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July 2017 Archives

How investment accounts are treated in bankruptcy

There are many issues that Ohio residents may need to be aware of when it comes to how filing bankruptcy may impact their finances. The good news for those with a 401(k) or an IRA is that money inside of those accounts are often off-limits to creditors. The only exception is that the IRS may levy those funds if there are back taxes owed.

Alfred Angelo bankruptcy trustee lends a helping hand to brides

As most brides will agree, few things are more stressful than trying to plan a wedding. Everything has to be just right in order for that one day to be a truly special one. And for many brides-to-be, it all starts with finding their wedding dress.

New rule on arbitration for banks and credit card companies

Ohio consumers who may have been prevented from bringing a class action suit against a bank or credit card company because of arbitration clauses contained in their agreements may now be able to do so because of a rule issued on July 10 by the Consumer Financial Protection Bureau. The clauses generally prevented consumers from getting together to file a lawsuit. The rule will apply to new contracts and will not ban arbitration agreements. It will simply take away their power to stop class action lawsuits.

Instead of paying off debts with your retirement money...

There are few things worse than seeing your debt rise after retirement. You might think you're too old to rejoin the workforce or worry you won't get hired even if you did apply. Whatever the reason, it's important not to make this major mistake: paying off your debts with your retirement accounts.

Court rules that property owner did not abuse bankruptcy process

Ohio residents who are struggling to cope with unmanageable financial situations sometimes seek debt relief by filing Chapter 7 bankruptcies, but their petitions may be denied if it appears that they are abusing the bankruptcy process to take unfair advantage of their creditors. A Chapter 7 trustee made this argument in the case of a Virginia man who filed a Chapter 7 bankruptcy while paying the expenses associated with maintaining two homes, but a federal bankruptcy court ruled that the man had not abused the process.

Late claims can bar creditors from repayment plans

For people who are facing severe financial challenges, including the possibilities of foreclosure or auto repossession, filing for bankruptcy may offer relief. It can also come with unexpected surprises, as one Ohio couple learned. The couple filed for Chapter 13, and notice was sent to all creditors. A late filing attempt left one secured creditor out of the repayment plan.

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