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Medina Bankruptcy Law Blog

How and when do I file for bankruptcy?

Bankruptcy is always a difficult prospect, but it can be a way out of financial trouble if it is done properly and at the right time.

It is vital to consider the depth and breadth of debt, and it is often advisable to consult a lawyer to see if bankruptcy is the right choice.

Is it time to file for bankruptcy?

If you have found yourself drowning in debt, you are not alone. Other people in Medina have found themselves in similar circumstances. For some, a few sessions of credit counseling might provide the solution they need. For others, they need something a bit more intensive. While bankruptcy often carries a strong negative stigma, you should think of it more as a debt relief tool. But, is bankruptcy the right choice for you?

There are several circumstances that point toward bankruptcy as your best option to get your debt under control. If any of the following scenarios apply to you, it is time to seriously consider bankruptcy.

Foreclosures may rise in Ohio real estate markets

Few problems are more daunting than the possibility of losing a home, especially if a family has invested a great deal in its purchase and maintenance. Foreclosure is rare, but the specter of repossession has been close behind since the beginning of the Great Recession.

Foreclosures are generally less common during times when banks and other mortgage providers are not likely to sell properties off, instead favoring loan modifications and other ways of adjusting failing mortgages. When housing markets heat up, however, foreclosures often rise.

What happens when wages are garnished?

Wage garnishments are reductions in income that can damage credit and make life seem unaffordable. Fortunately, it is rare that creditors feel they must resort to garnishing wages, and there are several ways out of it.

An attorney may help employees who have their wages reduced to pay off creditors if they wish to end this process.

Filing for Chapter 13 bankruptcy in Ohio

No one wants to have to think about bankruptcy, and fortunately, it is rare. However, the practice is becoming more common as medical debt, student debt and other types of credit make it harder to avoid or recover from being in the red.

Chapter 7 bankruptcy may result in property and assets being sold to cover all or a portion of an individual's or organization's outstanding debt. Chapter 13 bankruptcy, which makes arrangements for future earnings to go towards debt repayment, can only be applied for by an individual.

Senior citizens make up more applicants for bankruptcy

Deep debt is always a difficult thing to get out of, no matter how easy it seemed to get in. More Americans are facing various types of debt, including insidious consumer debt, which can ruin credit for years and cause lifelong financial problems.

Bankruptcy may seem just as daunting, but it can be the right choice for certain types of debtors. The process can relieve or cancel several types of debts, possibly while allowing debtors to retain their property and assets. An attorney may help people sort out their debts and make the right choice about bankruptcy.

Filing bankruptcy can stop a creditor lawsuit

You've fallen behind in your bills. Maybe you had to keep using credit cards for living expenses, and now you've maxed out your credit and still can't afford basic necessities. Perhaps you experienced a car accident or sudden medical event that left you unable to work and with a pile of medical bills. It only takes a few days or weeks for the average American household to fall desperately behind on paying bills. Many times, lines of credit, credit card and old debts are the first thing you stop paying when times are financially tough.

Unfortunately, if you miss one or two payments, you're going to start getting collection calls. Some places are so overzealous that they will start calling in the days before your payment is even due. If you don't make payment arrangements or if you fail to keep an arrangement with one of your creditors, you could soon find yourself served with documentation for a civil lawsuit. Your creditor wants to sue you over how much you owe!

Child support in Ohio leaves many fearing wage garnishment

Debt is a difficult thing to deal with, as it takes financial control out of the hands of people who owe. With fewer and fewer options to recover from bad fortune, poor spending habits or a grave financial event in life, many debtors feel that bankruptcy is their only option.

Bankruptcy is often a serious consideration after someone finds he or she is in danger of having his or her wages garnished. A legal order to withhold up to a quarter of wages can have profound effects on a person's lifestyle -- and immediate poor effects on people and children.

What can I keep in an Ohio bankruptcy?

Filing for bankruptcy can be a daunting prospect for individuals and families. The idea of losing control of one's finances is never attractive. Moreover, the idea of letting a trustee settle their debts and have access to their property makes many debtors ill at ease.

But loss of property is often only half the story, or may not be part of the story at all. Federal guidelines and Ohio state laws restrict what debtors in bankruptcy are compelled to give up to help settle accounts. A bankruptcy attorney may be able to help debtors address the following issues.

Types of bankruptcy for debt sufferers in Ohio

No one wants to think about the possibility of bankruptcy. The choice seems difficult at any time, so it is important to understand all the possible options for recovering from debt when it seems like they are limited.

Fortunately, federal and Ohio state law allows for several legal options for people struggling to escape debt or other financial hardship. The common types of bankruptcy are commonly known by the chapters explaining them in the U.S. Code.

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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