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 [...]
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 [...]
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. [...]
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. [...]
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 [...]
So you are getting a tax refund – now it is time to come up with smart decisions as to what to do with it. Sure, it might feel good to go on a big shopping spree when the money comes in, but then what? You wind up with stuff that does nothing to better [...]
If you’re one of the many people who struggle with financial problems, you might have asked yourself "Can you go to jail for debt?" Debt collectors cannot arrest you for credit card or other consumer debt, but they can take you to court and sue you for payment. And, under certain circumstances, debt can lead [...]
If you are an Ohio resident struggling to deal with debt, you might be wondering how your neighbors are faring so well. According to a survey by GOBankingRates.com, the top source of debt for people in Ohio is mortgage debt, and residents of 41 other states also reported that mortgages are the biggest source of [...]
The elderly population in America is growing, and with the increase comes more instances of seniors being exploited and abused. In addition to physical and emotional abuse, financial crimes against seniors are increasing with alarming frequency. In 1998, the National Center on Elder Abuse estimated that nearly one-third of all elder abuse cases involved financial [...]
The Federal Reserve Board (FRB) keeps talking about raising interest rates, and if it does, it sets off a chain reaction of events affecting everything from how many people have a job to what they pay for groceries. If you have a credit card or savings account, are invested in stocks or bonds, invest in [...]
Good Debt vs. Bad Debt To manage your finances wisely, it's crucial to understand the difference between: Good Debt: Investments that can build wealth over time (e.g., student loans, business loans) Bad Debt: Spending on items that lose value, especially with high interest rates (e.g., excessive credit card use) Debt as a Financial Tool: Understanding [...]
If you’re self-employed and considering filing for bankruptcy in Ohio, you can file either a Chapter 7 or a Chapter 13 bankruptcy, just like anyone else. However, before you can file you need to complete a “means test” to determine and prove your average income for the prior six months. This requirement can be tricky [...]
The holidays bring wonderful times with friends and family, but it’s all too easy to wind up in debt for the New Year. Well-meaning people often equate the spirit of the season with how much money they spend, but that mindset can lead to financial trouble. An annual national survey on holiday spending by the [...]
When you find yourself swamped with bills you can’t pay, even if it’s not your fault, you are probably feeling embarrassed, depressed and hopeless -- but you’re not helpless. Even if you’re being harassed by a debt collector or faced with legal action, there are things you can do to help get back on track. [...]
What happens to your debts after you die? Do your debts die with you, or will your family wind up getting harassed by creditors and debt collectors? The answer is complicated, because when people die, their estate goes into probate, and the estate owes the debt. If there isn't enough money in the estate, it typically [...]
