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November 2017 Archives

Bankruptcy on the rise among older Americans

Regardless of how you identify politically, there's a good chance that you and nearly everyone else in the country can agree on at least one thing: the cost of healthcare is currently very high. For many seniors, the costs of healthcare are gutting their retirements, leaving them with barely any resources once they pull through an injury or sickness.

Bankruptcy may offer more benefits than other debt relief options

Throughout your life you may have heard stories of people who found themselves in difficult financial situations. These stories may have resulted in you becoming very aware of your own finances as you became an adult, and you may have worked hard to stay on top of your financial obligations. However, just like any other Ohio resident, you could find yourself facing an unexpected situation that could result in you accumulating considerable debt.

Consider the risks surrounding informal debt resolution

When a person finds he or she is overwhelmed with debt, then he or she may begin looking in every direction to find some relief. Of course, both Chapter 7 and Chapter 13 bankruptcies offer significant flexibility for many consumers to repay debt as well as discharge it. However, many creditors are willing to consider alternative repayment options that do not include an actual bankruptcy. If you face serious debt, you may be able to negotiate repayment and discharge of the debt for pennies on the dollar, but be sure to keep your self protected if you pursue this option.

Bankruptcy doesn't necessarily prohibit you from obtaining credit

If you are constantly dealing with overwhelming amounts of debt, you might be suffering a lesser quality of life in the process. Substantial monetary obligations can leave you struggling to keep up with monthly expenses, and if the problem persists, you could be in search of some much-needed financial relief.

Can my landlord evict me during my bankruptcy?

If you rent your living space rather than own it, it is important to understand your options and rights as a tenant when you consider bankruptcy. Depending on many factors in your rental history and your financial needs, you may need to take very specific actions to receive all the benefits a bankruptcy offers.

What can you do when threatened with repossession?

Many Ohio consumers have at least some debt, but you may find that you are in a position in which you can no longer effectively manage the debt that you have. There are many unpleasant consequences to having debt, unpaid bills and owed balances, and one of these is the threat of repossession of your vehicle. Depending on the types of debt you owe, it is possible that a creditor could move to take possession of your personal vehicle.