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chapter 13 Archives

Debtors have rights when dealing with debt collectors

Ohio consumers who owe past due debt balances may be contacted by a debt collector. However, this doesn't mean that an individual will be required to make a payment. Furthermore, it is also possible that a person is contacted about a debt that he or she doesn't actually owe. If a debt collector does call, an individual has the opportunity to verify that the balance owed is correct and that it can still be collected.

What are the benefits of Chapter 13 bankruptcy?

You may feel confused about your options if you are experiencing financial difficulties and you are considering filing for bankruptcy. As you may know, your personal bankruptcy choices include Chapter 7 and Chapter 13. You and other Ohio residents may be able to manage your debt through a Chapter 13 repayment plan. While both of your options have benefits and advantages, you may be interested in learning the positive things about Chapter 13.

How can I live on a budget?

If you're approved for chapter 13, you must make payments to creditors according to a schedule established during the bankruptcy process. If you fail to make payments the plan could be revoked, and you may be ordered to pay off your debt in full. To make sure you stick to your new budget, U.S. News & World Report offers the following advice.

Understanding how Chapter 13 works

Many residents in Ohio may not realize that there are multiple forms of consumer bankruptcy plans. Several people automatically associate Chapter 7 plans with all personal bankruptcies. These plans may be the best option for some debtors but not for all. The lack of knowledge about Chapter 13 plans may even prevent some people from reaching out for bankruptcy help as they may assume they will always lose their assets. This is not necessarily true.

Why is credit counseling required prior to bankruptcy?

If you are like most in Dayton who struggle with debt, the prospect of having to seek bankruptcy protection may not be attractive, yet also may appear to be your only option if you hope to get a handle on your financial situation again. Your concerns might come from an assumption that the government is more than willing to offer you bankruptcy protection as a way out, when in reality, the bankruptcy code is designed to offer you several options to deal with your debt. 

Bankruptcy: Filing for Chapter 13

Bankruptcy - the word all by itself sounds intimidating. Most folks who find themselves in a place of bankruptcy did not have that laid out in their life's blueprint. But, it happens. It happens for Ohio residents who have always paid their bills and suddenly get circumstances dumped in their laps, completely out of their control; it also happens for those who have always had difficulty staying on top of their debts.

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