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Hamilton County is like other communities throughout Ohio that depend upon the success of small business owners to keep their economies strong. According to the U.S. Small Business Administration, small businesses are responsible for 54 percent of total sales in the U.S. and 55 percent of jobs. Cash flow challenges and mounting debt can put a squeeze on the financial…
Personal bankruptcy is a good example of salvation that comes with a price. It can enable you to keep things that you might otherwise lose to foreclosure or repossession, like your home and your car. It can help you to get back on your feet financially by discharging debts. It can bring you peace of mind by stopping creditor lawsuits…
The term “zombie foreclosure” might conjure up scenes from the movie “Night of the Living Dead,” but for the more than 7,000 homeowners who abandoned their homes before their lenders completed the foreclosure process by taking possession, the term could represent a lost opportunity. According to recent data on foreclosures in the United States, Ohio ranks fourth on the list…
Living from paycheck to paycheck can leave you confronting an unexpected expense with no way of paying it until your next payday. Payday loans help people to bridge the gap between paychecks with short-term but high-interest loans. Interest rates are usually in the double-digit range, but they can skyrocket when the fees charged by lenders are factored into them. The…
The term bankruptcy may give some people the image of someone who makes an average income, who has fallen on hard times due to losing a job. But there are many bankruptcies that emanate from financial decisions by people who are worth millions. Many of these stories involve professional athletes. Like most other people, hardly any professional athlete comes from…
In an earlier post, we discussed the procedures that take place when your mortgage lender begins the foreclosure process against you. This post will elaborate on ways that you can possibly avoid losing your home in a foreclosure sale. An important point to remember throughout the foreclosure process is that the lender would prefer that you stay in your home…
Everyone understands that facing financial hardship can be extremely difficult, both mentally and emotionally. It is also no secret that financial challenges can place a strain on marriages. The bankruptcy code is a powerful tool that can be successfully used to eliminate debt; stop garnishments, repossessions and foreclosures; and obtain a fresh financial start. However, some people in the middle…
What is a money emergency? It can be a short-term crisis, like not having enough money to pay the electric bill until your next payday over a week from now when the temperature is forecast to be in the single digits for the next five days. Or your child needs unexpected medical treatment for an allergic reaction, and the urgent…
A recent study of random bankruptcy filings from 2013 shows that roughly 18% to 23% of all bankruptcy cases have medical debt as a “predominant factor” in them. Here is a link to the study. The study also found that 61% of all bankruptcy filings contain medical debt and the average medical debt per debtor was $9,374.00 in 2013. Polling…
Most of the attention on how a Chapter 7 bankruptcy petition works in Ohio focuses on the types of debts that can be discharged. Another aspect of Chapter 7 that needs to be carefully considered by anyone contemplating using it as a means of debt relief is how the law treats property in possession of the debtor. Although Chapter 7…