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Consumers in Ohio who are concerned about their struggle to manage monthly credit card payments because they have too many cards may be considering closing some of their cards. However, under certain circumstances, this may not be a wise decision. Although it is true that overwhelming credit card debt issues can possibly be resolved by filing for bankruptcy, there may…
Financial difficulties can lead to tension in relationships. While many Ohio couples may realize that personal bankruptcy may provide a fresh financial start, they may procrastinate because they have many unanswered questions. Although many may believe married couples have to file jointly for bankruptcy, this is a myth. One spouse can file individually. Filing for bankruptcy is an important step to…
Ohio consumers who are burdened with unmanageable debt may be exploring remedies to relieve the stress of creditor harassment and other actions. Knowledge is power, and consulting with an experienced bankruptcy attorney may provide the information necessary to make informed decisions. A lawyer may also dispel some of the myths about bankruptcy. One misconception about bankruptcy is that the filer…
Hastings Entertainment — a retail chain selling books, music, video games and movies at 126 locations in various states, including in Ohio — has announced that it is seeking potential buyers. The company recently filed for Chapter 11 bankruptcy, seeking protection while waiting for interested purchasers. It will keep the doors open for another 30 days in anticipation of an…
Some Ohio consumers who are struggling to pay their bills find it difficult to prioritize which debts to pay first. Financial advisors suggest consumers pay those items that are essential in their lives. Typically, a roof over one’s head is most important — regardless of whether it is a mortgage or rental payment to be made. The second most important…
Ohio consumers who are facing overwhelming debts might share the opinion that debts must be paid at all costs. It is often said that all avenues should be tried before filing for bankruptcy, though the most sensible remedy may be to file for personal bankruptcy before all assets such as retirement accounts are drained. Why would a consumer expose him…
Filing for bankruptcy in Ohio is a complicated process and may be best navigated with the guidance of an experienced bankruptcy attorney. He or she can explain the pros and cons of the different types of bankruptcies — called chapters. Individuals typically have to do a means test to determine whether they qualify for Chapter 7 or Chapter 13 bankruptcy.…
Job loss is not something wished upon anybody, and the financial stumbling blocks may be overwhelming. Even if expenses are cut to the absolute minimum, with no income, there may be no money to cover debt obligations. The U.S. Bankruptcy Code may offer an Ohio consumer the opportunity to have some debts discharged, allowing him or her to regain financial…
Foreclosure is not something that is wished upon any property owner, and Ohio homeowners may not realize that lenders do not usually start such drastic actions for a single late payment. A late payment notice may be sent, and if it remains unpaid, the mortgage holder may try to make contact to arrange negotiations to reach an agreement that may…
Consumers with past-due debts may have to endure many associated hardships. Even in cases in which payment agreements have been reached with creditors, debt collectors may become nuisances. In many cases, creditor harassment is committed by non-licensed companies that have no right to call consumers, and the calls often involve nonexistent debts. A consumer in another state recently reported that…