Most people have at least some debts in their life as much of our economy’s spending is based upon borrowed money. Usually our debt is manageable as those who lend us money typically won’t lend us more than we can afford to pay back. However, sometimes sicknesses, job losses and other unforeseen situations put in a financial position that won’t allow us to pay off our debt. So what happens when you can’t pay off your debts?
Lee R. Schroeder is an Ohio licensed attorney with Schroeder Law LLC in Ottawa. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at [email protected] or at (419) 523-5523. This article is not intended to serve as legal advice, and specific advice should be […]
For some, power of attorney can be confusing. The people normally named in powers of attorney are often not even lawyers. In powers of attorneys, there is a principal who grants to someone else the ability to act on his or her behalf. There is also an agent in each power of attorney, and the agent is the “attorney in fact” who acts on behalf of the principal.
Whether or not you use or make money on real estate, you pay taxes on that real estate every year. Ohio has been taxing real estate based upon the value of the real estate since the year 1825. Government entities, churches and charities often do not have to pay real estate taxes. There are four main ways that businesses and people can get a bit of relief from real estate taxes.