Anyone who has settled a debt that was owed to a creditor, such as a credit card company, by payment of less that the total amount owed should be aware that the IRS could consider the difference to be taxable income. For example, if a credit card debt balance is...
Ohio residents desirous of filing for bankruptcy may be wondering how often this can be done. While the laws usually allow a person to file for bankruptcy as often as he or she wishes, there are certain conditions that the filer must meet in order to be eligible to...
Homeowners who are having trouble paying their mortgages have several options to avoid foreclosure. The homeowners could take advantage of any of these options before or after their lenders file foreclosure complaints. The most frequently chosen option is a repayment...
Some debts are effectively good debts while others are bad. People in Ohio could benefit from knowing which debts to prioritize first; in certain situations, it may be handy to invest extra money instead of paying off consumer debt. Debt that comes with a high...
According to the Federal Reserve in New York, two million Americans over the age of 60 have an outstanding student loan balance. Overall, the amount of student loan debt owed by those over 60 is $43 billion. This is up from just $5 billion in 2005. Statistics from a...
Medical bills account for a huge percentage of debt for many Ohio families, and in some cases these overwhelming bills can pile up and lead to potential bankruptcy filings. This does not have to be the case, however. Most doctors and hospitals have instituted protocol...
Individuals who file for bankruptcy may have the option of either filing for Chapter 7, which discharges debts, and Chapter 13, which reorganizes debt. Both types of bankruptcy require credit counseling no more than 180 days before filing, and both types also affect a...
Ohio residents who are considering filing for bankruptcy should be aware that they are required to take two educational courses before their debts will be discharged. The first is a pre-bankruptcy counseling session, and individuals must provide a certificate of...
Ohio residents who encounter debt may be interested in ways to deal with debt collector lawsuits. According to the Federal Trade Commission, about 60 to 95 percent of debtors who are sued never show up in court. This may result in a default judgment against the...
Life changes might make accumulating credit card debt unavoidable, but paying it off as quickly as possible is important for one's financial future. Working to eliminate debt will result in lower overall payouts in interest. In addition, paying down debt lowers one's...
