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April 2018 Archives

Travel-related debt and bankruptcy

For many people, travel is a great way to recharge, take a break from life's responsibilities, and experience the world firsthand. Unfortunately, traveling can also be very expensive and some people take on a considerable amount of debt in order to visit other countries. Moreover, it is important to keep in mind that each person's circumstances are unique. For example, someone may have incurred debt to travel because they had been planning a trip with their friends for years and did not want to change their plans even though they recently lost their job. Or, someone might take on too much debt in order to attend a wedding or funeral overseas.

Keeping up with your Chapter 13 payments

Perhaps one of the reasons you opted to file a Chapter 13 bankruptcy in Ohio was because you do have an income, even though it is not large enough to cover all your debts each month. While the payments are reasonable and you have been able to keep up so far, a single financial crisis could derail your efforts. We at Debra Booher & Associates Co., LPA, often advise clients about the dangers of falling behind on their monthly Chapter 13 plan payments, and what to do if this could become a possibility.

Bergner's parent company still at risk of liquidation

Whenever a company in Ohio is facing financial uncertainty and considering bankruptcy as a possible solution, there is always a chance that its assets could be liquidated entirely. However, in some cases, other companies may bid for a chance to take over the company and save it from certain demise. In these situations, new management may modify the way the organization is run and swap certain aspects entirely in an effort to get the company back on its feet in the competitive marketplace. 

Should you borrow money from family to pay off a creditor?

Owing debt to creditors is stressful. Letters fill up your mailbox and you begin screening all your calls. Many people turn to family for help; but consider the choice to borrow money from family carefully. If there is any chance you may file for bankruptcy in the future, then matters may get complex.

Bankruptcy and peace of mind

There are many different reasons why people experience high levels of stress when they are going through financial challenges. Not only do some have other struggles that arise due to their circumstances, such as back child support, but people may be unable to pay bills or even enjoy life as they wish. Moreover, they may be harassed by creditors on a regular basis, which makes them lose sleep and afraid to answer their phone. Fortunately, many people have been able to turn their circumstances around by filing for bankruptcy. If you are in this position, going over your different options could help tremendously.

What kind of assistance can you expect from unemployment?

You walk into work on a normal morning only to hear mumbled chatter about bankruptcy filings. Later on, you are given a notice that your job will soon be obsolete because the company you work for is going bankrupt and liquidating all of its assets. Fortunately for you, there is the option of filing for unemployment insurance in Ohio which may be able to provide temporary relief as you seek for another job and continue to provide for your family.

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