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Friday, December 30, 2016

Lima, Ohio Ranks Among Best in State in Managing Debt


Could declaring Chapter 7 bankruptcy improve my financial situation?

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 126th nationally.  Cincinnati came in first in the state, while Toledo came in third, followed by Columbus, Cleveland, and Dayton.
Read more . . .


Tuesday, December 27, 2016

Here's What Might Happen to Your Student Loans in Trump's America


 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.
Read more . . .


Monday, November 28, 2016

NHL Player Jack Johnson Will Get a Fresh Start in Bankruptcy


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.

 


Read more . . .


Monday, October 31, 2016

Should I consolidate my debt or file for bankruptcy?


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


Read more . . .


Tuesday, October 18, 2016

Debt Happens: Removing the Stigma of Bankruptcy


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 20th percentile ranking be celebrated? Of course not.


Read more . . .


Saturday, September 24, 2016

Stopping a Wage Garnishment


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.


Read more . . .


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


Read more . . .


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.


Read more . . .


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.
Read more . . .


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.


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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