Money

Social Security offices throughout the country, including those in Northeast Ohio, really, and we mean really, want us to conduct our business online at ssa.gov or over the phone. ...

2025 is offering up a few changes that could impact your finances. Our money columnist William DeMarco summarizes five changes you can look forward to in the new year. ...

Grief and death lead to shock and sadness for most people. But there's a third emotion that often surfaces: confusion. I know this from first-hand experience, and I'll bet you do, too. If the deceased is a close family member or friend, one of the first questions that emerges is 'Do they have a will?" The second is, 'Where is it?" ...

People who want to support a cause often aren’t sure which group is doing a good job and if they’re handling their money responsibly. ...

If you’re lucky enough to have older adults in your life—and by older I mean older than you—then holiday gift-giving can be tricky. Here's a handy guide. Many of us are downsizing, or at least right-sizing. We have what we need, and usually, most of what we want. So what’s a gift-giver to do?  ...

You shouldn't let tax considerations drive your investment decisions. However, it's worth considering the tax implications of any year-end investment moves that you make. ...

When it comes to managing overwhelming debt, many people find themselves lost in a maze of financial jargon, legal complexities, and endless paperwork. This is where bankruptcy lawyers come in. They serve as the guiding light for individuals grappling with unmanageable debt, helping them navigate their options and choose the best path forward. From assessing whether bankruptcy is the right choice to exploring alternatives like debt consolidation or personal loans, these professionals offer invaluable support and expert advice.

Understanding Bankruptcy and Its Implications

Bankruptcy is a legal process designed to help individuals or businesses that cannot repay their outstanding debts. Depending on the type of bankruptcy, it can either eliminate unsecured debts, such as credit card debt and medical bills, or allow for a structured repayment plan. The two most common types are Chapter 7 and Chapter 13 bankruptcy:

1. Chapter 7 Bankruptcy: This type of bankruptcy, which is also called “liquidation bankruptcy,” involves selling non-exempt assets to pay back debts. Once this process concludes, most remaining debts are discharged, offering a fresh financial start.
2. Chapter 13 Bankruptcy: Known as reorganization bankruptcy, this allows individuals with regular income to create a repayment plan lasting three to five years. Debtors can keep their assets while making manageable payments to catch up on overdue amounts.

Filing for bankruptcy halts collections, stops foreclosures, and discharges certain debts, but it’s a decision that comes with long-lasting implications, including a significant hit to your credit score.

The Comprehensive Role of Bankruptcy Lawyers

Financial Assessment and Advice

A key role of bankruptcy lawyers is to assess your financial situation meticulously. This involves a detailed review of your income, expenses, assets, and debts to determine your eligibility for different types of bankruptcy. They consider all factors, including wages, rental income, alimony, child support, and any other sources of regular income.

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Cost is a leading factor in why some people don’t use hearing aids. If you’re over 65, you may wonder whether Medicare covers hearing aids. ...