When you go through a bankruptcy, you will likely relinquish some of your assets. In a Chapter 7 case, your assets are liquidated in order to pay your secured debts. Chapter 13 may not force you to sell your assets, but you will need to come up with an acceptable payment plan that you can stick to, or your creditors may be able to come back for your property. But 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.
Difference Between Secured and Unsecured Loan
Deciding to file for bankruptcy can be difficult, but it is not the only consideration you will have to make. You will also need to think about which type of bankruptcy you may file: Chapter 7 or Chapter 13. Your choice can depend on a variety of factors, such as the results of your means test, what assets you have and want to keep, and if your debt is primarily Read More
Many Millennials Face Overwhelming Debt
Millennials can’t seem to catch a break. The generation born between the late 1980s and the early 2000s often gets ridiculed in society as a group of carefree hipsters who love the latest tech innovations but loathe work and real responsibility. Even if they can shake off this unsavory reputation, Millennials all seem to agree on one issue: they’re finding themselves drowning in overwhelming debt, with no clear idea on Read More
Can I Get My Car Back If It’s Repossessed?
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
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
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
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
Can You Get a Mortgage After Bankruptcy?
If you’re considering filing for bankruptcy, you probably have a lot of questions about the process and how it will affect your credit score. You may be wondering what you should do to turn your credit around after the bankruptcy discharge. The Cleveland Bankruptcy Attorneys can help. Call them today at (216) 586-6600 for answers to your questions. Qualifying for a Mortgage After Bankruptcy One of the most important issues Read More