Weltman's Top 7 News and Insights: A Look Back at 2022
What a year! In 2022, Weltman had two office moves - in Cincinnati and Detroit, and celebrated one year in our newer Columbus office. We've also published over 55 informative blogs, shared 16 interactive webinars, and posted regularly on our LinkedIn, Facebook, and Twitter pages to help our followers stay up-to-date on the world of collections. Now, we want to share our top seven blogs of 2022.
Recipients of this award, all at least 80 years of age, are still active members of the Cleveland community. They lift up the Northeast Ohio region through their experience and perspective, which they are sharing with the next generation. After being long-time colleagues and friends, shareholder Al Reis nominated Bob for this award, sharing his experience, passion, and strong work ethic. Bob considers this a great achievement not only for himself, but for the entire firm!
Read the full announcement here.
When the COVID-19 pandemic fervently came in March 2020 Ohio, like much of the United States, went on lockdown. As a result, employees were forced to pack up their computers and head home to work remotely. Today, many employees continue to work entirely from home or in a hybrid situation (with at least one or two days a week remote).
Read the full blog here.
On April 1, 2022, the value of property exempt from execution, garnishment, attachment, or sale under Ohio Revised Code 2329.66 increased. This is done every three years with the intention to increase alongside the cost of living. While this statute places the burden of demonstrating an exemption on the debtor, a creditor should nevertheless be aware of them in order to remain proactive.
Read the full blog here.
While bankruptcy filings have remained at historic lows for the past several months, one cannot help but wonder, “Is there a breaking point for consumers who were already struggling to make ends meet both before and during the pandemic?" The availability of government stimulus money to both individuals and businesses undoubtedly helped to bridge the gap for many in distress. The same can be said for various moratoria put in place at the state and federal level, which provided relief from foreclosure, eviction, student loan repayment, and legal executions, to name a few.
Read the full blog here.
Three specific provisions of the CARES Act are set to expire on March 27, 2022, unless further extended. The first two provisions relate to what is considered income for bankruptcy purposes. COVID-19-related payments, including recovery tax rebates and child tax credit payments, were excluded from current monthly income under the CARES Act. Upon expiration, these payments will be considered as income. The increase in income could provide for a more significant distribution to creditors in a bankruptcy proceeding.
Read the full blog here.
No one transacts business expecting to have to chase their customer for payment. Inevitably, you will have customers who stubbornly refuse to pay your receivables for many reasons. The good news is that obtaining and maintaining up-to-date and accurate information about your customer during the entirety of your business relationship can significantly assist with collection efforts if needed.
Read the full blog here.
On the surface, powers of attorney (POA) and guardianships seem almost identical to each other. They are both legal tools and processes that allow someone to make decisions on behalf of another individual. These decisions may include authority over healthcare, estate, and finances. However, the similarities can seemingly end there.
Read the full blog here.
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These blogs are not a solicitation for business and it are not intended to constitute legal advice on specific matters, create an attorney-client relationship or be legally binding in any way.