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Medina Bankruptcy Law Blog

How does spending management help with debt?

Debt is often an integral part of the American experience. People acquire capital through massive loans to buy a house, start a business or fulfill other life goals. Occasionally, debts can mount to the point that the principal and interest are unmanageable. Options in that situation include debt consolidation and bankruptcy.

Even after debts are already a problem, there are ways of using sensible spending practices to reduce debts and shorten repayment times. The key is usually balance; although earning and spending should always be in some form of constant, neither should overly dictate life options.

Is Chapter 13 bankruptcy the right plan?

Bankruptcy may seem like a bad word, but it exists to help us resolve financial difficulty. When debts are extreme and it seems there is no way out, a successful bankruptcy filing is often the first step on the road to recovery.

Chapter 7 bankruptcy is a common way to get rid of debt that is unrecoverable. While this method usually applies to people who do not think they can repay debts at all, there is another option favored by people who do not wish to liquidate their assets, another option exists: Chapter 13.

How do I deal with wage garnishment?

Millions of workers in Ohio and around the country face anxiety when their pay stub arrives. Taxes, insurance costs and other withholdings can make a salary seem paltry. But nothing compares to looking at a stub and finding up to a quarter of one's take-home pay gone.

This happens to subjects of wage garnishment. Buckeyes who have their wages garnished are generally suffering under debt significant enough for a creditor to have obtained a court order. Although this may be a frustrating discovery, it is possible to work with creditors to lift a garnishment order.

No, you don't have to lose your home in Ohio Chapter 7 bankruptcy

There are many people in Ohio who still struggle financially, even though the Great Recession has officially ended. Many in Ohio struggle to make the minimum monthly payments on their debts. Some worry about foreclosure on their homes. Others can pay for their housing but have fallen far behind with other expenses, like credit cards and medical debt.

Depending on the situation, these individuals may benefit greatly from filing for bankruptcy protections. Bankruptcy could allow some of these individuals to seek a fresh financial start, unhampered by the massive monthly expenses associated with unsecured debts. A common and persistent bankruptcy myth may prevent these people from seeking relief. Many people still believe that they will for sure lose their home in a bankruptcy filing.

Medical expenses may increase chances of bankruptcy

When debts are mounting and cash flow can't keep up with them, it may seem difficult to envision a positive financial future. Bankruptcy may seem like a dirty word connected with failure, but the declaration can be the beginning of a new era for people in debt.

Ohio is a state in which it is often attractive to declare bankruptcy. The Buckeye State suffered heavily during the housing finance crisis of the century's first decade, and unemployment remains a serious concern in the region due to deindustrialization.

Ohio woman fights double foreclosure in court

For decades, home ownership has been an essential part of the American Dream. People can experience happiness and success without owning their own home, but being responsible for one's own property is still one of the widest avenues to the middle class.

Mortgages can make home ownership more possible and efficient for earners. These structured loans can open a house for a down payment, but they also give banks and other mortgage providers power over the property if recipients cannot keep their payments up to date.

Chapter 13 bankruptcy often chosen for longer payment plans

Bankruptcy is sometimes a hard word to hear, but it can be a new beginning after difficulty with debt. Despite the importance of understanding bankruptcy, many myths persist about it that can damage someone's chances of learning how to manage extreme debt.

This is shown by looking at some patterns of bankruptcy filings. Accountant and lawyers alike brace for the spike in filings that has always come after tax season in the last decades. Experts believe this is because more people believe they can afford bankruptcy after a tax refund.

New Ohio law may affect wage garnishment

Wage garnishment is illegal unless it is supported by a court order. Creditors can apply for a court order if they have gone through a significant number of attempts to recover a debt and can find no other alternative. Ohio state law limits garnishment to 25 percent of a person's disposable earnings in most cases as well.

There are a few exceptions, including unpaid child support. The court's rationale for allowing or increasing a garnishment in these cases is that the well-being of a child may rely on child support payments. All court orders for child support have included an income withholding order since 1988.

Do you know the top advantages of Chapter 7 bankruptcy?

As you learn more about Chapter 7 bankruptcy, you'll find yourself facing the decision whether to push forward with the process or opt for another approach to improving your financial situation. It's never easy to decide in favor of Chapter 7 bankruptcy, as you understand that this will adversely affect your life in some ways. However, you don't want to let the fear of the unknown slow you down.

Here are some of the many advantages of Chapter 7 bankruptcy, as opposed to other strategies:

  • A fresh start in the near future. Once your Chapter 7 bankruptcy case closes, you'll find yourself in position to start over from scratch. You may not eliminate all your debt, but you can certainly get rid of most of it.
  • No repayment plan. There are times when filing for Chapter 13 bankruptcy makes the most sense, but doing so saddles debtors with repayment plans to settle some or all of their debts. Chapter 7 bankruptcy does not have this requirement, meaning that you don't have to worry about making this monthly payment for a period of three to five years.
  • It's fast. While this may not always be the case, the discharge of debt typically occurs within three months. So, if you start today, you could find yourself without some or all of your debt in approximately 90 days.
  • No limitation in regards to the amount of debt you can have. No matter how much debt you've accumulated, it won't be enough to disqualify you from filing for Chapter 7 bankruptcy.

Bankruptcy filings rise in parts of Ohio

Severe debt can lead to a variety of problems, from diminished spending ability to constant calls from creditors. Although bankruptcy often comes with an undue stigma, the process can help people wipe away previous financial problems and get on the right path to financial health.

February filings for bankruptcy were up in the 21 counties of northwest Ohio for the first time in six years. The U.S. Bankruptcy Court in Toledo saw a 15 percent rise in filings to 281 cases in February 2018 after rates dropped the previous month.

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