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Posts tagged "bankruptcy"

Bankruptcy and child support payments

Child support can be one of the most stressful and confusing facets of the divorce process. Some parents worry that their ex will not make payments on time or that the payments will not be enough. On the other hand, some people worry that they will face financial hardships due to the amount of child support that they have to pay. Moreover, both custodial and non-custodial parents may be facing financial challenges and decide to file for bankruptcy, which can add even more uncertainty to the situation.

Filing for bankruptcy during a midlife crisis

Some people are in the middle of a midlife crisis, which can be a very tumultuous time in one's life. People may question the decisions they have made and feel unsatisfied with certain aspects of their lives. Midlife crises can bring on significant career changes, prompt people to move on from a relationship they have been in for many years or pick up new hobbies. People may also experience similar challenges during a quarter-life crisis. Fortunately, there are a variety of ways that people may be able to ease some of their anxiety and improve their outlook on life during these crises, such as getting rid of the debt that one has accumulated over the course of years.

Bankruptcy, divorce and planning ahead

People may run into many challenges when they bring their marriage to an end, and the same is true when it comes to the bankruptcy process. Sometimes, people find themselves dealing with both issues simultaneously. For example, someone may be experiencing financial challenges, leading to the breakdown of their marriage, and they may be trying to get rid of their debt by filing for bankruptcy at the same time. Or, someone may decide to file for bankruptcy because their spouse is no longer in their life and they want to move forward with the process, or because they believe doing so would be beneficial at this point in time. Regardless, it is essential to plan ahead.

How can you recover from bankruptcy quickly?

If you are an Ohio resident who is thinking of filing for bankruptcy, you are probably concerned about how this step will affect your future. While bankruptcy can make it difficult for you to obtain credit initially, do not despair. With the right approach, any financial roadblocks may be virtually gone within a few years.

Qualifying for a mortgage after bankruptcy

Personal bankruptcy can often be your best option to avoid slipping further and further into debt. Yet it does not come without is consequences. The impact it can have on credit score (or more specifically, one's ability to finance major purchases such as a home) is typically what worries Cuyahoga Falls residents considering this option the most. You then likely have the same question that many who come to us here at Debra Booher & Associates Co., LPA ask: how soon after filing for bankruptcy can I qualify for a mortgage?

Job-related injuries and bankruptcy

When someone sustains an injury on the job, their life may unravel in various ways. They may encounter financial problems for various reasons, whether they cannot afford rehabilitation or are burdened with medical debt. Moreover, they may have to stop working temporarily, resulting in lost wages, or lose the ability to ever return to their previous position because of a permanent disability. On top of these hardships, they may be in a great deal of pain and they may be very worried about their future, especially if they are struggling with debt. For some people in this position, bankruptcy can help address some of these concerns.

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.

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