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The decision to file for bankruptcy is a difficult one, particularly for small business owners. When a business owner does make the decision to declare bankruptcy, the owner must then choose the type of bankruptcy to file. There are a few different types of bankruptcy for businesses, and each type has pros and cons. Chapter 7 bankruptcy, or liquidation bankruptcy,…
“Night of the Living Dead,” “Dawn of the Dead” “The Walking Dead,” what do these have in common with debt collection? Irritating zombies. Some consumers’ credit ratings are being consumed by zombie debt. And one U.S. Senator from Ohio wants to do something about it. Senator Sherrod Brown has started a campaign to make banks and buyers of debt accountable…
In Ohio, it is not uncommon for one spouse to rack up massive debts without their partner’s knowledge. For a while, you may be able to make manageable payments, but after a while, it becomes evident you cannot pay back the debt on your own. As such, you may be considering filing for bankruptcy. Yet, you do not want your…
Over the last five decades, many characteristics have been used to describe Baby Boomers, those born between 1946-1964. The youngest Boomers are now in their mid-fifties, the oldest in their seventies. And one thing that is a common thread among many of them, in Ohio and across the country, is that they still have significant debt. A recent Pew Charitable…
Chapter 7 bankruptcy is touted as a “fresh start” that allows someone to erase a significant portion of debt that probably cannot be paid based upon the debtor’s current income and financial circumstances. In fairness to creditors, anything of value that the debtor has is turned over to the court to sell, with the proceeds used to pay off eligible…
Foreclosure is the process by which a lender, such as a bank or mortgage company, takes possession of a property when the borrower defaults on the mortgage. While this may seem like a simple concept, many people do not realize there are different types of foreclosures. There are three main types of foreclosure: judicial, non-judicial, and strict. Judicial foreclosure is…
Anyone familiar with the American system of law will be familiar with the two-tier arrangement of federal and state laws. In some areas the federal government has determined it necessary to “pre-empt the field” when it comes to a given law, meaning that federal law is to govern instead of state laws. The U.S. Bankruptcy Code is one such law.…
When consumers in Ohio fall behind on their bills, one route creditors can take to recover the debt is through wage garnishment. This may be a term you have heard on television or in movies, but how does it actually work? Creditors cannot simply take money from you. There is a process that they must follow. Whether you are a…
For many people in Ohio, bankruptcy is something to be avoided at all costs, something they would never consider normally. Other Ohioans are risk-takers, often putting it all on the line over and over again in different ventures in hopes to make it big. Sometimes, these risks pay off; other times, they crash and burn. For the risk-takers, and for…
Owing debt you can’t pay is a bad enough feeling. But when you are being harassed to pay debt you’ve already paid off, debt that has been discharged in bankruptcy, or even debt you never owed at all, the feeling goes from bad to frustrated and even angry. These feelings are now being compensated by one of the biggest names…