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Personal Bankruptcy Archives

Filing bankruptcy more than once

People throughout Ohio may be able to file bankruptcy if they're struggling financially and need assistance. With the debts written off through a discharge or restructured into more affordable payment levels, people can create a more stable financial position. There are many reasons people need to file bankruptcy, including going through a divorce, the loss of a job and medical bills. These events can happen multiple times in a person's life, so an individual may need to file bankruptcy more than one time.

Is credit counseling required before filing for bankruptcy?

An Ohio resident considering bankruptcy may have exhausted numerous strategies for dealing with debts, but it is important to understand that pre-bankruptcy credit counseling is required prior to filing. This counseling must occur within the 180-day period before filing, and it must be provided by an organization that is approved by the government. In finding an approved agency for this course, it is helpful to explore resources from the U.S. Trustee Program as only the organizations appearing on the program's lists are acceptable.

Credit scores may go up for Americans with medical debt

Ohio residents with unpaid medical bills may soon notice a rise in their credit scores. FICO has recently announced changes to the way that medical debt is calculated, and the average person with medical debt will reportedly see a 25-point increase in their credit score. As part of the new FICO model, paid medical bills will be eliminated from a person's credit report, and unpaid medical bills will have less of an impact.

What debt collectors can and cannot do

Many Ohio residents know what it is to deal with the burden of debt. This financial weight is often terribly exacerbated by aggressive debt collection efforts from agencies that knowingly skirt or break the law. It is essential for anyone in such a situation to know their rights and to stand up for them.

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.

Bankruptcy offers protection and peace of mind

Most people think of bankruptcy only as a form of debt relief. While it's true that filing for bankruptcy can eliminate debt and help you overcome many of your financial challenges, it brings with it the added benefit of providing different kinds of legal protection. Filing for personal bankruptcy immediately stops creditor harassment and prevents many of your assets from being taken from you without a fair assessment.

Inaccurate bankruptcy filing could cost a man his protection

Nobody wants to file for bankruptcy, whether for business or personal reasons. There are situations, however, in which normal debt relief just won’t work. Bankruptcy exists as a helpful option for those who find themselves facing financial challenges that they simply cannot overcome. It is important to understand, though, that going about the process in the wrong way can leave you in even worse trouble.

Personal bankruptcy may offer significant debt relief

Being burdened by significant debt can become immensely stressful, and it is capable of diminishing a person's capacity to enjoy everyday activities. Constant pressure from collection agencies can make you feel threatened, and it is incredibly taxing to live in fear of losing a vehicle, home or other possessions. Many Ohio residents struggle with debt from car payments, medical bills, student loans and credit cards.

Treating a cut costs average of $821 in Ohio emergency rooms

Stating the obvious would be saying that maintaining our health is important in our lives. Although we in the United States have some of the best health care available to us, it comes with a price. In fact, medical debt is a common reason why individuals seek bankruptcy protection.

Can you still borrow for your child's tuition after bankruptcy?

Last year, 1.2 million people made the decision to file for bankruptcy. As many of us in Akron know, bankruptcy is often the result of debilitating debt. At a certain point, you just need relief. When a person decides to file for bankruptcy, however, it can affect other aspects of his or her life.