When an individual chooses to exercise his or her right to bankruptcy under Chapter 7, it results in immediate financial relief on several fronts in return for restrictions on that person’s financial behavior for a set period of time and forfeiture of some forms of personal property. Depending on the nature of that individual’s need, they may discharge a significant of…
If your budget is precariously balanced, one unforeseen expense can send it toppling. A car repair, appliance replacement or unexpected medical bill can wipe out your meager savings or force you to recalculate the amounts you can pay to your other creditors. A credit card can be a lifesaver in such situations. After taking care of the emergency, you can…
If you have suffered from some very poor fortune or made some errors in judgment, you may be able to make a clean start through bankruptcy. However, not all debt can be discharged, as one Georgia man learned recently. A bankruptcy court overseeing Northern Georgia ruled on March 6 that a man who had applied for bankruptcy could not discharge…
As a consumer, you have a number of rights that may help you retain control and confidence in the face of considerable debt. Among these are the protections you enjoy under the Fair Credit Reporting Act (FCRA), which seeks to promote fair and accurate practices within credit bureaus. If you find that some party or another violates your rights, you…
For millions of Americans, the skyrocketing costs of medical care make the prospect of recovering from a serious illness or significant injury devastating to a patient’s finances, even if the medical care itself is effective. The sad facts of the matter are that many Americans now must weigh whether they can afford the treatment that is available, no matter how…
Few things may be as intimidating as dealing with overwhelming financial concerns. Along with the monetary ramifications of similar issues, the burdens of debt could also have an impact on your health, as high levels of stress could prove physically and emotionally harmful. With the importance you likely place on both your health and financial future, you may have decided…
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…