Vance P. Truman, Attorney at Law
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Medina Bankruptcy Law Blog

Seek debt relief by negotiating your medical bills

The facts presented in a CNBC report are staggering: 66.5% of all bankruptcies are related to medical issues – either paying the bills or losing paychecks because of time off the job with an injury or illness.

Medical issues, according to the report, are at the root of an estimated 530,000 bankruptcy filings each year.

One reason for foreclosure: Your health

When you hear that someone's home is in foreclosure, what do you think is the reason? Do you wonder if they got themselves into overwhelming debt through poor purchasing decisions? Do you assume they bought a home they could never really afford? Or maybe the breadwinner recently lost their job?

These are all common assumptions, and they tend to paint the person going through the process in a negative light, when the reality is that the foreclosure could be out of their control. For instance, maybe it's simply that their health is to blame. That's not their fault, but it still creates a stressful financial situation.

I live in Medina. Where can I file for bankruptcy?

If you are a resident of Medina or live anywhere in Medina County and want to file for bankruptcy, you must file your petition in the United States Bankruptcy Court in the Northern District of Ohio. According to their website, the court serves residents of 40 counties in Northern Ohio and has offices in Youngstown, Canton, Akron and Cleveland.

It's important that you get the jurisdiction right when you file for Chapter 7 bankruptcy. Mistakes on your petition for bankruptcy could cause your case to get thrown out of court, any automatic stays lifted, and your debts not discharged.

Avoiding foreclosure through Chapter 13

Many hard-working people find themselves facing foreclosure and realize that they must consider all their options if they hope to keep their home. As markets shift constantly and job security is not easy to come by, foreclosure is a reality for Americans in every part of the country.

If you find yourself staring down a foreclosure in Ohio, you may have more options than you realize. Depending on your circumstances and income, Chapter 13 bankruptcy may offer you the opportunity to get your debt under control and keep your home, halting frustrating collections practices and avoiding foreclosure.

Facing wage garnishment? What you need to know

If you are facing a wage garnishment to settle a debt, your finances have likely been in disarray for some time. Ignoring the problem will not make it go away, so it's time to take the bull by the horns and decide on a course of action.

When your wages are garnished, your employer retains a portion of your paycheck to pay off your creditors. Garnishments can be used to satisfy:

  • Child support arrearages
  • Unpaid taxes
  • Student loans
  • Court case judgments
  • Personal loans

Akron commercial district saved from foreclosure

Debt has made failure to keep on mortgages a real problem across Ohio. Cuyahoga County, home to Cleveland and Euclid, has been in the top ten counties for foreclosure nationwide in recent years. Fortunately, the risk has been dropping even though the ranking has not moved.

Most people assume that the threat of foreclosure is the end of the battle, but there are ways to avoid it and the resultant auction of property. A large mixed-use structure based around multiple buildings in downtown Akron had been slated for sheriff's sale for months during the end of 2018. Recently, the lender withdrew its request for the Summit County Sheriff's Office to sell the complex.

Should you file for Chapter 7 bankruptcy?

Filing for bankruptcy is few debtors' first solution to mounting debts. But it can be a good way to resolve your fiscal woes once other methods have been tried but failed.

So how do you know whether it's the right choice for you? One good way is to draw up a list of the pros and cons of filing for Chapter 7 bankruptcy. Let's start with the pros.

  • It's a quick process, usually no longer than three to six months from filing to discharge of debts.
  • Most of your assets will be exempt from seizure and sale unless you have luxury items.
  • Almost immediately after your debts are discharged in a bankruptcy, you will receive additional offers of credit. Be careful here, as the interest rates are quite high.
  • The slate is wiped clean (for most debts).

Is that call a debt relief scam?

You have so much debt that you're not sure where to turn. It all feels overwhelming. You start looking into your options, but you don't actually start the process through debt consolidation programs, bankruptcy or anything else.

Then you get a phone call. The person on the other end tells you that they are there to help if you need them. They'll assist you in consolidating and even eliminating your debt. They make a lot of promises that sound really good, and you're excited about the idea of putting these financial issues behind you.

How long do payment plans last in Chapter 13 bankruptcy?

There are benefits and drawbacks to both Chapter 13 and Chapter 7 bankruptcy. Chapter 7 is the faster option, but it can also involve the liquidation of your assets. Additionally, there are limits on how much income you can have if you want to file Chapter 7 bankruptcy. It also remains on your credit report for a full decade after your discharge. Those drawbacks may turn some people away from considering Chapter 7.

Chapter 13 bankruptcy does not have income limitations or the requirement to liquidate your assets. Also called a wage earner's plan, Chapter 13 bankruptcy allows you to negotiate a structured repayment of your debts that is more sustainable and fair than what you currently have. It is a great way to discharge unsecured debts while protecting your assets and income.

How will the trustee know if I hide assets in a bankruptcy?

You were tired of dodging creditors' calls and lying awake at night worried about all the debts you couldn't pay. You decided that it was time to file for Chapter 7 bankruptcy in order to get some relief.

However, you hate to lose your possessions in an asset seizure and figure there's no way that you could be discovered if you failed to disclose all your assets in the bankruptcy petition.

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

Call us today for a free consultation at 330-591-4729, or fill out the form below, and we will contact you.

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Medina, OH 44256

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Fax: 330-722-3410
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