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Small business owners in Ohio who are experiencing overwhelming debt may be surprised to learn the extent of the protection that can be obtained by filing for bankruptcy. Bankruptcy often provides a business owner with the opportunity to overcome excessive business debt. An attorney can explain the protections afforded under the federal Bankruptcy Code. With careful planning and professional guidance, a…
Reverse mortgages were created by Congress in the 1980s to help older homeowners cope with living expenses by drawing income from their home equity. After home values crashed due to the Great Recession, many senior homeowners nationwide, including here in Ohio, faced foreclosure. Although reverse mortgages may be the perfect option for some, consumer advocates warn that this type of…
Ohio consumers who decide to file for personal bankruptcy do so for multiple different reasons. Some may have overwhelming credit card debt while others may have committed to loans or purchases that they cannot afford to pay back. An insurance salesman in another state started driving for Uber on a part-time basis in Oct. 2014. His intentions were to enhance…
Consumers who are overwhelmed by debts may experience harassment by creditors or debt collection agencies. Although there are laws to protect consumers against unfair debt collection, the practice remains prevalent. Not all victims of such harassment know that they may take legal action against companies that unfairly hound them. A federal lawsuit was recently filed against a company in another…
Businesses in Ohio whose debts have become overwhelming may seek the protection offered by the U.S. Bankruptcy Code. Companies with serious debt problems can reorganize their finances while maintaining business operations under Chapter 11 bankruptcy. If the reorganization is not successful, the business owner may explore other options. A children’s museum in another state had the opportunity to restructure its…
Sports Authority recently announced that it was planning to sell 140 of its stores across the country, including some in Ohio. This will serve as part of the company’s reorganization plan under Chapter 11 bankruptcy. The company reported that it was left with no other option than to give up the leases and close or sell one-third of its stores.…
This is the time of year when consumers nationwide, also here in Ohio, have to face the consequences of their holiday spending. While credit card debt can be discharged through personal bankruptcy, many people spend stressful months — or even years — trying different methods of resolving debt issues. In the meantime, penalties and interest rates accumulate, worsening an already…
Ohio residents may be concerned about what will happen to their debts upon their deaths. Will their surviving family members be held responsible and be exposed to creditor harassment? There is no single answer to this question, because the type of debt and the existence of a co-signer will determine what happens to it. In Ohio, which is an equitable…
Debt collectors will likely harass consumers in Ohio who are overwhelmed by debt and not able to make their debt payments on time. However, even if the consumers have not consulted with a bankruptcy attorney or filed for bankruptcy, they have rights. There are numerous laws that protect debtors against creditor harassment. The restrictions that debt collectors are subject to…
Business owners in Ohio who are experiencing financial difficulties have likely explored their options under the protection of the U.S. Bankruptcy Code. Those who want to continue operating their business while reorganizing their debts can file a Chapter 11 bankruptcy. However, if all business operations must cease, Chapter 7 will discharge most debts and liquidate assets to pay creditors. As…