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January 2018 Archives

Getting rid of your medical debt

We have been over many of the reasons why people incur debt, from our recent post about student loans to credit card use and other causes. However, it is important to point out that many people have found themselves in a tough financial position because of medical debt that resulted from a health issue that was not expected, or an ongoing medical issue which necessitated taking on debt. As with all forms of debt, this can be an emotionally and financially difficult place to be in. Unfortuantely, for people in Cuyahoga Falls and across all of Ohio, this is often especially true for those who those who are having a hard time with medical bills.

A closer look at student loan debt

With student loan debt, there are many issues to go over. Sometimes, people assume that this debt cannot be eliminated through bankruptcy, which is not always true. On the other hand, some people are very judgmental and simply assume that those who are struggling with student loan debt were irresponsible. Unfortunately, many people in Ohio and across the country have found themselves buried in student loan debt that they took on in an attempt to improve their lives and secure a decent job.

Tackling debt: 7 steps to creating a budget that works

Debt often feels like a race that you can never win. Debtors struggle to make payments every month, sometimes without even touching the principal balance of their loans and bills. One of the most fundamental solutions to debt is to create a budget. While a budget is not a be-all and end-all answer alone, it is an essential part of the solution. However, it is important to create one that works for you.

Rebuilding your credit after a bankruptcy should be a priority

It was a difficult decision, but you and your family decided bankruptcy would be the best solution toward overcoming months of financial difficulties. It was not a decision you made lightly with all the questions that floated in your head. Among them: Will I lose my house? Am I a financial failure? What does my financial future hold for me? How can I rebuild my credit?

Talking to your partner about debt

Our blog has covered all sorts of debt-related issues, from different bankruptcy options to various legal aspects related to filing for bankruptcy. That said, individual circumstances sometimes warrant a unique approach. For example, you might want to talk with your partner about your debt, whether you are married and have not disclosed certain debts to your spouse, are involved in a long-term relationship with a boyfriend or girlfriend, or are simply dating someone and unsure if disclosing this information is the right move. We know how challenging it can be to talk with someone you love about your debt and it is crucial for people across Ohio to approach this situation appropriately.

Reviewing some benefits of Chapter 7

On this blog, we have looked at some of the different benefits of filing for bankruptcy. However, it is vital to understand the differences between Chapter 7 and other types of bankruptcy, such as Chapter 11 and Chapter 13. If you think that Chapter 7 is the best direction forward given your circumstances, it is essential to take a close look at the ins and outs of the process. Moreover, you may find value in examining some of the advantages of Chapter 7 bankruptcy, which has allowed many people throughout the whole state of Ohio to find a new start.

Credit card debt and the holidays

Recently, many people across the country celebrated the holiday season with friends and those they love. Family gatherings, gift-giving, and other traditions are an important part of this time of year for many people in Ohio. Unfortunately, some people also incur an incredible amount of credit card debt during the holiday season. Perhaps you racked up charges on your credit card in order to buy presents for your loved ones because you were worried about letting them down. Or, maybe you had to take on too much debt in order to travel to spend time with your family. Regardless of the reason why credit card debt has accumulated, it is important for you to look at your choices.

Going over some benefits of bankruptcy

Sometimes, people have negative thoughts flood their mind when they hear the word bankruptcy. Some people may believe that this option would reflect poorly on their character or that bankruptcy is not a good way to solve their financial problems. However, bankruptcy can be highly advantageous for people in different positions, from homeowners to business owners and people who have had to take on excessive debt for other reasons. Often, an unexpected job loss or a medical crisis that arose without warning leaves people in a position where they can no longer manage their debt, even though they were trying their best to stay caught up.

Differentiating Chapter 7 and Chapter 13 bankruptcies

Chapter 7 bankruptcy and Chapter 13 bankruptcy are the two most common forms of personal bankruptcy. They both offer varying degrees of financial freedom, while also providing unique benefits to the filer. So what are the differences between these two forms of bankruptcy and how can you best utilize them?

How does filing for bankruptcy impact a credit score?

It is often overestimated how filing for bankruptcy will affect a credit score. People assume that a credit score will be ruined indefinitely. This is untrue, but filing for bankruptcy will have a negative impact on a credit score for a period of time. This is because credit scores are meant to communicate a borrower’s ability to pay back a loan to a lender. Filing for Chapter 7 bankruptcy essentially eliminates debts, and a lender may never secure the remaining amount of money.

What happens to jewelry in Chapter 7 bankruptcy?

Question: I have an enormous debt and there’s no way I will be able to pay it off. I’m thinking about filing for bankruptcy, but I’m worried about losing everything I have. I know that I probably won’t lose my house, but I would be heartbroken to lose other items, like my grandma’s heirloom diamond ring. Will the bank sell jewelry that has been in the family for generations?

How can Americans protect themselves from medical debt?

Even with insurance, healthcare is shockingly expensive. Between unnecessary surgical add-ons, scans and overused intensive care-level treatment, medical patients often find themselves facing surprisingly large hospital bills. More than 25 percent of Americans cannot afford their medical bills.

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