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Chapter 13 Archives

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.

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.

Chapter 13 bankruptcy offers a fresh financial start

While bankruptcy is an effective form of debt relief, it is not the ultimate answer to all financial problems, and it would be a lie to tell people that it doesn’t come with a bit of baggage attached. Individuals who have taken advantage of a bankruptcy filing may understand the wonderful debt relief and protection from creditor harassment that it brings, but being unable to pay one’s debt is something that could make future creditors nervous for years to come. This is especially true for people who filed for Chapter 13 bankruptcy and are still in the process of paying their debts off.

Bankruptcy can be a safer alternative to payday loans

It’s no secret that the United States economy has been in a slump over the last several years. While the economy does seem to be improving slowly, there are still many people who need some form of debt relief or financial assistance to pay off student loans or mortgages. An effective form of legal debt relief can be found in bankruptcy filings such as Chapter 13 bankruptcy. Some people may try to take a seemingly quicker and easier way out in the form of payday loans, but these individuals may become trapped in a cycle of endless debt.

Chapter 13 filing stops foreclosure sale on property

There’s a lot more to bankruptcy than one might initially think. The first reaction may be one of unnecessary negativity, with bankruptcy often being related to insurmountable debt or other such financial struggles. However, bankruptcy is not a mark of failure, and, depending on the type of bankruptcy filed, different results can be achieved. For example, if you’re looking to protect your property and pay your debt off with a more reasonable and affordable plan, then a Chapter 13 filing may be for you.

Bankruptcy filings could increase as job outlook gets better

Chapter 13 bankruptcy is a way for people to reorganize their debt while avoiding collection activities such as wage garnishment and foreclosure. Since 2010 national filings for bankruptcy have declined. However, even though the economy is improving, experts in the bankruptcy field say that improved employment rates may cause Chapter 13 bankruptcy, and other types of filings, to increase. This is due to consumer confidence levels rising with their income, thus increasing their comfort in borrowing and making large purchases.

What happens if you're in bankruptcy but can't make the mortgage?

As some Ohio residents know, filing for bankruptcy as a way to save a home from foreclosure is not uncommon. Sometimes lenders are willing to make modifications to a mortgage to help a family or individual remain in a home. What happens, however, if you are several years into a personal bankruptcy filing and once again cannot make regular mortgage payments? If you're tired of trying to keep your home and want out, can you just let it go into foreclosure?