GOOD NEWS FOR CONSUMERS: OHIO STATUTE OF LIMITATIONS ON WRITTEN CONTRACT CLAIMS REDUCED TO EIGHT YEARS

GOOD NEWS FOR CONSUMERS: OHIO STATUTE OF LIMITATIONS ON WRITTEN CONTRACT CLAIMS REDUCED TO EIGHT YEARS The Ohio law governing the statute of limitations for filing lawsuits based on written contracts has been reduced from 15 years to 8 years effective September 28, 2012. [Ohio Revised Code section 2305.06]. The 15 year statute of limitations was longer than most states and bad for consumers.. What does this mean for you? Collection agencies and creditors will not be able to sue you for breach of a…

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SWISS BANK IN TROUBLE FOR AIDING AND ABETTING TAX DODGERS

The Swiss megabank UBS is under investigation by German authorities for aiding and abetting its customers’ efforts to evade taxes. It joins a long list of major global banks accused of criminal activity. It is rare for bank employees ever to be personally convicted and we don’t expect any UBS employees to serve time of these alleged crimes. An exception to this rule are employees of Bernard Madoff’s brokerage firm in New York. After a massive Ponzi scheme was discovered by prosecutors in 2008, nine…

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TWO MILLION MAY LOSE UNEMPLOYMENT BENEFITS AT END OF YEAR

TWO MILLION MAY LOSE UNEMPLOYMENT BENEFITS AT END OF YEAR More than two million Americans will lose their unemployment benefits at the end of the year if Congress is not able to avoid the “fiscal cliff”. The fiscal cliff is a set of deficit reduction measures adopted by Congress that automatically go into effect at the end of the year unless Congress can agree on different measures. About 40 percent of Americans receiving unemployment benefits get them because of a federal program used to supplement…

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The Student Loan Debt Crisis

The Student Loan Debt Crisis There is a new and worsening debt crisis in the United States: Student loans. The collective amount of student loan debt now exceeds the total debt owed by Americans on credit card accounts. The amount owed on student loans has been growing for several reasons. First, the cost of education is increasing much faster than the rate of inflation. Second, more Americans are having to borrow to finance secondary education because the recession has reduced the number of families with…

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MORTGAGE INTEREST RATES

MORTGAGE INTEREST RATES Mortgage interest rates are beginning to rise after remaining at historical lows for several years. If you have a high interest rate loan you should consider refinancing it before rates begin to go up. Although there are typically some costs associated with refinancing, the benefits can significantly outweigh them. For example, a 30 year mortgage loan on $150,000.00 at a fixed rate of 3.5 percent (typical today) will require you to pay $92,484.13 in interest over the life of the loan. That…

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The 2013 Consumer Bankruptcy Surge

Consumer bankruptcy attorneys across the country are anticipating a surge in bankruptcy filings in the year 2013. The stage seems set for a dramatic increase in the number of filings. Here’s why: Eligibility The bankruptcy reform legislation of 2005 became law on October 17, 2005. Many consumers were concerned about the availability of bankruptcy after the reform legislation took effect and so there was a massive surge in bankruptcy filings prior to the law’s effective date. One of the changes in the 2005 reform legislation…

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RICHARD NEMETH ADDRESSES NATIONAL ASSOCIATION OF CONSUMER BANKRUPTCY ATTORNEYS

One of our principals, Richard Nemeth, made a presentation at the annual workshop conducted by the National Association of Consumer Bankruptcy Attorneys last week. NACBA is the only national organization that represents consumer bankruptcy attorneys and their clients. NACBA holds 2 conventions each year where nationally-known experts in the field of consumer bankruptcy make training presentations to other attorneys Mr. Nemeth was asked by NACBA to discuss the initial meeting with a potential bankruptcy client, how to assess the client’s goals and whether an attorney…

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7 Things Not To Do

Below is a list of common mistakes made by consumers prior to filing bankruptcy. These mistakes can results in significant financial detriment, so take the time now to learn what not to do before filing bankruptcy: 1. DO NOT TRANSFER PROPERTY OUT OF YOUR NAME! Many people transfer property out of their names just prior to filing bankruptcy on the incorrect belief that if they do not own the property at the time of filing, the trustee will be unable to take it from them.…

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Personal Bankruptcy

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Chapter 7 is by far the most common form of bankruptcy. “Chapter 7” refers to the chapter of the United States Bankruptcy Code that permits the filing of these cases. Chapter 7 cases can be filed by individuals, married couples and businesses, whether they are proprietorships, partnerships, limited partnerships, limited liability companies, or corporations. In Chapter 7, the Federal Bankruptcy Court orders all creditors to cease all collection activities the moment the Chapter 7 case is filed. This order is known as the “automatic stay”…

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