Family members love each other and want to support one another through tough times both emotionally and financially. A perilous situation can arise, however, when a family member borrows money to a loved one facing significant debt and, potentially, bankruptcy. If you are seeking money from a family member to stay afloat financially, you know there's reliability in your close personal relationship - but is there a place to draw the line?
Many Ohio residents make use of credit cards, but a large number of these individuals may be unaware of arbitration clauses that restrict their ability to sue in the event of alleged wrongdoing by the company. According to the Consumer Financial Protection Bureau, three-fourths of consumers are unaware of arbitration clauses, and only 7 percent understand the implications of this type of stipulation.
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 debtor.
There are many in Summit who may believe that if they just had more money, all of their financial challenges would disappear. While one can't deny that more money would help anyone in dire financial straits, often more money doesn't simply solve financial problems. Typically, it's the circumstances that people find themselves in, be they of their own making or not, that lead to money problems. Even those who make millions of dollars are subject to bad financial circumstances or decisions.
Even though the economy in the rest of the nation seems to be rebounding, the recovery is slower for many residents of Cuyahoga Falls, Ohio. Some filed for Chapter 7 bankruptcy at the peak of the Great Recession and found a fresh financial start; others may not have been so fortunate. They may have been surprised new financial challenges such as unexpected medical expenses, loss of employment or, in some cases, may have fallen back into their old spending habits. Those who have already filed for Chapter 7 bankruptcy may be able to find debt relief by filing Chapter 13.
When two people get married, they promise to love each other “for richer, for poorer.” Unfortunately, financial difficulties can add more stress to an already strained marriage to the point where the love is lost. Once a couple gets divorced, they may think it is the end of their financial problems when, in fact, it is often the beginning. Unexpected life changes such as a divorce frequently lead the people involved to file for personal bankruptcy—whether it’s Chapter 7 or Chapter 13.
Many Ohioans are embarrassed to admit that they don't have enough money in their bank account to cover emergency expenses--they feel it indicates a lack of self-control. This is not necessarily the case. People all over America have been faced with financial challenges and racked up debt paying for basic expenses such as housing, food and childcare. Increases in social security taxes have also contributed to household debt.