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October 2014 Archives

Cancer patients face mounting debts

As many people in Ohio may know, many cancer survivors, especially younger individuals, may face years of debt due to medical treatment expenses. According to a study presented at a recent meeting of the American Society of Clinical Oncology, approximately 33 percent of cancer patients who were surveyed reported being faced with large medical bills.

What property is considered exempt in an Ohio bankruptcy?

Although bankruptcy is a federal specialty court proceeding, each state sets what property an individual owns that is exempt from the bankruptcy estate. Ohio has a number of types of property that the bankruptcy trustee cannot reach in the bankruptcy in order to satisfy obligations owed to creditors.

Ohio retirees facing mounting debts

Ohio residents may be interested to learn that as the Baby Boom generation approaches retirement age, many of its members are finding that they are saddled with considerable amounts of debt. The generation may face a number of different debts, including student loans taken out for themselves or their children, credit card debt, business debt and mortgages. These financial challenges may lead some people to delay retirement.

Be careful about debt relief programs

Many companies claim in their advertisements that they can help debtors in Ohio consolidate their debts into a single monthly payment, and some of these are accurate. Some companies offer credit counseling services where they try to help a debtor negotiate lower monthly payments and better interest rates as long as the debtor continues the repayment plan. The debtor then makes monthly payments to the credit counseling service, which pays all of the creditors on the debtor's behalf. Some nonprofit organizations offer this service for little to no charge.