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The Psychological Impact of Personal Debt

Being in debt is more than just not having enough money -- it can lead to a number of serious emotional and psychological issues.  And too many Americans find themselves not only drowning in debt, but also suffering psychologically as a result. According to CreditCards.com, the average American has $15,950 in credit card debt, and 39% of Americans carry credit card debt month to month. Student loans are a major contributor, since the average college student will graduate with a whopping $40,000 of loan debt. Add to this the debt from… CONTINUE READING

Tips to Prevent Credit and Debit Card Fraud

The bad guys are after your credit cards, and you can’t be too careful in protecting them.  Credit card fraud costs billions of dollars each year in the United States, and everyone winds up paying through increased finance charges and annual fees. In Ohio, credit card fraud is defined as the unauthorized use of another person’s credit or debit cards or their information.  This includes making online purchases, making or possessing fake card readers, and making purchases with stolen devices. Credit card fraud is common, but there are ways to… CONTINUE READING

Tax Day is April 18th This Year

If you are a last-minute tax-filer, you get a break this year -- three extra days to file your taxes.  The deadline is April 18, 2017, because April 15, the day taxes are usually due, falls on a Saturday, and also because on Monday, the District of Columbia celebrates Emancipation Day. As a result, the tax deadline has been extended to the following Tuesday, April 18, and you get the extra time to file. Even if you wait to the deadline to actually file your returns, you should already be… CONTINUE READING

Things You Shouldn’t Do Before (or During) a Bankruptcy

It’s natural to try to hold on to your assets, so when faced with the prospect of filing for bankruptcy, people often look for ways to keep as much as possible after the bankruptcy is over.  Bankruptcy is a way out, usually as a last resort, for people whose debts have become overwhelming, and there are legitimate methods to retain some or most of your property once the bankruptcy is discharged.  However, bankruptcy filing is complex, and there are mistakes you can make that could create complications, cause your bankruptcy… CONTINUE READING

Debt is Putting More Pressure on Americans

Your mounting debts can be creating enough stress to make you sick.  The more debts, the greater the pressure to meet them, and the greater your stress level can become.  It’s no wonder that researchers at the Ohio State University found that people with higher levels of debt showed higher levels of physical impairment and worse health than those with lower levels of debt. If you’re stressed over debt, it can cause problems in all areas of your life. You’re likely to be less productive at work, and your family… CONTINUE READING

America’s Enormous Tax Situation

It is estimated that Americans will pay $3.3 trillion in federal taxes and $1.5 trillion in state and local taxes this year, making tax one of the largest financial burdens facing our citizens. According to the Tax Foundation, Americans work several months every year in order to pay its annual tax bill to Uncle Sam. Tax Freedom Day is the day when the nation as a whole has earned enough money to pay its federal, state, and local taxes for the entire year. In the early 1900s, this day occurred on January 20, but… CONTINUE READING

Use Your Income Tax Return to File That Bankruptcy You Keep Talking About!

If you are thinking about filing bankruptcy in Ohio, you should consider what to do about any tax refunds you expect to receive or already have received.   Depending on how you handle it, some or all of your refund may be protected; if you wind up filing for bankruptcy, you are permitted to use your tax refunds to pay for your bankruptcy attorney fees and court costs. Tax refunds are particularly tricky to deal with, because you may owe tax from a time prior to your bankruptcy, and you… CONTINUE READING

Is Personal Debt Becoming an Epidemic in the United States?

While the U.S. economy appears to be doing nicely, an increasing number of Americans are still struggling to pay their bills.  Take credit card debt, for example.  According to the latest study from WalletHub, Americans are piling on credit card debt at levels that rival the end of 2008, in the heart of the recent financial crisis.  Outstanding credit card debt has recently reached $927.1 billion, and the average household with debt now owes $7,941 to credit card companies. In addition to credit card debt, millions of people are struggling with debts… CONTINUE READING

Starting Over After Bankruptcy, How-Tos and Best Practices

Bankruptcy will stay on your record for 10 years after filing, but that doesn’t mean that life is over for you.  The purpose of bankruptcy is to allow you to have a fresh start, so by making some changes in your lifestyle and taking some prudent financial steps, you can get back on the road to recovery. The skilled and seasoned Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer understand that financial problems can happen to even the most well-intentioned people.  Here are suggestions as to what you can do to avoid… CONTINUE READING

Consult an Attorney for Wage Garnishment Removal

If you owe money and your creditor gets a judgment against you, that creditor can  garnish your wages to receive either 25% of your disposable earnings or your disposable earnings less 30 times the current federal minimum wage.  Under some circumstances, a creditor may be able to take more. Not only will this leave you short of income, but garnishment can affect your employment situation, since complying is a hassle for employers. Employers who receive a garnishment order must deal with paperwork and forms and then withhold money from your… CONTINUE READING

Being in debt is more than just not having enough money -- it can lead to a number of serious emotional and psychological issues.  And too many Americans find themselves not only drowning in debt, but…

The bad guys are after your credit cards, and you can’t be too careful in protecting them.  Credit card fraud costs billions of dollars each year in the United States, and everyone winds up paying…

If you are a last-minute tax-filer, you get a break this year -- three extra days to file your taxes.  The deadline is April 18, 2017, because April 15, the day taxes are usually due,…

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