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Posts tagged "Bankruptcy"

Bankruptcy and financial aid for college

Prospective college students have many responsibilities, from figuring out which school they want to attend to submitting an application and adjusting to life as a college student. However, the financial demands of college can be significant, and may even prevent some students from going to college in the first place. In order to address high tuition, many students and their parents take out student loans (which can be very difficult to pay off and may raise additional concerns related to unmanageable debt). However, financial aid eligibility, in some instances, may be affected by a previous bankruptcy.

Proposals made regarding student loan debt

For many people in Ohio who have gone to college in the last 10 to 20 years, the burden of student loans may continue to weigh on them, especially if they went on after receiving an undergraduate degree to pursue advanced or professional degrees. Regardless of the nature of a person's degree or line of work, they may well experience severe financial challenges that make them consider filing for bankruptcy. However, discharging student loan debt via a bankruptcy has to date been difficult if not impossible for many consumers.

Recover quickly from bankruptcy

Filing for bankruptcy in Ohio may cause many people to feel like financial failures. However, bankruptcy is better described as an obstacle than the end of the road. In fact, the whole point of bankruptcy is to provide as clean a slate as possible for people to start over and rebuild trust with banks and other creditors.

Types of debt and your bankruptcy options

If you are like many people in Ohio, when you think about filing for bankruptcy, you might automatically think about a Chapter 7 bankruptcy plan. This is generally the most well-known type of consumer bankruptcy. However, it is not the only one as many consumers find Chapter 13 plans better for their needs. Many factors will go into helping you decide what type of bankruptcy is right for you and one of these factors is what type of debt you struggle with the most.

Filing for bankruptcy as a parent

We have discussed many bankruptcy-related concerns and the different circumstances people who have excessive debt find themselves in. If you are a parent, there are a number of factors that you may want to take into consideration if you are thinking about filing a bankruptcy petition. Regardless of which type of bankruptcy you settle on, there are multiple issues to consider as a parent in this position and bankruptcy could be advantageous for you and your children as well.

Can filing for bankruptcy end creditor harassment?

Ohio residents who are suffering under debt have a lot on their plate. This is especially true if creditors begin to harass you. They may use tactics that border on what could be considered legal, or even some that are downright illegal, to try intimidating you. If you are in that kind of situation, filing for bankruptcy may help.

The stress of unemployment can be a hindrance

When workers show up to their job in Ohio and are met with the startling and unexpected news that they have been laid off, they could be left scrambling to pick up the pieces and figure out where to begin. Rarely, do people ever expect to lose their job. When it happens suddenly, they may be in a dire position if they have not adequately prepared for a situation such as the one, they are now in.

How managing your finances can help you stay debt-free

Realizing that the debt you have accumulated is more than what you are capable of paying back by the required dates is jarring, to say the least. Now, you are left to scramble and make changes to allow you to meet your lenders' requirements before you are sent to collections or face the repossession of items that have value and meaning to you. At Debra Booher & Associates Co., LPA, we have helped many people in Ohio to learn more about how debt and bankruptcy will affect their financial future. 

What is the number one reason people go bankrupt?

When most people think of bankruptcy, they think of individuals who spend too much, budget too little and all around mismanage their money. However, according to The Motley Fool, the number one reason people go bankrupt is a reason no one can control — not even the most well-intentioned, financially accountable individual. That reason is medical expenses. If you live in Ohio, have substantial medical bills and would like to relieve yourself of your debt so you can finally get ahead, you may be one of millions to file bankruptcy because of the high cost of health care.

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