Saturday, September 24, 2016

Ohio on the Top Ten List of Personal Bankruptcies

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

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Saturday, August 20, 2016

Filing for Bankruptcy Independently of Your Spouse

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.

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Thursday, July 21, 2016

Ohio Law Fast-Tracks Foreclosures

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.

Read more . . .

Thursday, July 21, 2016

Top Reasons People File for Personal Bankruptcy

What are the primary reasons individuals file for bankruptcy?

Bankruptcy is becoming increasingly common. United States bankruptcy court statistics show that more than 1.5 million people file for bankruptcy ever year and nearly 97 percent of bankruptcy filings are made by individuals, not businesses. There are many reasons individuals give for filing for bankruptcy -- some of them unavoidable, some of them self-inflicted.

As you read through them, you'll recognize that some of the reasons are tied to economic trends.
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Thursday, July 14, 2016

Unsecured Creditor Barred From Making Late Claim

Can a creditor in a chapter 13 bankruptcy case file a claim late due to ‘excusable neglect’?

In order for a creditor to have a valid interest in a bankruptcy case, they must file a claim with the Bankruptcy Court. The filing of a claim is subject to strict time limitations. Although the Bankruptcy Court may allow for the late filing of a claim under certain circumstances this does not mean that they must do so in every case. A case coming out of the Sixth Circuit is a good example of this.

Debtors filed for Chapter 13 bankruptcy in 2014 seeking to reorganize their debt and make payments according to an approved plan.

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Thursday, June 16, 2016

Baby Boomers Suffer From Student Debt, Too

Is student debt a problem for baby boomers?

Although we think of student debt as affecting new graduates and young adults, research shows that a surprising number of baby boomers are still carrying the weight of debt from their educations. According to the Federal Reserve Bank of New York, the number of borrowers 60 years of age and older was up from 700,000 people in 2005 to 2.2 million in 2014.

Furthermore, the Read more . . .

Tuesday, June 14, 2016

Debt Consolidation in Wisconsin: Chapter 128

What are the differences between Chapter 128 and bankruptcy?

Chapter 128 is an old, but still relatively unknown, alternative to bankruptcy available to the people of Wisconsin. It is a voluntary debt consolidation plan that works through the Wisconsin Circuit Court system and has elements that distinguish it from both consumer credit counseling plans and bankruptcy.

Differences between Chapter 128 and Bankruptcy

There are two major distinctions between Chapter 128 and bankruptcy. The first is that bankruptcy is federal and Chapter 128 is strictly limited to the State of Wisconsin. The second is that Chapter 128 enables you to pay your debts through consolidation, not erase them through bankruptcy

Did the Federal Government's overhaul of bankruptcy laws affect Chapter 128 proceedings?


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Monday, June 6, 2016

Love and Marriage and Bankruptcy

Should a married couple file for bankruptcy together?

For some people, being married means doing everything together. Making a home, having children, filing taxes and discussing every minute detail in between might be the best way to go for these folks. Luckily, most people are much more realistic and understand that being married does not cause one to lose his or her personal autonomy. This should be kept in mind during good times and in bad. One of those bad times can be when filing for personal bankruptcy becomes necessary.
Read more . . .

Monday, May 16, 2016

Medical Expenses Are the Number One Cause of Bankruptcies in the U.S.

 Why are so many U.S. bankruptcies traceable to high medical expenses?

Although even more extravagant claims have been made, it is estimated that U.S. indebtedness as many as three out of five bankruptcies in this country are attributable to medical calamities.

Read more . . .

Tuesday, May 10, 2016

The Price of Debt Relief

What will it actually cost me to file for bankruptcy?

If you are considering filing for bankruptcy you are likely overwhelmed with debt. So much so that the thought of one more bill is enough to put you over the edge. So, when someone tells you about the fees associated with bankruptcy is causes you to pause. The bad news is yes; it does cost money to file for bankruptcy. The good news is it bankruptcy is a relatively cheap option in comparison to the amount you owe creditors.

Read more . . .

Monday, April 25, 2016

Research Shows Lottery Winners Often End Up Bankrupt

How is it possible for people to blow through millions, or even billions of dollars?

It is counterintuitive that people who win the lottery or inherit tremendous amounts of money will end up bankrupt and yet, according to research studies, that is precisely what frequently occurs. When people win the lottery, their lives are changed forever, and often not for the better. Once the initial exhilaration wears off, typically within a few months, a new reality sets in and it is one that can be difficult to adjust to and manage.

Although the odds of winning the lottery are, as we're all well aware, extremely slim (something around 1 in 292 million), there are lessons to be learned from those who handle sudden wealth badly and suffer the consequences.  Some problems associated with acquiring sudden wealth, whether through winning the lottery or by other means, may be unpreparedness and susceptibility.
Read more . . .

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Miami Valley Bankruptcy, Brian Lusardi, Esq., assists clients with Bankruptcy matters including but not limited to: Common Myths, Cost of Bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, The New Bankruptcy Law and Personal Bankruptcy in Xenia, Ohio, and the cities of: Wilberforce, Alpha, Spring Valley, Dayton, Bellbrook, Yellow Springs, Cedarville, Fairborn and Clifton; and the counties of Greene and Montgomery.

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