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Posts tagged "Bankruptcy"

Can I Go To Jail For Defaulting On A Payday Loan?

Some payday lenders threaten to call the police if the check bounces, prompting one to ask, “can I go to jail for defaulting on a payday loan?”   A payday loan is usually a small loan with a postdated check as collateral for the loan.  The due date is usually the date of the person’s next paycheck.  Payday loans carry a high interest rate, often more than 300%.  If one borrows $300 on March 1 and has to pay $330 back on March 15, it may not seem like much.  However, ten percent over two weeks is equivalent to 260% over a year.  If someone repeatedly took out this same loan for a full year, that person would pay 260% interest on $300, which amounts to paying the $300 back, plus $780 in interest.   (more…)

Bankruptcy Is Constitutional

Did you know that bankruptcy is mentioned in the United States Constitution?  In other words, bankruptcy is constitutional.  The United States Constitution states:  “[The Congress shall have Power] to establish . . . uniform laws on the subject of Bankruptcies throughout the United States.”  Look it up!  U.S. Constitution, Art. I, Section 8, clause 4.   The Framers wanted to ensure that there would be a uniform system of bankruptcy so that one state would not put someone in debtor’s prison for a debt that was discharged in another state.   (more…)

Property Division In Divorce

This article will discuss property division in divorce.  What is property?  Property can be real property, otherwise known as real estate.  Property can also be personal property, which includes cash, financial and retirement accounts, vehicles, and household goods.
Under Ohio Revised Code 3105.171 (R.C. 3105.171), there are nine factors that govern only the division of property: (more…)

Sterling Bankruptcy Attorney

A Sterling bankruptcy attorney represents Sterling residents in need of bankruptcy services.  The Sterling bankruptcy lawyer prepares the client’s petition and other documents for filing in the Canton Division of the Northern District of Ohio Bankruptcy Court.  The Canton bankruptcy court handles cases from residents of the following counties:  Wayne County, Stark County, Holmes County, Tuscarawas County, Ashland County, Carroll County, Richland County and Crawford County.  The hearings for Chapter 7 bankruptcy cases are held at the trustee hearing room in the Ralph Regula Federal Building and United States Courthouse, 401 McKinley Avenue S.W., Canton, Ohio 44702.  The hearings for Chapter 13 bankruptcy petitions are held in the same location as the Chapter 7 hearings.  Canton Chapter 13 hearings begin with a mandatory informational class with the bankruptcy filers only, followed by the actual hearing with the Chapter 13 trustee and the debtor’s attorney present.  This class does not take the place of the mandatory financial management class.  These hearings will not go forward unless the trustee has received all the required information and documentation in a timely fashion, as well as presenting photographic identification and a social security card. (more…)

Foreclosure Mediation Can Save Your Home

Did you know that foreclosure mediation can save your home?  In response to the rise in foreclosure cases, the Ohio Supreme Court urged the courts to use mediation to help people save their homes.  Many Ohio courts responded to this call for action by offering mediation in foreclosure cases.  Prior to this program, homeowners in foreclosure cases did not have much of a chance to save their homes.  With mediation through the courts, mortgage lenders are forced to have a bank representative participate in the mediation process.  In these sessions, the bank representatives report on the progress of the homeowner’s request for mortgage modification, including whether the request will be granted, denied, or needs additional information to reach a decision.  A foreclosure defense attorney can assist homeowners in this process.  First the foreclosure defense lawyer ensures that the necessary pleadings are filed and the proper defenses are raised.  Second, the mortgage modification lawyer helps ensure that the homeowner’s application for mortgage modification is complete and accurate.  Incomplete or inaccurate applications can be grounds for denying a modification.  The mortgage modification lawyer also helps the homeowner pursue alternative options, such as the hardest hit program.  The mortgage modification attorney helps the homeowner get in touch with the correct resources for completing this process.  This is important as there are numerous scam artists claiming to provide help, but do little more than make money for themselves.  Being directed to the reputable counseling agencies is an important part of the process. (more…)

How Do You Make a Will

How do you make a will?  A will is a document that contains instructions setting forth how a person would like to have his or her probate property distributed upon death.  The person must be at least eighteen years old, of sound mind and not under undue influence.   A will must be signed and properly witnessed by two people.  Any changes to a will are subject to the same requirements as the original will.  A will is valid as long as it is not revoked, which occurs when a new will is completed.  A will can also be revoked by destroying it with the intention of revoking it.  Mere destruction may not always be valid if there are exact copies of the will in existence.  While probate court generally requires an original will, there are instances when they will accept the use of a copy.  A will usually reduces probate costs in a number of ways.  First, it can waive the bond requirement.  Second, it can grant powers to the executor, reducing the need and additional expense of requesting permission from the court for such actions.  Third, it can prevent the need for the heirs to fix or undue the effects of intestate distribution under Ohio law.  This often occurs when the children give their share of the estate back to their surviving parent (surviving spouse). (more…)

Hinckley Bankruptcy Attorney

A Hinckley bankruptcy attorney prepares the client’s bankruptcy petition for filing in the Akron Division of the Northern District of Ohio Bankruptcy Court.  This bankruptcy court handles cases from Medina County, Summit County and Portage County.  One judge presides over the court and a number of trustees handle the individual hearings, otherwise known as the first meeting of creditors.  These hearings are also called 341 hearings, as they are defined in section 341 of the bankruptcy code (11 U.S.C. 341).
The location of the hearing depends on which chapter the individual filed.  The hearings for Chapter 7 bankruptcy cases are held at the trustee hearing room at 76 S. Main Street, Atrium Level #120, Akron, Ohio 44308.  Chapter 13 bankruptcy hearings are held at the Chapter 13 Trustee’s office, which is located at the PNC Center, One Cascade Plaza, 20th Floor, Akron, Ohio 44308.  Regardless of the chapter, these hearings will not go forward unless your bankruptcy lawyer has ensured that the trustee has received all the required information and documentation in a timely fashion, and the bankruptcy petitioner shows a photo ID and social security card at the hearing. (more…)

Creston Bankruptcy Attorney

Are you in need of a Creston bankruptcy attorney?

A Creston resident seeking bankruptcy relief needs an attorney who practices in his or her jurisdiction.  In other words, a Creston bankruptcy attorney.  Here are some basic facts a Creston resident seeking a fresh start through bankruptcy needs to know: Applicable bankruptcy court:  Northern District of Ohio Bankruptcy Court, Canton Division. Chapter 7 hearing location:  Trustee hearing room in the Ralph Regula Federal Building and United States Courthouse, 401 McKinley Avenue S.W., Canton, Ohio 44702. (more…)

Another Court Confirms That Homes Get Greater Protection In Bankruptcy

Another court confirms that homes get greater protection in bankruptcy.  I had previously commented that the Ohio Legislature granted greater protection to homes in bankruptcy.  See my previous blog, “HOMES GET GREATER PROTECTION IN BANKRUPTCY.”  Starting April 1, 2013, each person can keep up to $132,900 of equity in their home, which adds up to $265,800 for a married couple filing a joint bankruptcy. For some time, there was litigation over whether this new law applied to every situation.  The Bankruptcy Court in Canton, Ohio, recently ruled that it does. (more…)

Homes Get Greater Protection In Bankruptcy

In Ohio, you can now keep even more of your assets when you file for bankruptcy.  Starting April 1, 2013, each person can keep up to $132,900 of equity in their home, which adds up to $265,800 for a married couple filing a joint bankruptcy.  This is over five times more than the amount people were allowed to keep before.  In other words, homes get greater protection in bankruptcy.  However, some opponents of this new law are arguing that it only applies to debt incurred after March of 2013, and that the old protection of $21,625 per person would apply to all debt incurred prior to that time.  So far, a bankruptcy judge in Toledo has stated that the new exemption of $132,900 applies to all debts.  I will be watching to see if the judges in Akron and Canton Bankruptcy Courts agree with the judge in Toledo. (more…)

Chapters 7 & 13

I am an experienced bankruptcy attorney that serves clients in the Akron and Canton bankruptcy courts.  Clients who reside in the following counties are in the Akron court’s jurisdiction: Medina, Summit and Portage.  Clients who reside in the following counties are in the Canton court’s jurisdiction: Wayne, Stark, Holmes, Tuscarawas, Ashland, Carroll, Richland and Crawford Counties. (more…)