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No matter what circumstances ultimately led to filing bankruptcy, both the practical and the emotional impacts on the debtor will be enormous. Learning how to deal with bankruptcy isn’t easy. But confronting the emotional and psychological issues surrounding bankruptcy and reaching an understanding and acceptance of the situation is essential to rebuilding and maintaining a successful financial life. Understanding Loss…
Few segments of the population in the United States have been untouched by economic difficulties. One group hit particularly hard by slow job growth and stagnant wages is recent college graduates. Indeed, faced with rising tuition costs, many students take out thousands of dollars in loans while in school. Only later do they find that it is difficult—if not impossible—to…
What is credit counseling for bankruptcy? In 2005, Congress passed and President George W. Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), a bankruptcy reform law. One of the requirements BAPCPA imposes on a bankruptcy debtor is to receive credit counseling from an approved credit counseling agency before the bankruptcy filing. Credit Counseling and Bankruptcy Specifically, BAPCPA…
Many people hold the misconception that they will lose everything they own when filing for bankruptcy. Unfortunately, they may be tempted to take steps that in the long run can cost them dearly under the Bankruptcy Code. That’s why ethical and lawful bankruptcy planning can help protect your interests. So, what is pre-bankruptcy planning? In an emergency situation, such as…
Debt problems can slowly build for a long period of time before spiraling out of control. You may believe or at least have hope that you can manage your debt problems and find a way to repay your creditors. As your financial picture deteriorates, you may feel the need to take increasingly drastic measures. While most of the people we…
The lien stripping process is available to debtors facing Chapter 13 bankruptcy in Ohio, but what is it? Homeowners know that today’s housing market has diminished the equity in their most important investment. As a result of the housing crisis, many Ohio homeowners are “underwater” on their homes, meaning they owe more on their home than it’s worth. Still more…
As a result of the staggering economy, more and more people are finding it difficult to pay their bills. As a result, the payday loan industry has popped up to lend a hand to cash-strapped consumers. These entities have been lifesavers for many people in desperate need of financial assistance. However, doing business with these so-called loan sharks, or quickie loan companies,…
When a local woman was facing an unexpected wage garnishment that was draining up to 25% of her wages, she approached the experienced bankruptcy lawyers of Minnillo Law Group for help. To stop the garnishment, she filed a Chapter 13 bankruptcy in Cincinnati to invoke the “automatic stay” to stop the wage garnishment. The automatic stay is at the core…
U.S. medical debt has become one of the top causes of bankruptcy filings in the U.S. as a result of skyrocketing and uncontrollable costs of healthcare. Fortunately, due to pressure from Congress and regulators about concerns regarding medical bill debt collectors, proactive measures are in full force. In 2020, the Healthcare Financial Management Association, an association that includes hospitals and healthcare…
For individuals that find themselves in too much debt, bankruptcy can be a lifesaver. Those who qualify for Chapter 7 bankruptcy, for instance, can erase their debt, walk away with a clean financial slate and start over. Post bankruptcy, many consumers change their spending habits and become much more diligent with their budgets. However, life throws us constant curveballs that…