Blog
Entrepreneurs in Ohio who established small businesses with great intentions and high hopes of success will naturally be devastated if financial difficulties become overwhelming. While their first inclination may be to file for bankruptcy to eliminate business debt, it may be best to first consider other available options. Important decisions are always better made once all the relative information is…
Some Ohio consumers are overwhelmed with debts that may have resulted from unanticipated medical expenses or job losses that left them no option but to finance their daily living expenses through credit cards. While filing for bankruptcy may be the most appropriate route to go, it is a drastic step that needs careful consideration. Individuals may want to gain all…
Many Ohio residents have estate plans in place that determine what will happen to their assets after their passing. However, some forget to consider what will happen to their debts. Although the Federal Trade Commission prohibits debt collectors from holding family members personally responsible for the debts of deceased family members, some still try. This can become harassment, and abusive…
Some Ohio consumers who are facing difficult times may have to face those never-ending calls from collectors. The federal Fair Debt Collection Practices Act defines a debt collector as an entity who collects debts on behalf of others. This excludes the original creditor that extended the credit. Debt collectors not only collect unpaid debts for others, but they sometimes buy…
Small business owners who are experiencing financial problems may benefit from learning about the available remedies. The federal Bankruptcy Code protects individuals and businesses in Ohio and other states. However, filing for bankruptcy is a complicated process and must be carefully navigated. Things to gather before consulting with a lawyer about a business bankruptcy include an up-to-date set of company…
Business owners in Ohio may encounter unanticipated financial problems if they start a venture without a sizeable nest egg. It is not uncommon for business owners who encounter financial difficulties to be unable to keep up with scheduled payments. This may cause severe cash flow problems. If a small business owner is unable to settle debts, he or she may fall…
Overwhelming credit card debt is not limited to certain income groups. In fact, in Ohio, it is not uncommon for families with higher incomes to accumulate more debts. In many cases, consumers choose to file for bankruptcy to obtain a fresh financial start. A family in another state explained their struggle to overcome their debt load. The wife has a job…
Many consumers in Ohio and elsewhere struggle to avoid spending. Credit cards make it easy for people to spend too much, and before many know it, they are overwhelmed by debt. An international robotics company and a fashion designer recently introduced a gizmo that is intended to help people conquer impulsive buying. The self-locking purse comes with a $5,000 price…
Any homeowner in Ohio will do whatever is possible to maintain ownership of the property. Unfortunately, unforeseen circumstances sometimes jeopardize one’s financial stability, and a threat of foreclosure may become a reality. Certain steps can be taken in an effort to prevent foreclosure. If a homeowner is temporarily unable to make any mortgage payments, the lender may allow a forbearance…
Apparently, many millennials in Ohio and elsewhere are shying away from the use of credit cards. Mountains of student loan debt may be one reason. It also may be a response to the fact that many consumers sought bankruptcy protection during the recent recession because of overwhelming credit card debt. Millenials seem to prefer debit cards and cash rather than credit…