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January 2016 Archives

When repayment efforts fail, Chapter 7 bankruptcy can help

Very few Ohio residents view bankruptcy as a chance to walk away from debts that they had no intention of ever repaying. On the contrary, most people who file for Chapter 7 bankruptcy have made every conceivable effort to repay their financial obligations before considering a different option. In some cases, the institution that issued an individual's loan will simply not work with the borrower to reach a repayment agreement that is tenable.

Divorcing women: Be aware of the financial wellness gender gap

Divorce-related guidance is rarely gender specific. Most of the time, both men and women have the same kinds of questions about the divorce process and these questions can be answered without any gender specific considerations. However, there is one truly significant divorce-related reality that affects women in particular. It is vitally important that women educate themselves in regards to this reality and then have a discussion with their family law attorneys about the ways in which this reality may be affecting their divorce process.

2 proven strategies for eliminating your debts

The month of January brings the beginning of a new year, and many Ohio residents pledge to make significant changes to their lives in the months ahead. January also brings bills from the holiday season and, for some families, the sobering realization that their financial scenario is untenable. This leads to an important decision: is it time to make a concerted effort to repay debt, or is personal bankruptcy a better path toward eliminating debts?

How one woman bounced back from Chapter 7 bankruptcy

Filing for bankruptcy is never easy. Even after all other avenues have been thoroughly pursued and bankruptcy is clearly the best remaining option, it is still hard to accept. Many people in Ohio fear that they will never regain financial success after bankruptcy and that the event will sit as some sort of black mark on their financial history. In reality, however, Chapter 7 bankruptcy is a chance at a new beginning and a pathway to future success.

"Upstream gifting" can be a solid estate planning tool

Most Ohio residents who have achieved high levels of success are aware that current estate tax rules allow an individual to amass an estate worth $5.43 million before assets are subject to federal estate tax. Anything above that amount will be hit with estate tax, which is an outcome that many people go to great lengths to avoid. There are a number of creative estate planning approaches that can minimize estate tax, one of which is known as "upstream gifting."

Wife affected when husband seeks debt relief

When an Ohio couple encounters financial difficulty, there are a number of available options. Personal bankruptcy is one example, and it can provide swift and lasting debt relief for many. However, when one spouse owns a business, it becomes very important to understand and follow the rules and regulations that apply to the bankruptcy process. Failure to do so can result in an outcome that is far from what was intended.

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