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What is credit counseling for bankruptcy? In 2005, Congress passed and President George W. Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), a bankruptcy reform law. One of the requirements BAPCPA imposes on a bankruptcy debtor is to receive credit counseling from an approved credit counseling agency before the bankruptcy filing. Credit Counseling and Bankruptcy Specifically, BAPCPA…
Many people hold the misconception that they will lose everything they own when filing for bankruptcy. Unfortunately, they may be tempted to take steps that in the long run can cost them dearly under the Bankruptcy Code. That’s why ethical and lawful bankruptcy planning can help protect your interests. So, what is pre-bankruptcy planning? In an emergency situation, such as…
Debt problems can slowly build for a long period of time before spiraling out of control. You may believe or at least have hope that you can manage your debt problems and find a way to repay your creditors. As your financial picture deteriorates, you may feel the need to take increasingly drastic measures. While most of the people we…
When a local woman was facing an unexpected wage garnishment that was draining up to 25% of her wages, she approached the experienced bankruptcy lawyers of Minnillo Law Group for help. To stop the garnishment, she filed a Chapter 13 bankruptcy in Cincinnati to invoke the “automatic stay” to stop the wage garnishment. The automatic stay is at the core…
As a result of the staggering economy, more and more people are finding it difficult to pay their bills. As a result, the payday loan industry has popped up to lend a hand to cash-strapped consumers. These entities have been lifesavers for many people in desperate need of financial assistance. However, doing business with these so-called loan sharks, or quickie loan companies,…
The lien stripping process is available to debtors facing Chapter 13 bankruptcy in Ohio, but what is it? Homeowners know that today’s housing market has diminished the equity in their most important investment. As a result of the housing crisis, many Ohio homeowners are “underwater” on their homes, meaning they owe more on their home than it’s worth. Still more…
U.S. medical debt has become one of the top causes of bankruptcy filings in the U.S. as a result of skyrocketing and uncontrollable costs of healthcare. Fortunately, due to pressure from Congress and regulators about concerns regarding medical bill debt collectors, proactive measures are in full force. In 2020, the Healthcare Financial Management Association, an association that includes hospitals and healthcare…
Many people contemplating bankruptcy are likely feeling very stressed. They are drowning in debt and feel helpless because they can’t pay back what they owe. However, they are also likely experiencing a whole host of other emotional issues such as feeling embarrassed, frustrated, and scared. When people hear that they have to go to court, the anxiety only increases. So,…
For individuals that find themselves in too much debt, bankruptcy can be a lifesaver. Those who qualify for Chapter 7 bankruptcy, for instance, can erase their debt, walk away with a clean financial slate and start over. Post bankruptcy, many consumers change their spending habits and become much more diligent with their budgets. However, life throws us constant curveballs that…
The market has not been the best for homeowners in recent years. In a difficult economy, many homeowners have found themselves struggling to make payments on their homes and falling behind. When this happens, their houses fall into foreclosure. However, in 2012 the Ohio Supreme Court ruled on a case that offers hope to those in Ohio facing foreclosures. The…