Also known as a wage earner's plan, Chapter 13 bankruptcy can be very beneficial for many people who have regular income due to a full-time job. However, it is important to take your job (as well as the income you earn) into consideration if you plan on filing for Chapter 13. You should be mindful of some of the immediate effects of filing for bankruptcy, from the advantages of this option to some of the responsibilities you will have, and you should also think about how this decision will affect you in the years to come.
If you’re looking to file for a bankruptcy like Chapter 13 or Chapter 7, you’ve heard of the required credit counseling to obtain your bankruptcy. You may be asking yourself what the point of counseling is at this point. These counseling sessions are useful and personalized to your situation, and typically run less than two hours. In the grand scheme of the bankruptcy process, credit counseling comprises a fraction of the time spent in the process.
People may run into many challenges when they bring their marriage to an end, and the same is true when it comes to the bankruptcy process. Sometimes, people find themselves dealing with both issues simultaneously. For example, someone may be experiencing financial challenges, leading to the breakdown of their marriage, and they may be trying to get rid of their debt by filing for bankruptcy at the same time. Or, someone may decide to file for bankruptcy because their spouse is no longer in their life and they want to move forward with the process, or because they believe doing so would be beneficial at this point in time. Regardless, it is essential to plan ahead.
If you are an Ohio resident who is thinking of filing for bankruptcy, you are probably concerned about how this step will affect your future. While bankruptcy can make it difficult for you to obtain credit initially, do not despair. With the right approach, any financial roadblocks may be virtually gone within a few years.
Personal bankruptcy can often be your best option to avoid slipping further and further into debt. Yet it does not come without is consequences. The impact it can have on credit score (or more specifically, one's ability to finance major purchases such as a home) is typically what worries Cuyahoga Falls residents considering this option the most. You then likely have the same question that many who come to us here at Debra Booher & Associates Co., LPA ask: how soon after filing for bankruptcy can I qualify for a mortgage?
When someone sustains an injury on the job, their life may unravel in various ways. They may encounter financial problems for various reasons, whether they cannot afford rehabilitation or are burdened with medical debt. Moreover, they may have to stop working temporarily, resulting in lost wages, or lose the ability to ever return to their previous position because of a permanent disability. On top of these hardships, they may be in a great deal of pain and they may be very worried about their future, especially if they are struggling with debt. For some people in this position, bankruptcy can help address some of these concerns.