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February 2017 Archives

Consumer confidence fuels credit card use

Ohio residents and Americans elsewhere have been turning to their credit cards as they start to feel better about the economy. According to 'The Nilson Report," credit card debt topped $1 trillion in 2016, which was the first time that has happened since the start of the Great Recession. One reason why Americans rely more on credit cards is because household incomes have not kept up with increasing prices. Therefore, people are increasingly making purchases on credit to make ends meet.

Bankruptcy and the means test

Ohio residents who file for bankruptcy must pass a means test that decides whether they are eligible for Chapter 7 or Chapter 13 bankruptcy. The idea behind the means test is to keep the number of people who are able to file for Chapter 7 and most of their unsecured debt discharged lower. However, many people still qualify for Chapter 7 bankruptcy, and others may choose Chapter 13 because they want to keep some assets such as a home. People who are in debt from their business do not have to take the means test.

How does discharge in bankruptcy work?

Ohio residents, under the right circumstances, can file for bankruptcy to help them when they are facing significant financial struggles. The two main types of bankruptcy available are Chapter 13 and Chapter 7. In a Chapter 13 filing, the discharging of some remaining debts may take place following the successful completion of an approved repayment plan. In a Chapter 7 filing, the discharging of all qualifying debts takes place upon bankruptcy approval.

Using bankruptcy to avoid car loan deficiencies

When Ohio motorists cannot afford their car payments, they may voluntarily turn in the vehicle. Alternatively, the lender could repossess the auto after one or more missed payments. Typically, the lender will sell the car in an auction. However, if the amount the car is sold for is less than the loan balance, the consumer may owe whatever is left.

Debt management tips for millennial

By now, most Ohio millennial have graduated college and are getting ready to buy their first home, raise a family or start a business. However, around two-thirds of the millennial generation are paying back a significant student loan or another type of long-term debt. Therefore, it is important for them to learn strategies for getting out of debt and building a successful financial future.

Will I be debt-free after filing Chapter 7 bankruptcy?

The short answer to the question posed in the headline of this post is: not necessarily. This can be frustrating for people looking for a simple "yes" or "no," but the fact is some people can have all their debt discharged in bankruptcy while others cannot.

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