Thursday, February 16, 2017

Halting Foreclosure Through Bankruptcy

Can filing for Chapter 13 bankruptcy help me to save my home from foreclosure?

Receiving notice of an impending foreclosure is one of the most frightening things a homeowner can experience.  For most families, your home is one of your greatest assets, as well as a beloved sanctuary.  Losing your home would be devastating.  If loan modification has failed and a short sale is not the answer, you may find relief in a

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Sunday, February 12, 2017

Eliminate Your Second Mortgage in Chapter 13 Bankruptcy

Can Chapter 13 bankruptcy help me to get rid of my second mortgage?

Ohio home prices have risen significantly since the housing crisis, but remain lower in most areas than the peaks reached in 2006 and 2007.  The Ohio foreclosure rate is above the national average, with many homeowners underwater or struggling to maintain their mortgage payments.  For the tens of thousands of individuals in Ohio trapped in upside down mortgages, Chapter 13 bankruptcy may offer relief.

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Tuesday, January 31, 2017

You Can Rebuild Your Credit After Bankruptcy

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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Saturday, January 28, 2017

How can I improve my credit score after bankruptcy?

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.

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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.
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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.
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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.


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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

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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.

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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.

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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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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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