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Medina Bankruptcy Law Blog

Why might your Chapter 7 case convert into a Chapter 13 case?

You're fine with liquidating your assets. You want to sell them off, pay off whatever debt you can and be done with it. As such, you've decided to use Chapter 7 bankruptcy. You want that fresh start with no debt.

However, the court may choose to convert that case into a Chapter 13 case, or you could find that you're eligible to file for Chapter 13 and not Chapter 7. Why does this happen?

5 telling statistics about wage garnishments

Wage garnishments are one of the most frustrating ways to lose money. You never even see it. The money is just pulled from your paycheck, whether you like it or not.

This can be incredibly tough for those who barely make enough to get by in the first place. For example, one woman had her paychecks garnished for hundreds of dollars while her husband was out of work. Her family's total income was under $30,000 and she had four children.

Study claims a third of those facing foreclosure have depression

According to one study, a full 37 percent of people who are facing foreclosure could have major depression. They met the criteria.

If that's not bad enough, the study also found that almost 50 percent of these individuals showed some symptoms of depression, even if it wasn't bad enough to qualify medically as major depression. Some of the symptoms that were found with these groups included thoughts of suicide, fatigue, feeling hopeless, trouble focusing, feeling worthless, feeling irritable and having problems sleeping.

Why bankruptcy is better than ignoring problems

Some people feel like bankruptcy is that one option they'll never consider. They don't want to do it, no matter what. Instead, some experts say that they'll just bury their heads in the sand.

The problem with this approach is that it also does not solve the problem. Ignoring it does not make it go away.

Which Ohio counties have the highest foreclosure rates?

On the whole, the foreclosure rate in Ohio is one out of every 1,173 homes. However, this average is found by compiling data from all across the state. Which areas see the highest number of foreclosures? In which counties is it most common?

According to recent data, the top five counties in the state are as follows:

Will bankruptcy eliminate all debts?

You have a lot of different debts, and you're tired of it. You're 40 years old, and you want a fresh start. You decide that bankruptcy is the way to go. You've learned a lot about your finances over the years, after all, and you're confident that you can make better choices moving forward. You just want to eliminate all of your debt and start again with this new knowledge and this new focus.

Be careful. Bankruptcy is a great tool when used properly, but it doesn't eliminate all debt. Make sure you know what ones it won't get rid of and how best to use it to create that financial future you're seeking. Below are a few examples of debts you can't discharge with Chapter 7.

Four key rights when facing wage garnishment

Wage garnishment is a way for those who are owed money to collect it from you after the debt becomes delinquent, without having to rely on you to pay it. Instead, the money is taken from your paycheck straight from your employer.

For example, if each monthly paycheck is for $4,000 and $1,000 is being garnished, you'll simply get paid $3,000 and the other $1,000, which you never see, goes to pay off the debt.

3 foreclosure myths that keep getting repeated

It's critical that you fully understand foreclosure before moving forward. As such, you should be aware of the following myths, which prevail even though those who have been through the process know they don't hold up.

First and foremost, people think it's always better to try to pay the debt of yourself. This can be true in some situations, but the issue is that so much debt may be due at once that you can't make all of those payments. This means that interest kicks in and your debt climbs.

Can you strip your foreclosed house?

The bank is foreclosing on your home. Knowing you're going to lose it, you figure you'll just take everything that you can with you. You'll tear out the cabinets and sell them on Craigslist. You'll rip up the carpet and put it on eBay. You'll take down the light fixtures, pull down the trim, break off the tiles, and sell anything you possibly can.

Is it legal?

Can you add debt recklessly and then file bankruptcy?

You and your spouse are facing bankruptcy. You finally decide to do it. It feels like a big weight has lifted off of your shoulders. Then your spouse proposes an idea: Why not start spending some money?

After all, you have credit cards. Sure, you may lose assets when you file for Chapter 7, but what if you buy things that no one can take back?

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

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