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Let’s say that the evidence has been stacking up lately that suggests you need to talk with a bankruptcy lawyer: you’ve been juggling some or even many of your bills, trying to stay one step ahead of having your electricity, telephone and water shut off. You’ve been “paying off” credit card balances by opening new credit card accounts and transferring…
If your business is in the red, you may think like there is no way out. Declaring bankruptcy may feel like giving up. Many Ohio business owners do not realize that filing for bankruptcy could actually help you turn things around. One of the biggest benefits that filing for bankruptcy gives you is time. As soon as your business files…
The desperation felt by a homeowner trying to stop foreclosure in the wake of financial challenges can make that person an easy target for an unscrupulous mortgage lender. The sudden loss of income from unemployment or a pay cut associated with a lack of overtime or fewer hours worked can make it difficult to keep up with monthly mortgage payments.…
For several quarters, the rate of foreclosure around the nation, including states with a high share of institutional investors, such as Ohio, decreased overall. The most recent quarter has seen a dramatic increase of 66 percent of homes that face foreclosure action due to the default of a loan repayment. This means that families who are already facing financial hardship…
Federal and Ohio laws against abusive debt collection practices have been in place for long enough that you might think that anyone tempted to engage in such activity would be deterred by them, but as recent news events demonstrate such a belief would be wishful thinking. In fact, the problem remains serious enough that the U.S. Federal Trade Commission has…
If you were one of the unfortunate victims of the foreclosure crisis in Ohio, this “news” may not be news to you. But the trickle-down effect throughout the Ohio economy could have affected many others and may continue to do so. While help was on the way, the waiting was the hardest part. The “Hardest Hit Fund,” offered from the…
Debts, creditors and collection agencies have one thing in common: ignoring them is not a sound strategy to make them go away. A frustrated creditor may turn to a collection agency; and a frustrated collection agency may turn to litigation in an attempt to make you pay a debt. Sometimes you may receive a warning that a lawsuit is imminent,…
As a general rule it is not advisable to attempt to “hide” from your creditors if you are experiencing financial difficulties, because Ohio law provides them with mechanisms to seek out what money you do have on hand or in the form of wages to recover what they are owed even if you refuse to acknowledge them. A frequently-used tool…
When a home is foreclosed upon, the homeowner will often vacate the premises. After all, the house is being taken back by the bank, whether the owner likes it or not. They take the opportunity to move on with their life and leave the house behind. But if the bank does not officially repossess the home, the owners are still…
Many homeowners who encounter difficulty keeping up with their mortgages will seek to use any of a variety of ways to try to stay in their home. These will frequently involve some form of an attempt to modify the terms of their mortgage, lowering the payments and interest sufficiently to allow them to keep up with their payment schedule and…