Cleveland Bankruptcy Lawyer Blog

There may be hope on the horizon for Cleveland homeowners. Cleveland, Ohio was cited in the November 2008 issue of SmartMoney Magazine as one of twenty-five major cities in the United States that is poised to see its housing market rebound. Part of the reason is that Cleveland "sat out" the skyrocketing home prices seen in other major cities across the U.S. that are now coming back to haunt those markets.

Cleveland ranked fifth on SmartMoney's list of twenty-five major cities. As the credit freeze begins to thaw, interest rates fall and people are once again able to refinance, there may be light at the end of the tunnel. Despite this positive news, however, Cleveland and Ohio are still experiencing a significant rise in the number of bankruptcies filed, which include many homeowners for whom this rebound comes too late and who were forced to abandon their homes (see prior entry Ohio is Not Alone: Bankruptcies Continue to Rise Across the Nation). If you are facing foreclosure or considering bankruptcy, be sure to contact an experienced attorney to learn your options.

Posted by Justin M. Smith | Permalink | Email This Post | Comments (0)

Posted In: Foreclosure

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Ohio is not the only state experiencing a significant rise in the volume of bankruptcy filings in 2008. According to statistics recently released by the Administrative Office of the U.S. Courts, there were 967,831 bankruptcy cases filed during the twelve-month period ending June 30, 2008. This is a 28.9 percent increase over the prior twelve months. Filings in the Northern District of Ohio (which includes Akron, Canton, Cleveland, Toledo and Youngstown) rose 18.3 percent over the same twelve-month reporting period, with filings rising from 24,577 during the last period to 29,066 during the current period. Given the continuation of the housing crisis, high unemployment and the uncertainty facing the auto industry in our neighboring State of Michigan (which will also impact Ohio due to the many automotive manufacturing jobs here), it is likely this number will continue to climb for the foreseeable future. If you are one of the many that need help and think you might benefit from a fresh start through bankruptcy, you should contact an attorney to discuss your options.

Posted by Justin M. Smith | Permalink | Email This Post

Posted In: Chapter 13 Bankruptcy , Chapter 7 Bankruptcy

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If you live in Ohio and are planning on filing for bankruptcy then a credit report can help you in several ways. Some of these include:

1. Ensuring that all creditors are listed and that the creditor names, addresses, type of debt, balances due and account numbers are accurate. This is important so that all creditors are given proper notice and all debts are accurately listed so they are covered by your bankruptcy filing.

2. A credit report may help us find creditors that you have overlooked or forgotten about. In order for a debt to be discharged, it must be properly listed, so it is important that we are aware of all of your debts.

3. Credit reports can alert our firm to judgments or pending lawsuits against you that need to be addressed and that you may not be aware of.

4. Credit reports can also alert us to liens against your property for which we may need to seek lien avoidance in order to protect your property.

5. The credit report could alert us to co-signers on some of your debts, which are important to list in your bankruptcy.

6. If you are married, then we might find items on your credit report that you are unaware of and the report will also help us determine if you should file individually or jointly with your spouse.

7. We may find out about debts that were incurred by a prior spouse, possibly without your knowledge.

8. The credit report may alert us to mistakes on your report and you can then take action to correct the mistakes.

9. The credit report often provides information on the collection agencies representing creditors for debt collection. This allows us to notify the collection agencies of the bankruptcy so that collection efforts stop.

10. If the Internal Revenue Service has a tax lien on your property, the credit report will alert us so that it can be dealt with properly.

11. Knowing what is on your credit report can help you take steps to improve your credit and get back on track to a better credit rating for important purchases after your debts are discharged.

Our law firm can provide Clients with a three bureau credit report that includes all information for the last ten years and is specifically prepared for use in preparation for bankruptcy filing. Our firm will provide you with a copy of the report for your review. To learn more about how a credit report can help you in bankruptcy, contact an attorney now.

Posted by Justin M. Smith | Permalink | Email This Post | Comments (0)

Posted In: Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Consumer Credit & Credit Reporting

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