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Posts tagged "Bankruptcy"

Bankruptcy and seniors: an increasing reality

Many people in Ohio may well grow up with the idea that they will work hard during the majority of their life and then retire at some point. Their retirement years are generally expected to be funded by savings, Social Security and maybe even some wise investments. Very few people expect that their retirement years could be marked by the most serious financial problems of their entire life. That, however, seems to be the case for more seniors today than in prior generations.

Can you be forced into bankruptcy?

Personal bankruptcy is a personal choice that you may consider if you are experiencing insurmountable financial difficulties. The option to pursue a Chapter 7 or Chapter 13 bankruptcy is yours alone – or so you may think. What if someone told you that your creditors may petition the court for your bankruptcy against your will?

Will debts remain after filing for Chapter 7?

As a resident of Ohio, you have several options to look into if you are considering filing for bankruptcy. For example, Chapter 7 bankruptcy offers relief from certain debts by allowing you to discharge them. However, it is crucial to note that not every debt you hold can be dismissed through bankruptcy.

Medical expenses: A major cause of bankruptcy

Across the United States, more than 770,000 people filed for bankruptcy in 2018, according to the U.S. Courts. Nearly 500,000 of those cases involved liquidation bankruptcy or Chapter 7, which wipes clean most financial debt people owe to various creditors. One major cause of these bankruptcies involves the high rate of medical debt in the country, and the inability to pay off health care expenses accumulated from surgical procedures, injuries, emergency room visits and treatment for chronic conditions. In fact, 62% of people who filed for bankruptcy listed medical expenses as the main reason for their inability to keep up with their financial obligations.

What can bankruptcy’s automatic stay protect you against?

As an Ohio resident who is facing mounting bills that have become more than you can reasonably manage, you may be wondering what you can do to escape the seemingly constant barrage of phone calls from creditors and debt collectors. You may, too, have heard that bankruptcy’s automatic stay period can give you at least temporary relief from some of these communications, but you may not fully understand what happens during this period.

How do you file for bankruptcy in Ohio?

Your bankruptcy will probably start with questions and end with a clearer financial future. Do you need to file for Chapter 7 or Chapter 13? Do you have assets you could sell off before you begin the bankruptcy process? Have you paid debts that the court could reclaim during the procedure? These are some of the things you might want to ask yourself before you begin the bankruptcy process in Ohio.

Bankruptcy and your small business

Business owners regularly face a plethora of challenges, especially those who run a small business and are experiencing financial strain. As a small business owner, you may be worried about how the debt you have taken on will impact your business in the months and years to come, and you may be unsure about how you should handle this situation. For some small business owners, bankruptcy is an excellent way to clear debts and move forward. However, there are many different factors to go over before filing for bankruptcy.

Tips for rebuilding credit after bankruptcy

As an Ohio resident who recently filed for bankruptcy, you may be working to get your finances back in order in the aftermath of doing so, and part of this process will entail rebuilding your credit. At Kennel Zeigler LLC, we recognize that rebuilding credit is an important part of the bankruptcy process, and we have helped many clients facing similar circumstances work to navigate this and other bankruptcy-related issues.

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