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Bankruptcy Blog

It’s no surprise people are filing for bankruptcy; they can’t even afford an apartment!

You work hard at your full-time job, so you figure you should be able to pay your rent and put food on your table.  Guess again.  Some people making minimum wage in Ohio, are not going to be able to rent a median two-bedroom apartment without heading toward bankruptcy. According to new research by the National Low Income Housing Coalition, you would have to make more than twice as much to afford a typical apartment -- $15 per hour as opposed to the federal minimum wage of $7.25.  While you may be… CONTINUE READING

Which is More Dangerous — Credit Card Debt or Mortgage Debt?

Getting credit is easy in the United States, so it’s tempting to use credit cards and loans to make purchases you otherwise couldn’t afford.  When you use debt wisely, it can be a positive way to build wealth.  But too many people are sucked into taking on the wrong kind of debt, the dangerous kind that starts to lead to financial problems and having their credit ruined. The skilled and seasoned Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer understand that even the most well-intentioned people can take on debts that become… CONTINUE READING

How Estate Planning Can Help Prevent Bankruptcy

When you’ve worked hard to accumulate assets, the last thing you want is for your beneficiaries to lose it all if they find themselves having to file for bankruptcy.  This can happen if your heirs wind up in financial trouble and have to face bankruptcy when their inheritance arrives. While assets from an estate can be just what people need to prevent bankruptcy, they can be lost if planned incorrectly.  Money or retirement funds that come to your heirs directly have no protection from creditors, lawsuits, or even divorcing spouses. … CONTINUE READING

Debt Relief or Bankruptcy?

If your bills and debts are becoming overwhelming, you may be tempted by advertisements that offer the promise of debt relief.  Before you plunge into solutions that may actually worsen your debt situation, you should be aware of the advantages, disadvantages, and the long-term effects of each. 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 offer a free consultation to evaluate your entire financial situation – your income, your debts and your goals -- and… CONTINUE READING

Inheritance During Your Bankruptcy Case

It is wonderful to receive an inheritance, but you may not be able to keep it if you have recently filed for bankruptcy.  It all depends on factors such as timing, the way the inheritance was created, the exemptions you can claim, and what type of bankruptcy you have filed. The bankruptcy process is complex, so to increase the chances of keeping assets such as an inheritance, it pays to have the guidance of an experienced Ohio bankruptcy attorney. The skilled and seasoned Ohio debt-relief attorneys at Fesenmyer Cousino Weinzimmer know… CONTINUE READING

Retail Bankruptcies On The Rise Means A Rise In Personal Bankruptcies Too

Retail businesses are closing and filing for Chapter 11 bankruptcy at a record rate.  According to data provided to CNBC from AlixPartners consulting firm, nine retailers have filed in the first three months of 2017, equal to the number for all of 2016, and more than 3,500 stores could be closed within the year. This has impacted Ohio shopping centers and malls, as people tend not to shop in centers where there are lots of vacancies. When businesses close and file for bankruptcy, personal bankruptcies rise accordingly, as people lose… CONTINUE READING

Protecting Your Firearms in Bankruptcy

If you are a gun owner who is worried about losing your weapons when filing for bankruptcy, there is good news. Both Ohio and federal bankruptcy laws exempt certain property, so your guns may be part of the property you wind up keeping. Most of the time, the federal property exemption is large enough to protect your firearms; but what is even better is that Ohio is one of the states that specifically names firearms in its list of exemptions. Even so, you need to be careful when filing for… CONTINUE READING

The Difference Between a Bankruptcy “Dismissal” and “Discharge”

If you file for bankruptcy in Ohio, there is a big difference whether your case ends with a discharge or ends with a dismissal.  Bankruptcy terms and concepts can be confusing, but the goal of bankruptcy is always the same – getting a discharge that will give you a fresh financial start by eliminating debts that have become overwhelming. Unfortunately, if you make mistakes that lead to a dismissal, your case will be dismissed by the court and ended without a discharge being given.  Your creditors can immediately go back… CONTINUE READING

How Trump’s Plan Has the Potential to Further Bankrupt Millennials

The Republican plan to replace the current Affordable Care Act (ACA) is tough on millennials, especially those who are already struggling to make ends meet.  While the plan, the American Health Care Act, (AHCA) would save the government money and benefit rich people, it is predicted to leave 22 million people without insurance by 2026, according to the Congressional Budget Office (CBO).  If you have a major illness and don’t have insurance, you can be faced with bills high enough to bankrupt you. Medical bills are already a major cause… CONTINUE READING

The Affordable Care Act Drove Down Personal Bankruptcies

Medical bills are a leading cause of people filing for bankruptcy in Ohio, but the situation has improved since the adoption of the Affordable Care Act (ACA).  Since the act went into effect and expanded public healthcare coverage, fewer Americans have taken the step of filing for personal bankruptcy.  Filings have dropped about 50 percent, from 1,536,799 in 2010 to 770,846 in 2016. Unlike other causes of debt, medical bills are often unexpected, involuntary, and large. Even people who have always been financially stable can find themselves facing financial disaster if… CONTINUE READING

You work hard at your full-time job, so you figure you should be able to pay your rent and put food on your table.  Guess again.  Some people making minimum wage in Ohio, are not…

Getting credit is easy in the United States, so it’s tempting to use credit cards and loans to make purchases you otherwise couldn’t afford.  When you use debt wisely, it can be a positive way…

When you’ve worked hard to accumulate assets, the last thing you want is for your beneficiaries to lose it all if they find themselves having to file for bankruptcy.  This can happen if your heirs…

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