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May 2017 Archives

Collectors can pursue stale debt

A Supreme Court decision in May 2017 set a significant precedent when it comes to debt collection that Ohio residents should be aware of. The decision makes it okay for collectors to file claims in bankruptcy proceedings for debts that have passed the statute of limitations and are thus time-barred.

Rebuilding credit history after filing for Chapter 13

Filing for bankruptcy can be a difficult decision for Ohio residents, but it is sometimes the only way to stop creditor harassment, stop foreclosure, provide debt relief, and reduce interest payments. After filing for bankruptcy, many assume their credit is ruined. Though it will be noted on credit reports for seven years, there are ways to improve a credit score after filing.

If I file for bankruptcy, will I have to give up my property?

One of the things that often holds people back from filing for bankruptcy when they could really benefit from it is the fear of losing personal property. Many Ohio readers often associate bankruptcy with a forced selling of all valuable property in order to pay off debts. In reality, bankruptcy is an organized, beneficial way to deal with overwhelming debt, all while keeping certain personal items.

Trustee not permitted to make retroactive plan change

When Ohio debtors file for Chapter 13 bankruptcy, they propose a plan to repay creditors over three or five years. The court must approve the plan. The debtor's repayments are then supervised by a bankruptcy trustee. However, in a case in Texas, a bankruptcy trustee retroactively altered the payment plans for 25 cases. In April, a judge on the U.S. Bankruptcy Court for the Southern District of Texas said the trustee did not have the authority to do so.

Unsecured creditors in bankruptcy

Ohio consumers who file for bankruptcy will see their creditors divided into three different groups. Priority creditors generally are first in line, before secured creditors and then unsecured creditors. A creditor is any person or entity that a debtor owes money to. An unsecured creditor did not require any type of collateral as a condition of approving a loan. Credit card companies are a common example of an unsecured creditor.

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