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....
Month: May 2017
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...
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...
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...
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....