When a debtor files for debt reorganization under Chapter 13, he or she hopes to create a repayment plan that a court approves in order to pay off debt and get back on track financially. Once the court approves the plan, however, it is absolutely essential for the debtor to follow the plan if at all possible. If the debtor…
As a consumer, it is always wise to understand the rights you have under the law, especially when it comes to carrying consumer debt. As a consumer accrues debt, he or she may find that creditors and debt collectors are surprisingly willing to violate a consumer’s rights in order to collect repayment. Many instances of this type of behavior are…
The Fair Debt Collection Practices Act (FDCPA) exists to help ensure that consumer debtors do not suffer unfair treatment at the hands of debt collectors. Under the FDCPA, a person contacting a debtor to collect a debt must follow certain guidelines and avoid certain debt collection tactics. It is important to note that the FDCPA applies primarily to third party…
Regardless of whether you live in Ohio or some other state, the ebb and flow of the nation’s economy likely impacts your personal financial situation. Many other factors also play into your current financial status, which may change as quickly as the weather if unforeseen circumstances arise. For instance, you might change jobs and incur a reduction of income. You…
When a debtor qualifies for a Chapter 13 debt reorganization, they may enjoy many protections through the bankruptcy. These include shelter from collections tactics. Unlike a Chapter 7 bankruptcy, which requires a debtor to forfeit their property to obtain a debt discharge, Chapter 13 allows debtors with sufficient income to repay all or a portion of their debt without forfeiting…