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?
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.
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.
There are few things worse than seeing your debt rise after retirement. You might think you're too old to rejoin the workforce or worry you won't get hired even if you did apply. Whatever the reason, it's important not to make this major mistake: paying off your debts with your retirement accounts.
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.
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.
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.
Many Ohio residents use credit cards to pay for educational expenses, medical bills or to get rewards. However, there may come a time when it becomes difficult to keep up with the payments. An average household carries $5,700 in credit card debt while the number balloons up to $16,048 when only those who have outstanding balances are considered. To pay off balances, debtors may choose between the avalanche or snowball method. It is also a good idea to create a budget as well as determine one credit card to start paying down beyond the minimum payment.
Debt, which can include credit card balances, lines of home equity and student loans, has been identified as one of the main reasons why many Americans are unable to save. Ohio residents should know the five signs that indicate an individual needs a credit counselor.
Ohio residents who file for Chapter 7 bankruptcy must turn over all of their nonexempt assets to a bankruptcy trustee so that the assets can be liquidated to pay off creditors. If an individual earns income after a bankruptcy case has commenced, this money does not have to go to the trustee. However, a person who is paid after a bankruptcy filing for work performed before the bankruptcy filing may have to give this money to the trustee.