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Personal Bankruptcy

Monday, November 26, 2018

Can Credit Card Debt Send You to Jail?


Many Americans own at least one credit card. They are convenient when it comes to paying for large purchases or buying things online, which has become increasingly common. Some restaurants even no longer accept cash payment. However, it is this “convenience” that often causes many individuals to find themselves in credit card debt.

The Federal Fair Debt Collection Practices Act

Under the federal Read more . . .


Tuesday, September 11, 2018

Taking Out a Loan Post-Bankruptcy

Will I be able to qualify for an auto or home loan with a bankruptcy on my record?

One of the main concerns of potential bankruptcy filers is what impact a bankruptcy will have on their credit. Rebuilding your life post-bankruptcy could require taking out a loan to pay off bills, purchase a home, or buy a car. There is a common misconception that a bankruptcy on your record will destroy any chances of taking out a loan or securing credit.


Read more . . .


Friday, October 6, 2017

Bankruptcy and Your Credit Score

How long will a bankruptcy remain on my credit report?

One of the main concerns of potential bankruptcy filers is the impact that bankruptcy may have on your credit score.  There are numerous misconceptions about bankruptcy and credit reports.  Some people falsely believe that declaring bankruptcy will destroy your credit score for years to come.  The truth is that bankruptcy will undoubtedly affect your credit score, but there are ways to rebuild your credit post-bankruptcy.


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 . . .


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 . . .


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 . . .


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Bankruptcy Law News
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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