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November 2016 Archives

Will I ruin my credit score if I file for bankruptcy?

Many people in Ohio and elsewhere who are struggling with overwhelming debt may have considered filing for bankruptcy to find relief. However, bankruptcy has a stigma attached to it that may prevent people from filing simply because they worry about what will happen to their credit scores. While your credit score will certainly take a hit after you file for bankruptcy, it may recover faster than you think.

Signs of a credit repair scam

If you are overwhelmed by debt, you may be weighing the advantages and disadvantages of filing for bankruptcy or maybe seeking the help of one of the many businesses that purport to repair your credit. This is an important decision, one which may determine many things about how you go about your life for many years. Unfortunately, many credit repair services are merely scams that will leave you in worse financial shape after claiming to help you.

What is the advantage of paycheck deduction in Chapter 13?

Chapter 13 bankruptcy is an excellent tool for many people who have found themselves unable to get on top of their debt. More than many other forms of bankruptcy, Chapter 13 places an emphasis on enabling a debtor to make good on many debts rather than simply abandoning them. This can make Chapter 13 plans attractive to both the debtors and the creditors in many cases. It offers those who are languishing under a mountain of debt immediate relief from collection tactics, while offering creditors some assurance that they will see some or all of what they are owed repaid.

Will I lose my property after filing for Chapter 7 bankruptcy?

If you are struggling under the weight of overwhelming debt, you may be considering your options on how to find relief from your situation. While you may have considered Chapter 7 bankruptcy as an option, you may be worried that you will lose your most important assets, such as your house and car, during the process. The good news is that Ohio, like many other states, offers property exemptions for those who file for Chapter 7 bankruptcy, which will allow you to keep some of your assets.

Bankruptcy-exempt property under Chapter 7

If you're considering bankruptcy, chances are you are already familiar with the pressure of looking around at what worldly possessions you have and wondering if you will have anything left by the time you get to the other side of whatever difficult season you are in. The good news for those who are concerned that they will be left homeless with barely the shirt on their backs is that the law allows for those who file for certain kinds of bankruptcy to retain some of their belongings under bankruptcy exemption statutes.

Do I qualify for a Chapter 13 hardship discharge?

For many across the country who are languishing in a pile of debt that seems insurmountable, filing for bankruptcy is often a last resort that can offer some much-needed relief. However, not all bankruptcies are created equal, with each different type entailing different provisions and benefits. Chapter 13 bankruptcy is an excellent option for those who do wish to make good on their debts, but simply need the strength of the law on their side to help create a payment plan that is both tenable for the debtor and acceptable to the creditor. Chapter 13 bankruptcies are employed to establish a three- to five-year plan for repaying debts, while granting the debtor relief from the collection efforts of creditors.