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Chapter 7 Bankruptcy Archives

Can I keep using my credit card if I plan to file bankruptcy?

You've been struggling to pay your bills for a while now, and recently you decided to file Chapter 7 bankruptcy in Ohio. Even though you are making plans, life goes on, and you still have things you need. Your unsecured debts will be discharged in the bankruptcy. Does that mean it's OK to charge your credit card to the limit?

Watch for these signs of a debt relief scam

Even when struggling with overwhelming debt, some people in Ohio may be hesitant to file for Chapter 7 bankruptcy until they have exhausted all other options. In doing some research, they may have come across many websites that seem to have viable solutions. However, these could be scams.

Chapter 7 and different property exemptions

Bankruptcy often brings up various issues, but it is essential to keep in mind that each case is unique. The ins and outs of one person's circumstances may vary dramatically in comparison to another person's financial hurdles, which is why it is so crucial to figure out which type of bankruptcy protection is ideal given your situation. Even after you have figured this out, you will need to carefully go over your financial affairs and understand how the bankruptcy could affect your life. Many people benefit from Chapter 7, especially those who are worried about losing certain assets. Fortunately, this route can help people retain certain assets that are considered exempt.

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.

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?

Trustee actions deemed invasive

Recently, Chapter 7 trustees have been asking debtors for passwords to PayPal, Amazon Prime and similar accounts. How this may impact Ohio debtors is unclear as the Justice Department does not approve of these questions. It is also unclear how the information is used or who may have access to it. The questions were asked by trustees in Maryland who demanded that debtors keep the accounts active and refrain from changing the passwords for 10 days.

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.

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.

Will I be debt-free after filing Chapter 7 bankruptcy?

The short answer to the question posed in the headline of this post is: not necessarily. This can be frustrating for people looking for a simple "yes" or "no," but the fact is some people can have all their debt discharged in bankruptcy while others cannot.

Court rules debt can still be discharged after asset transfer

Ohio residents who have more debt than they can afford to pay back may choose to file for bankruptcy. While considering bankruptcy, it is important for them to understand the laws about transferring assets. If valuable property is transferred before a bankruptcy filing, the action could result in a denial of a discharge.

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