For numerous Ohio residents, financial status may play a considerable role in how they view themselves and how they believe other people view them. Some individuals facing financial difficulties may believe that they should feel ashamed about their situation, and that if they file for bankruptcy, it will mean that they have somehow fallen short. However, Chapter 13 bankruptcy should not be considered in this manner; rather, it's a step toward improvement.
In order to be successful, many Ohio residents know that money may need to be spent and investors attracted. However, if a person is unable to repay investors and/or make more money than he or she spent, serious financial issues could result. In some situations, parties may be too overwhelmed with debt to pay back loans, and they may wish to consider filing for bankruptcy.
When Ohio residents are considering getting a handle on their debt, they may wonder which management option may be right for them. They may want to consider consolidation or settlements rather than bankruptcy because the word "bankruptcy" often appears to have a negative connotation. However, Chapter 7 bankruptcy may be an option that some parties could find substantially beneficial when working to get their financial situations back on track.
Trying to pay for expensive medical treatment can be a difficult situation for Ohio residents. Some procedures may be necessary in order for ailments or injuries to be remedied, but the bills associated with the procedures could leave individuals facing considerable medical debt. Rather than forego future medical treatment in order to avoid accumulating further debt, individuals may wish to look into their options for handling the already accrued debt.
Ohio residents may be interested to learn about a recent U.S. Supreme Court decision in which the court ruled that a debtor does not have a right to appeal a denial of a proposed Chapter 13 repayment plan. The ruling was issued on May 4, and puts an end to splits in lower courts regarding the right.
One of the options available to Ohio debtors who cannot obtain relief from their financial obligations through other methods is filing for Chapter 13, assuming the eligibility requirements are met. While a successful completion of the plan will result in the discharge of most debts that remain unpaid, some obligations are not eligible for discharge. These include criminal fines and compensation obligations, liabilities for drunk driving and debts not covered by the court-approved plan. However, two of the biggest debt concerns for some individuals are student loans and payments for alimony and child support.
Ohio residents may wonder if they can walk away from a home on which they have a mortgage if they are in the middle of a Chapter 13 bankruptcy. Even if the bankruptcy filing consolidated debts and all payments, including the mortgage, are being made through the bankruptcy trustee, it is still legal to abandon a home.
Individuals in Ohio may think that they cannot discharge their student loans in a bankruptcy, but this common assumption is not always true. In some circumstances, private student loans can be discharged along with other types of debt.
Ohioans who have experienced a severe drop in their income have a few options to manage their debts. The first step is to speak with a certified credit counselor. These professionals can help people in a dire financial situation understand their options and give recommendations.
Issues arising from the 2008 housing market collapse that swept through Ohio have taken bankruptcy law to the U.S. Supreme Court. In the oral arguments presented for Bank of America vs. Caulkett, the lawyer for the lender argued that the 11th Circuit Court of Appeals should not have allowed second mortgages to be discharged in a bankruptcy.