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Bankruptcy may not hinder employment prospects

When people in Ohio struggle with overwhelming debt, they may consider personal bankruptcy. However, many factors may hold people back from taking the leap, even as they deal with relentless collection calls and a declining credit score. Some may worry that they will never obtain credit in the future, while others may be concerned that they will be held back in their careers. One study indicates that bankruptcy filings may have little effect on job opportunities, news that may provide some relief to people considering filing for Chapter 7 or Chapter 13 bankruptcy.

Creditor inaction may constitute violation of automatic stay

When a person files a petition for bankruptcy in Ohio, all creditor collection actions must cease. This is because filing for bankruptcy triggers an automatic stay, and creditors who violate it are subject to punishment under the law. Courts are divided on whether or not creditors must unwind ongoing collections cases when the debtor files for bankruptcy. Some say inaction on the part of the creditor, leaving the pending case wherever it happens to be, is fine. Others, including a recent bankruptcy court decision, have said the creditor must make affirmative efforts to prevent ongoing collections.

Determining eligibility for Chapter 7 bankruptcy

People in Ohio who are struggling with debt might wonder whether they should file for Chapter 7 bankruptcy. Chapter 7 is for people who would not be able to repay the debts through a payment plan, which is the process under Chapter 13. Chapter 7 allows a person to discharge most types of debt, but there are certain guidelines for qualifying.

Credit cards are holding millennials back

Many millennials in Ohio and throughout the country have student loan debt. However, a study from Northwest Mutual found that credit card debt may be hindering their ability to save for the future. Credit cards can come with interest rates above 20%, which is significantly higher than what a person would likely pay to finance the purchase of a home or car. That is also higher than the interest rate charged by most student loan companies.

What assets do I stand to lose in a bankruptcy?

If you are considering filing for bankruptcy to relieve your insurmountable debt, you have undoubtedly heard the horror stories. Your well-meaning friends and family members may have misinformed you that you will lose everything in a bankruptcy. You and other Ohio residents may find some peace of mind after learning about exempt and non-exempt property in a bankruptcy.

How much of your income can you lose to wage garnishment?

Like so many other residents of Ohio, you may find yourself struggling to pay off an increasing amount of debt. Maybe your debt accumulated quickly because of an unforeseen medical situation, or maybe you got in over your head as far as credit card bills. Regardless of how your debt accrued, if you are behind enough on your payments, you may have a portion of your wages garnished.

Do you qualify for Chapter 7 bankruptcy?

If you have considered filing for bankruptcy, you are certainly not alone. In 2017, more than 767,700 bankruptcy cases were filed, according to U.S. Courts. Of those cases, 472,135 were Chapter 7 bankruptcies. Chapter 7, otherwise referred to as liquidation bankruptcy, is designed to wipe away most of your lingering debts, including credit card debts, medical expenses, doctors’ bills and mortgage payments. Not everyone, however, qualifies to file for Chapter 7. There are a few factors that must be met in order to file for this type of bankruptcy.

What you need to know about discharging recent credit card debt

At Kennel Zeigler, LLC, in Ohio, we understand that overwhelming credit card debt can get you in a lot of trouble. The card balances increase faster than you can pay them down, and the monthly interest charges eat you alive. You may have heard that you can get your credit card debt discharged in a Chapter 7 bankruptcy, and this is true enough. However, if you have begun thinking about bankruptcy as your only way out, you would do well to stop using your credit cards now. Why? Because the Bankruptcy Court may not discharge your recent credit card debt.

Am I eligible for Chapter 7 bankruptcy?

Your Chapter 7 eligibility depends on many things, including the median income in Ohio. While the process might not seem entirely straightforward to you at first, it is relatively simple once you look into the details. In fact, recent bankruptcy reforms have made it possible to provide much more accurate predictions as whether you do or do not qualify for Chapter 7.

How does the bankruptcy means test work?

There are many different reasons you may be considering filing for bankruptcy in Ohio, and you may have questions about whether a Chapter 7 or a Chapter 13 bankruptcy might be right for you. While there are numerous differences between the two types, whether you are ultimately able to pursue a Chapter 7 bankruptcy will depend on whether you are able to pass what is known as the bankruptcy means test.

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