credit card debt. Such debts can rapidly accumulate when one continues to make credit card purchases and only pays the minimal amount of monthly dues.

Bankruptcy or divorce: which should come first?

Financial difficulty is one of the main reasons that Ohio couples file for divorce. While ending the marriage may be the best option for your individual situation, this option does not mean that your financial struggles will be over once the process is finalized. In fact, debt and money woes can follow you for years after the divorce is final.

DMX files for bankruptcy for the third time

Ohio music fans may be interested to hear that rapper DMX has filed for his third bankruptcy since 2009. The first case was thrown out for unreasonable delays while the 2013 bankruptcy was discarded because the judge believed that the rapper was misrepresenting his financial situation. The latest Chapter 13 case was filed in December 2016. DMX reportedly owes creditors more than $2 million.

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