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Bankruptcy Blog

Why a Bankruptcy Attorney Must Be Affordable

If you are considering filing for bankruptcy, you are already having trouble paying your debts, so the last thing you need is attorney fees that are unaffordable.  However, trying to avoid fees by filing bankruptcy on your own may cost you.  Between filing and court fees and the possibility of making mistakes that will void your bankruptcy altogether, you may save nothing.  You could wind up actually paying more or even have your bankruptcy end without having your debts discharged. To avoid mistakes, it’s best to have the guidance of… CONTINUE READING

The U.S. Household Debt Problem is Steadily Getting Worse

If you are having problems managing your household debt, you are not alone. November 2017 statistics from the Federal Reserve Bank of New York showed that household debt rose by $116 billion, or 0.9%, to $12.96 trillion in the third quarter of the year. The most rapid increase in debt was seen in credit-card debt, which rose by 3.1%. Other gainers were mortgage, student and auto debt. Increasing debt is a big problem, but there are answers. The skilled and seasoned Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer understand that even the most well-intentioned… CONTINUE READING

Understanding the High Rate of Bankruptcy Filings in Ohio

Filings for bankruptcy abound in Ohio – the state has the 10th highest rate of personal bankruptcy filings in the nation, according to a recently released analysis from Nerdwallet.com. The study examined bankruptcy filings in 587 counties across America and found that all the states in the top ten list were either in the South or in the industrial Midwest. While the South traditionally has the highest rates of bankruptcy filings, they are probably also high in the Midwest due to economic indicators in recent years. Our region suffered in the Great Recession… CONTINUE READING

A Rule of Thumb for Retirement Savings

In order to live comfortably in retirement, we have to save during our working years.  What we don’t know is how much we need to save to have enough during retirement and how much we can withdraw from our savings so that we can enjoy our “golden years” while making sure our money lasts as long as we do. The skilled and seasoned Ohio debt-relief attorneys at Fesenmyer Cousino Weinzimmer understand that financial problems can happen to even the most well-intentioned people. We believe that it pays to be knowledgeable in order… CONTINUE READING

Mounting Automobile Debt Could Disrupt Economy

If you need a car but don’t have the credit score to qualify for a regular auto loan, you may be tempted to take out a subprime auto loan instead. This could prove to be a mistake, as the chances of financial problems resulting from these loans are growing, even to the point of endangering the economy. According to data from the Federal Reserve Bank of New York, delinquencies for subprime loans are nearing crisis levels at auto finance companies. The Fed report stated that the more than 23 million… CONTINUE READING

What Happens When a Case is Dismissed Without a Discharge?

When you file for bankruptcy in Ohio, you want your debts to be discharged -- eliminated -- so that you can receive a fresh financial start. However, there are times when situations change, and you no longer wish to continue with the bankruptcy, or you made mistakes or have problems, and your case winds up being dismissed and ended without discharge by the court. If your bankruptcy case is dismissed, it will still appear on your credit report. A bankruptcy will typically stay on your credit report for 7-10 years. You… CONTINUE READING

Americans Spend More After Retirement

Should people entering retirement cut their spending to make their money last, or spend more to make the most out of life?  It depends on circumstances, but more than half of taxpayers are spending more during the first three years after they start collecting Social Security. According to a report based on tax data and analyzed by economists at the Investment Company Institute and the IRS, those most likely to spend more are people who have lower incomes. Middle-income earners spent about the same, and the higher-income earners spent somewhat less than… CONTINUE READING

Equifax Changes its Bankruptcy Policy

Finally, Equifax is going to do something to change its unfair policy that has been making it more difficult for Chapter 13 filers to remove the red flag of bankruptcy from their records. For a long time, Equifax has been keeping bankruptcies on credit reports for 10 years, while the other two major credit rating agencies, Experion and TransUnion, removed them after 7 years. The federal Fair Credit Reporting Act allows a bankruptcy to remain on credit reports for up to 10 years, but the credit reporting agencies have leeway to… CONTINUE READING

Avoid These Mistakes to Improve Your Credit Score

Your FICO credit score is something you may not think much about until you need it for making a big purchase, but it affects you in more ways than you think. In fact, according to new data by LendEDU, an online marketplace for student loan refinancing, one in five Millennials have never even checked their credit score. This is a big mistake. Your credit score comes into play not only when you want to buy a car or rent an apartment, but in areas that include the interest rates you… CONTINUE READING

Household Debt Reaches a Record High

Americans are getting back into the bad habit of thinking they can get whatever they want with borrowed money – the very thinking that caused major problems during the Great Recession. According to the August quarterly household debt and credit report by the New York Federal Reserve, Americans' debt rose to a new record high in the second quarter. There was an increase in every form of debt -- from mortgage, to auto, student and credit card debt. As of June 30, 2017, total household indebtedness was $12.84 trillion, a… CONTINUE READING

If you are considering filing for bankruptcy, you are already having trouble paying your debts, so the last thing you need is attorney fees that are unaffordable.  However, trying to avoid fees by filing bankruptcy…

If you are having problems managing your household debt, you are not alone. November 2017 statistics from the Federal Reserve Bank of New York showed that household debt rose by $116 billion, or 0.9%, to $12.96…

Filings for bankruptcy abound in Ohio – the state has the 10th highest rate of personal bankruptcy filings in the nation, according to a recently released analysis from Nerdwallet.com. The study examined bankruptcy filings in 587 counties across…

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