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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…
The United States Supreme Court recently decided that a mortgage can be rescinded under the federal Truth in Lending Act (TILA) by simply writing a letter. The Court held that a lawsuit is not necessary to back out of a mortgage under TILA, contrary to what the Eighth Circuit Court of Appeals held. Of course, borrowers who have TILA claims…
For many residents of Cincinnati, personal bankruptcy offers them an opportunity to resolve their financial challenges by eliminating debt through a Chapter 7 bankruptcy. The Bankruptcy Protection Act of 2005 introduced a qualification standard to be eligible for Chapter 7 debt relief. The means test compares your average monthly income with the median family income in Ohio. Your income must be equal…
Helen Keller once said that “Life is either a daring adventure or nothing at all.” Many people throughout history have followed that axiom, sometimes failing multiple times along the way. Nowhere is this more plain to see than in the records of noteworthy people who have filed for bankruptcy multiple times: Thomas Jefferson, Abraham Lincoln, and even financial wizard Donald…
Debt collectors have one job and one job only, to secure as much as money from you as possible. Many collectors go to great lengths, such as making harassing phone calls and using threatening language. Others are simply persistent while adhering to the laws. Dealing with a debt collector, even in the early stages, can be intimidating. There are three…
For the individual, generally speaking, there are two different types of bankruptcy: Chapter 13 and Chapter 7. Each type of bankruptcy has its own advantages and disadvantages. One of the advantages of Chapter 7 over Chapter 13 is that the debtor will not be required to enter into a lengthy payment plan in which payments would be made to the…
When a person sinks into debt, the stress of maintaining the lifestyle they have become accustomed to while simultaneously meeting their financial obligations can be overwhelming. Debt collectors can be relentless in making a difficult situation worse and it is easy to feel like you are in a hopeless situation. The knowledge of an experienced bankruptcy attorney can be very helpful in…
The foreclosure crisis that began in 2007 hit the state of Ohio hard, and only recently have indications emerged suggesting that the worst is over. This at least is according to statistics from the Ohio Housing Finance Agency, which suggest that a significant improvement from previous years has been underway. The average price for houses in Ohio has improved from…
Most people understand that our credit scores affect our daily lives. Generally, it is difficult to get a loan or obtain a credit card without decent credit. If a person’s credit score is low, he or she may be able to get a loan but the interest rate may be unreasonably high. The lender may even add some creditor-friendly clauses…