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Debt Relief Archives

Understanding a creditor's options for collecting unsecured debt

Ohio residents may be interested in how a creditor could legally collect on a debt when there is no property securing that debt. While it may take a trip to the courthouse, a judgment against the debtor could cause serious trouble if not addressed.

Lien stripping for second mortgage after bankruptcy

For many Ohio residents, avoiding foreclosure is an important factor in their decision to file for bankruptcy. Before choosing which form of bankruptcy to file, homeowners who have a second mortgage need to know how that obligation will be affected.

What should I do if a creditor or debt collector sues me?

Ohio residents may benefit from learning what to do if a creditor or collection agency were to ever file a lawsuit against them. Consumers who have been sued typically benefit from seeking legal counsel with experience in issues concerning debt collection and the Fair Debt Collection Practices Act. Whether the defendants choose to enlist legal representation or not, they are still required to respond to the lawsuit by the date listed on the court document.

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.

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.

Default judgments common in debt collection actions

Debt collection lawsuits are increasingly common in Ohio and around the country, and studies indicate that most defendants in these cases do not participate in the legal process, often resulting in default judgments against them. A 2010 report by the Federal Trade Commission indicated, based on attorney estimates, that 60 to 95 percent of debt defendants do not show up. A 2011 report cited by the Center for Responsible Lending said that 80 percent of the default judgments obtained in New York cases came from debt lawsuits.

Student loan debts are financially crippling

There are many types of debt that United States citizens suffer through. This debt can affect their standard of living in a number of ways, potentially putting their homes, cars and lifestyles at risk. Some people accrue debt from unforeseeable circumstances such as loss of job or sudden medical complications. The future generations of our country may look as though they might be being set up for failure before they even have a chance to find their footing.

Doctors toughen up on debt collection

However carefully you plan for the future, it is all too easy to fall into debt. A sudden death, an accident, theft, all these things can change your financial situation in an instant. For people in Ohio and indeed across the United States, medical bills are a major contributing factor to financial concerns. You can’t help falling ill, but that cost can be great and now doctors are going to extra lengths to recover payments.

Debt relief can allow you to focus on student loans

A growing problem in our country concerns current and future American generations. Some Ohio residents may personally be feeling the strain of the countrywide rise in student loan debts, which now total approximately $1 trillion spread amongst almost 37 million American citizens. This is particularly problematic because there are very few debt relief options available to help.

Bankruptcy filing will not affect plans for Ohio plant

Maryland-based enriched uranium producer, United States Enrichment Corporation, is planning to build an enrichment plant in Ohio, but first they have to contend with more than $500 million worth of debt. To manage all of this debt, USEC has filed for Chapter 11 bankruptcy with the hopes of restructuring the debt. Chapter 11 bankruptcy is just one of many debt relief options that businesses and individuals alike can take advantage of to get their finances under control.