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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…
Congressman John Delaney (Md.) has introduced legislation in the United States House of Representatives to allow for people who file bankruptcy to discharge their student loan debts. According to the press release issued by Mr. Delaney which can be found at , H.R. 449 would make student loans dischargeable under bankruptcy law. Student loans were able to be written off…
The abuses associated with debt collection agencies and creditor harassment are topics that have been well-documented in earlier blogs posted on this website. The Fair Debt Collection Practices Act places restrictions on allowable conduct by those companies and individuals in the business of collecting delinquent consumer debt. But the statute also gives consumers rights of their own that they can exercise…
Anyone who has been paying attention to financial news lately has heard that the economy is improving, resulting in a much needed reprieve for many Ohio residents and businesses who have been facing monumental financial struggles in recent years. Perhaps one promising economic indicator is the nationwide reduction in yearly bankruptcy filings. Published numbers from the Bankruptcy Court for the…
Sneaky Debt Collectors Beware! Sixth Circuit Says Collection Letter Offering To Settle Time-Barred Debt Could Be Misleading and Violate FDCPA On January 13, 2015, the Sixth Circuit Court of Appeals decided the case of Buchanan v. Northland Group, Inc. holding that a collection letter offering to settle a debt without advising the debtor that the debt could not lawfully be…