If you owe personal taxes that you cannot feasibly pay, you may qualify to discharge some or all of that debt through a Chapter 7 bankruptcy. However, like all things involving federal taxes, there are a number of very strict standards you must meet. While meeting these standards and qualifying for a Chapter 7 discharge is not simple or easy,…
Do you ever think back to when your Ohio business was just a dream? If so, you might recall the various challenges you encountered and overcame to bring that dream to fruition. It’s hard to believe more than a decade has gone by. Like many people who built their own businesses from the ground up, you wouldn’t change a thing.…
Bankruptcy is a very useful form of financial relief for many different borrowers, and it is finally receiving more recognition as a normal part of doing business and living as a consumer in America. Under the protection of bankruptcy law, overextended debtors can discharge significant portions of their debt in return for restrictions on future financial privileges for a set…
When hard times arrive on your doorstep, they may not be alone. Often, a person considering a bankruptcy is also on the verge of divorce, for instance. You can ask any mental health professional and they will almost certainly agree that divorce and bankruptcy are two of the most stressful experiences that a person can endure. In such seasons of…
If you are one of the numerous Ohio residents who is struggling from pay check to pay check, you have likely looked at instant money solutions. Payday loans are extremely popular, but are they a risk worth taking? There is nothing like being short on cash when an emergency strikes or when money runs out between pay checks. A payday…
Chapter 13 bankruptcy allows an individual with significant debt and significant income to halt collections practices by creditors and restructure his or her finances to pay the debt down over time. While abiding by the strict guidelines laid out for a Chapter 13 restructuring, some debtors may place a stay on collections regarding child support or spousal support, but the…
After discharging debt in a Chapter 7 liquidation, a debtor may sometimes need additional relief from his or her debt. While it is possible for a single person to receive multiple discharges under Chapter 7, it requires special planning and patience. There are a number of actions a debtor may take that could invalidate a second Chapter 7 procedure, leaving…
When a couple chooses to get divorced, knowing how to handle a spouse’s credit card debt held within the marriage is often very difficult. While this is normal, that does not diminish how vitally important it is to make sure a person understands his or her relationship to their spouse’s debt before he or she rushes into the divorce process.…
There are many unpleasant consequences to owing a significant amount of debt. From dealing with constant harassment from creditors to facing threats of foreclosure, it can be both stressful and overwhelming for an Ohio consumer. This is especially true when you start losing part of your paycheck to wage garnishment. While it may seem hard to believe, it is actually…
Chapter 7 bankruptcy holds the legal power to grant some consumers with untenable debt a clean start, financially speaking. When Chapter 7 works effectively, a debtor follows the strict guidelines that apply to the process and receives much needed relief from overwhelming debt. With this relief, consumers have the opportunity to reset their financial lives and rebuild their lives from…