Ohio Bankruptcy Benefits
Bankruptcy in Ohio Filing for bankruptcy can be accompanied by emotions and uncertainty about the future. However, for many Ohio residents, bankruptcy serves as a lifeline, offering a path to financial recovery and relief from overwhelming debt. Ohio Has the 14th highest bankruptcy rate in the country as of 2021. [1] Understanding the benefits of […]
Credit Counseling – What to Expect
Many people in America live have mounting financial pressures. While they pay the bills that keep the lights on and housing in place, they watch interest rates soar and are unable to put a dent in their medical bill payments, credit card debt, and other expensive but not essential bills. Non-profit credit counselors can come […]
Will Filing Chapter 13 Affect my Spouse?
Filing For Chapter 13 Bankruptcy As a Spouse Managing your money might be challenging at times. It becomes more complicated when you are married and dealing with bills together. Some debts are shared between spouses; others are not. What happens when you fall back on your payments? One possibility is Chapter 13 bankruptcy. This approach […]
How Long Does a Foreclosure Stay on Your Credit Report?
When Does A Foreclosure Appear on Your Credit Report? Credit reports are usually updated every month based on when your creditors send out their billing statements. If you miss a few mortgage payments, the bank might start the foreclosure process. This includes declaring the loan as unpaid, filing for foreclosure, and setting up the sale […]
When You are Elderly and in Debt in Ohio
Elderly and Owing in Ohio In the United States, in 2019, just over 6 out of 10 households led by someone 65 years or older had some kind of debt. The typical amount owed by these senior-led homes was around $34,000. [1] When an elderly person in Ohio passes away with outstanding debt, the responsibility […]
The Ultimate Guide to Foreclosure
When a homeowner falls behind on their mortgage payments, the lender may initiate the foreclosure process. Foreclosure is a legal process through which a lender repossesses a home or property when the owner fails to make their mortgage payments. This typically involves legal action and can vary depending on the specific laws and regulations of the […]
How Long Will Chapter 13 Delay Foreclosure?
Filing for Chapter 13 bankruptcy can slow down foreclosure, allowing homeowners to get caught up on their overdue mortgage payments and keep their homes. There are a couple of factors that can delay a Chapter 13 foreclosure, as discussed below. Automatic Stay: Immediate Relief When you file for Chapter 13, an automatic stay is enacted, […]
Alternatives to Filing an Ohio Bankruptcy
Alternatives to Filing Bankruptcy in Ohio In the US, there were 452,990 bankruptcies filed in 2023, compared with 387,721 cases in the previous year. [1] While in Ohio, in 2023, the number was 21,140 – out of these, 15,587 were filed under Chapter 7 and 5,485 under Chapter 13. [2] When you are buried in […]
What is a Reorganization Plan?
A reorganization plan is one of the methods that can be implemented to restructure a company’s operations and financial obligations while it is under the protection of bankruptcy laws. These plans address the challenges faced by financially distressed companies and enable them to emerge from bankruptcy as viable and sustainable entities. One of the primary […]
What Disqualifies You From Filing Bankruptcy?
Bankruptcy can provide relief from overwhelming debt, but there are certain circumstances that can prevent someone from being able to file. Knowing what disqualifies you from filing for bankruptcy can help you make informed decisions about your financial future. Fraud The disqualification from bankruptcy due to fraud is to protect the integrity of the bankruptcy […]
