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June 2014 Archives

Differentiating between Chapter 13 and Chapter 7 bankruptcy

Ohio residents who are struggling with overwhelming credit card or medical debt may be interested in an article describing the different types of bankruptcy available to individuals. Each will help to eliminate debt, though the amount of time that it takes varies depending on the person's financial circumstances.

Credit card debt for Ohio consumers

As a consumer, it may be beneficial to keep credit card debt to a minimum. According to a recent survey by a financial website, the average credit card debt was $10,902. The amount was slightly lower for those under the age of 30 and was slightly higher for those over the age of 30 according to the study. Other studies concluded that the average credit card debt was anywhere between $7,087 and $7,100 per household.

Debt buyers seeking more default judgments

Ohio residents may be interested to learn of a disturbing new trend emerging among debt collectors. When late-night telephone calls or in-person visits fail to yield the desired results, some debt collectors have begun filing lawsuits against consumers hoping that the person will not appear in court allowing them to obtain a default judgment. Many of the people who receive notices of these judgments never had any idea they were being sued.

Strategies for managing debt

When trying to determine the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy, individuals in Ohio might benefit from knowing about all of their options. A recent article discussed two strategies that a person might pursue when trying to deal with their debt and how the approaches may affect a person's credit score.