People often think that filing for bankruptcy means saying goodbye to all of your possessions. How do you get yourself out of debt if you don’t give up everything you own to be sold in bankruptcy court? In some cases, it’s true that you will need to relinquish assets. In Chapter 7 bankruptcy, selling your assets allows you to pay off your primary and secure debts, which wipes out your Read More
Whether you’re deep in debt or struggling to stay up with bills, there’s a solution to your financial situation. The Cleveland Bankruptcy attorneys have the knowledge and experience to fight for your best interest. Contact a Cleveland Bankruptcy attorney today to discuss your options at (216) 586-6600.
Profit Colleges and Student Loan Forgiveness
Several for-profit colleges have been making headlines lately for the worst reasons: they are being ordered to forgive student loan balances and to refrain from collecting any more federal aid. The for-profit institutions at Corinthian Colleges, which includes Everest, Heald, and WyoTech, along with ITT Technical Institute and some branches of Brown Mackie College have been sanctioned under the defense to repayment law and now owe the government millions of Read More
After Bankruptcy An Akron Man Keeps His Cars And Lowers Monthly Expenses
In Akron, Ohio a 30-year-old man, who lives with his fiancé, their newborn child, and her additional children found himself in a very relatable situation when he had difficulty making ends meet. The man’s troubles included two automobile payments, over $50,000 in credit card debt, a $6,000 past due gas bill causing it to be shut off, and the fact that he had previously overdrawn his checking account. By overdrawing Read More
Why Do Lottery Winners Wind Up Bankrupt?
Earlier this year, we witnessed the biggest Powerball jackpot in U.S. history: over $1.5 billion. Even more amazing, it was only split three ways, leaving each winner over $300 million dollars, if each one decides to take the lump sum payment. Most of us will never come close to seeing that kind of money; if we had been one of the lucky winners, we couldn’t conceive of spending even a Read More
Cleveland Woman Clears Debts And Gets A New Car After A Bankruptcy
It’s tragic that in today’s day and age, someone’s illness can create lasting and devastating financial difficulties. Not long ago, a Cleveland woman, working as a waitress had some medical issues that prevented her from working for a 6-month period. With no income coming in, this resulted in staggering medical debt, being evicted from her apartment, her car being repossessed, and massive credit card debt. Additionally, her troubles were compounded Read More
2015 Bankruptcy Filings Plummeted – What Will 2016 Bring?
At the end of March, the United States Federal Court published figures for bankruptcy filings for the past few years and the findings display a decrease in both business and personal filings over the past few years: Business and Non-Business Bankruptcy Filings (2014-2016) Year 2016 2015 2014 Business 24,797 26,130 31,671 Total 833,515 911,086 1,038,280 Non-business 808,718 884,956 1,006,609 As of March 31, this year has seen an 8.5 decrease Read More
In Youngstown, A Chapter 13 Filing Stops Foreclosure And Settles Tax Debt
It is important to know that life continues after bankruptcy and it is vital to find very knowledgeable bankruptcy lawyers, who can help find long-term solutions and financial strategies. Such was the case for a couple from Youngstown, Ohio when their inability to keep up with their bills resulted in a great deal of financial insecurity. Specifically, the couple owed approximately $33,000 on their second mortgage, became past due on Read More
Toledo Couple Improves Their Finances Through A Chapter 13 Bankruptcy
Recently, a married couple from Toledo came to the Ohio bankruptcy attorneys at Cleveland Bankruptcy Attorneys, when their financial situation became unsustainable. Their income was primarily based on the husband’s career as a self-employed contractor; however, this posed some challenges since it fluctuates, depending on the season and work availability. Consequently, the couple fell behind on their monthly expenses, their home was placed in foreclosure, they became past due on Read More
Donald Trump On Student Loan Debt
In May 2016, the U.S. Federal Reserve reported that student loan debt has climbed to $1.26 trillion. With college tuition increasing every year, it’s hard for students to imagine getting a four-year degree without help from student loans. When these students graduate, they are then saddled with having to pay back several thousand dollars in loans no matter what their job salaries are. Additionally, student loan debt is nearly impossible Read More
5 Ways to Rebuild Your Credit after Bankruptcy
When you file for bankruptcy, you become aware that your discharge will have two immediate effects: it will allow you to eliminate a lot of your debt (or organize it into affordable payments, depending on which chapter you filed for) and it will lower your credit score. How much it lowers your score, according to the Fair Isaac Corporation (FICO), depends on your entire credit profile. For example, someone with Read More