Archive for February, 2011|Monthly archive page

Garnishments Can Be Recovered

In Uncategorized on February 25, 2011 at 3:18 pm

In some cases debtors can sue to recover garnishments taken within 90 days of the bankruptcy filing. The catch is that the debtor must be able to claim the garnished funds exempt.

Ohio residents can exempt a maximum of $1,500. Kentucky residents can exempt much more, almost $10,000. Kentucky residents can claim federal exemptions. Ohio residents must claim Ohio exemptions in most cases.


They Can’t Sue You Forever

In Uncategorized on February 17, 2011 at 1:21 pm

Creditors have only a limited period of time to collect their debts. Once the time has passed, you are not legally oblgated to pay them. The length of time varies depending on the type of debt and state law. Here is a breakdown for Ohio and Kentucky.


  • Written or oral account: 6 years, (O.R.C. §2305.07).
  • Written contract: 15 years, (O.R.C. §2305.06).
  • Oral contract: 6 years (O.R.C. §2305.07).
  • Note payable at a definite time: 6 years, (O.R.C. § 1303 .16(A)); (2)).
  • Demand note: 6 years after the date on which demand is made or 10 years if no demand is made and neither principal nor interest has been paid over that time (O.R.C. §1303.16(B)).
  • Dishonored check or draft: 3 years after dishonor, (O.R.C. §1303.16 (C)).


  • Recovery of real property: 15 years (KRS 413.0 10).
  • Judgment, contract or bond: 15 years (KRS 413.110).
  • Breach of sales contract: 4 years (KRS 355.2- 725).
  • Contract not in writing: 5 years (KRS413.120). NOTE: Action for liability created by statute when no there is no time fixed by statute: 5 years (KRS413.120).
  • Action on check, draft or bill of exchange: 5 years (KRS 413.120).
  • Action for fraud or mistake: 5 years (KRS 413.120).
  • Actions not provided for by statute: 10 years (KRS 413.160)

The One-Sided Economic Recovery

In Uncategorized on February 11, 2011 at 10:38 am

US business as a whole has recovered from the rescession. Profits for US companies are up 12 per cent since 2007. That is much better than businesses in Canada, Japan and most of Europe.
Despite the increased profits, US businesses are not hiring. Jobs available to new employees are often part-time with no benefits.
This is the third economic recovery in twenty years with little job growth. Gallup poll shows US with higher unemployment than Britain, Germany, Japan, Russia, and China. Even if pace of job growth accelerates to record levels, we will not reach full employment until 2016.
So the recovery is one-sided. US business is on the rebound and doing better than ever. Unemployment for many remains on the horizon for years.

Can I Keep All Of My Tax Refund?

In Uncategorized on February 4, 2011 at 2:44 pm

In Ohio chapter 7 cases, you may keep up to $1,500 of your refund. Add to that amount child tax credit and earned income credit claimed on your return. In most Kentucky 7 cases, you can keep it all because the exemption law is better than Ohio.

In Ohio chapter 13 cases, you can keep $800 of the refund per person plus child tax credit and earned income credit. In Kentucky 13 cases, you may have to turn over part of the refund if the trustee requests it.

Tax refund that you pay to the court is distributed to your creditors.