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Medina Bankruptcy Law Blog

Avoid wage garnishment in Ohio

Excessive debt always feels like something that happens to other people until it happens to you. It is hard to know how to respond when the government is helping your creditors take your wages, especially if you are still trying to return to financial health.

Orders for garnishment are usually sent to debtors in Ohio within 15 to 45 days of a judge's issuance of the orders. State law requires specifics for this order, including the amount owed to whom and any options available to avoid garnishment.

When to consider debt consolidation

Your wages are three-quarters what they were. You can't stand to look at your phone because creditors won't stop calling. You can't dream of owning or keeping a house as your credit score plummets every month.

Debt is a terrifying part of American financial life, especially for those who rely on loans to get an education or own property. When debt gets out of control, people have to fight to regain control of their lives. Fortunately, there are many types of debt relief that an experienced attorney can help you to use.

Understanding the means test for Ohio Chapter 7 bankruptcy

When you discover that your debt is overwhelming, you may want to curl into a ball and pretend it will all go away. Unfortunately, it won't. Once you realize that you are in over your head, you have to make the decision to make a change. In some cases, that time only comes when you get served notice of a pending lawsuit from a creditor or a pre-foreclosure letter from your mortgage lender.

If you know your debt load is inherently unsustainable, bankruptcy may be your best option. Even though making the decision can feel like a relief, you probably end up with even more questions. What kind of bankruptcy is right for you? What debts will be forgiven? How much of your acquired assets can you retain? The answers for each of these depends on your circumstances.

Foreclosure agency investigated for fraud

Foreclosure is one of homeowners' greatest nightmares. The idea of losing a hard-won property asset is bad enough, but losing a home and a household can be an especially traumatic experience. Losing a business can be just as harmful to a business or family.

The recession that began a decade ago changed the face of how money is loaned for residential and commercial property purchases, with new laws and organizations designed to make foreclosures less likely. Many of those services included Ohio, a state where foreclosure and bankruptcy rates are among the highest in the country.

Garnishments still taking their toll on American workers

Even though the great recession ended years ago, there are still a number of Americans struggling to get by. This is likely because they are still paying off debt that they accumulated when the economy crashed. New numbers derived from an ADP investigation finds that about seven percent of workers in the U.S. workforce are having their wages garnished.

More importantly, workers in their prime earning years (ages 35 through 44) are being garnished, and the amounts that come out of people's paychecks (up to 25 percent of their after tax earnings) arguably have had a significant impact on the nation's economic recovery.

The benefits of filing for Chapter 7 bankruptcy

Bankruptcy can easily feel like failure when someone is facing the prospect, but it has many qualities for debtors that make it a fresh start. It is a way out of overwhelming debt that respects debtors' rights as well as creditors' needs when dealing with property and assets.

A trustee is appointed to acquire and sell all of a debtor's nonexempt assets, distributing all but an exempted amount to creditors with certified claims. A commission of the total of the sale applies as a fee for the trustee.

Ohio experiences summer rise in foreclosures

Foreclosure is the worst-case scenario for any property owner. Bank or institutional repossession of a house or business location after a mortgage has been unpaid is a bad move for the former owner, the bank and often the next owner.

It is bad news for the Buckeye State that foreclosure rates increased in the late summer at more than double the normal rate. The month-on-month increase of 14 percent from July to August 2017 is the highest in 10 years, and Ohio experienced the fifth most foreclosures of any state nationwide.

Doubts about student debts may help or complicate forgiveness

Debt is a major problem for many Americans. Figures have been steadily rising to around $2.4 trillion currently owed by individuals. Only a third of this staggering amount is revolving debt, such as credit card debt, while the remainder is in loans for cars, houses and education.

Student debt has also become a greater burden for Americans trying to increase their career prospects. Ohio carries the greatest amount of student debt, with the average Ohioan graduate owing more than $30,000 by the time he or she finishes college or graduate school. The balance of student loans make up more than half of students' income.

Top reasons why people file for bankruptcy

If you have found yourself overwhelmed with debt, you are not alone. On average, more than a million people across the country have filed for bankruptcy during the prior year. You may even know a neighbor or friend in Medina that has either already filed or is considering filing for bankruptcy.

People file for bankruptcy for many different reasons. You may have suffered a job loss or reduction in income. Perhaps a family member has suffered a serious injury or illness and the medical bills are racking up. Understanding the reasons why people file for bankruptcy can help you better manage your finances while you rebuild your credit and avoid having to file again in the future.

Debt settlement may be worse than bankruptcy

Bankruptcy is often a misunderstood concept, especially since those who face it are likely to be frightened and confused by the situation they are in. A lack of understanding about the details of types of bankruptcy can lead people to make rash decisions and end up spending more time and money on the road to financial health.

Debt settlement – a negotiated path out of a debt that does not require a declaration of bankruptcy – is an attractive option to those who fear facing even the prospect of bankruptcy. It is often no longer at a heavy price, with upfront fees that exacerbated debt, although changes in the industry may have hidden risks elsewhere.

Get the debt relief you need, the personal attention you deserve.

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