What steps can I take to rebuild my credit after a Chapter 7 bankruptcy?

If you are considering filing for Chapter 7 bankruptcy, but concerned about your credit score, we have good news for you—by taking some simple steps, you can start rebuilding your credit immediately after declaring bankruptcy.  You can rapidly return your credit score to its pre-bankruptcy level, and build even stronger credit than before.  Chances are, if you are researching bankruptcy, your credit score may already be suffering.  Late bill payments, non-payments, and foreclosures or repossessions can have a significant impact on your credit score.  While declaring bankruptcy will further damage your score in the short-term, it may the tool you need to eliminate your debt and begin building strong credit.
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One of the biggest concerns we here from people when they are considering filing for bankruptcy is whether they will ever be able to borrow money again. For a lot of people considering bankruptcy, they’ve worked hard to build a great credit score and are reluctant to let that go despite their struggle to keep their heads above water. While it is definitely something to think about beforehand, just because you file for bankruptcy does not mean that you can never borrow money again. It is absolutely possible to rebuild your credit after filing for bankruptcy.

A recent report by SmartAsset, a financial technology company, ranks residents in Lima, Ohio among the savviest at handling debt.  In creating its rankings, SmartAsset considered credit scores, average personal loan debt, mortgage foreclosure rates, and credit utilization among residents in various cities across the country.  This interesting study provides a unique look at the financial state of individuals across Ohio and could serve as an incentive for those who are struggling financially to develop a positive solution to their financial woes. 

Lima ranked second for most debt savvy in Ohio and 126^th nationally.  Cincinnati came in first in the state, while Toledo came in third, followed by Columbus, Cleveland, and Dayton.
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 What might President Elect Trump’s student loan platform do for student loan borrowers thinking about bankruptcy?

Student loan debt causes serious financial crises for many individuals and households. While for the most part, public student loan debt is not dischargeable in bankruptcy; it is often a prime reason that people do end up filing for bankruptcy.

Student loan debt was a hotly debated issue during this presidential campaign.
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Will you be liable for debts incurred by another who manages your money?

Maybe you don’t have the time to manage your finances or maybe you trust someone close to you to do a better job. Whatever the reason, if you give someone the legal authority to handle your money, you should do so with caution. One member of the National Hockey League is dealing with the repercussions of allowing his parents to manage his money.

If you are struggling with debt, you are not alone. In this economy, millions of people in the United States are having trouble paying their bills. Whether it was a job loss, illness, divorce or other matter that has affected your ability to make ends meet you do have options. Two of these options are

Q: Why is filing for bankruptcy seen as a bad thing?

The figures are in. On the list of the states that have the highest number of personal bankruptcy filings, Ohio comes in at #10-- with the top three highest number of filings per county being in Cuyahoga, Summit, and Mahonig counties, respectively.

Should the 20^th percentile ranking be celebrated? Of course not.

Can a personal bankruptcy stop a wage garnishment?

Ohioans who are facing insurmountable debts face the potential of having their wages garnished. In short a wage garnishment is a court order that instructs an employer to withhold a percentage of the employee's earnings and pay it to the creditor until such time when the debt is fully paid.

Creditors in Ohio cannot take garnish wages without first obtaining a judgment from the court affirming that the money is owed.  However, they are required to provide you with notice that you are being sued - many debtors fail to appear in court because they did not receive notice, only to have a default judgment entered against them.

In addition, if you are being sued and lose the case, a money judgment can be entered against you and the other party can also request a wage garnishment from the court if you fail to pay the judgment.

Why are people still filing for personal bankruptcy in Ohio?

As the national economy continues to recover from the Great Recession of 2008 the number of personal bankruptcy filings has been declining. That's the good news. The bad news is that many individuals in Ohio are still facing insurmountable debts.

In fact, a recent

Can one spouse file for bankruptcy without the other?

It is certainly possible to file for bankruptcy as an individual even if you are legally married, but there are a number of things you should know about the procedure. As part of your bankruptcy proceedings, you will be required to attend 341(a) meeting(s) with the creditors to whom you owe money. The afore-mentioned meetings are designed to give your creditors the ability to examine you under oath about your financial affairs.

Although your non-filing spouse need not accompany you nor answer any questions since he or she is not the individual filing for bankruptcy relief, your spouse may accompany you in order to be supportive and in order to observe the examination you undergo. Remember, though, that he or she will not usually be allowed to approach the trustee's desk or answer any questions on your behalf.

What is being done to prevent zombie homes in Ohio?

The foreclosure crisis that has gripped Ohio since the collapse of the housing market in 2008 has littered the state with vacant and abandoned residential properties often referred to as zombie homes. Now, a fast-track foreclosure process has been put in place with the signing of HB 390 (Sales tax-exempt sale of natural gas by municipal gas company). This measure is aimed at expediting the foreclosure process and mitigating problems associated with vacant properties.

The law is the culmination of a three-year effort by Ohio lawmakers and community groups that have been working to update the states foreclosure laws. Ohio has long been a judicial foreclosure state which means that the lender must file a lawsuit to initiate the foreclosure, and the process can take several months or longer.