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Bankruptcy Blog

Why Older Americans are Filing for Bankruptcy

As Americans grow older, we face increasing challenges, and too many of us are facing a new problem in what should be the “golden years” of retirement -- the need to file for bankruptcy. According to an article in The New York Times,  citing a study from the Consumer Bankruptcy Project, the rate of people 65 and older filing for bankruptcy has tripled since 1991. From February 2013 to November 2016, there were 3.6 bankruptcy filers per 1,000 people aged 65 to 74; in 1991, there were 1.2. Older Americans also… CONTINUE READING

For Those in Serious Debt, Bankruptcy is Liberating

Carrying crushing debt can become unbearable.  Bills pile up, and you’re harassed by creditors and may be faced with foreclosure of your house, repossession of your car, utilities being shut off, and garnishment of your wages.  You feel overwhelmed and don’t know where to turn. You are not alone. Overall household debt stands at more than $13 trillion, according to the Federal Reserve. That includes $8.8 trillion in mortgages, $1.4 trillion in student loans, $1.2 trillion in car loans and more than $1 trillion in credit card debt. If serious debt… CONTINUE READING

How to File Bankruptcy in Ohio

If you are struggling financially and overwhelmed with debts that have become unpayable, you may wish to consider the “fresh start” that bankruptcy can bring.  To receive a “fresh start”, you need to know how to file for bankruptcy in Ohio. Bankruptcy, a legal way to have many debts forgiven, can put you on the road to financial recovery.  If you’re a good candidate for bankruptcy, filing can keep creditors from harassing you and seizing your possessions, allow debts to be forgiven, and provide a way for you to keep… CONTINUE READING

Chapter 7 Bankruptcy and Taxes

People are often confused when it comes to  Chapter 7  bankruptcy and taxes, as it is a common belief that bankruptcy cannot eliminate (discharge) tax debt.  Fortunately, this is not always the case.  While -most taxes are not dischargeable, you may be able to discharge federal, Ohio, and local income tax debts through Chapter 7 -- if they meet certain qualifications. If you do not qualify to file Chapter 7, you may be able to discharge some tax debts through Chapter 13 bankruptcy, as well. Bankruptcy, a legal way to… CONTINUE READING

Can I Declare Bankruptcy on Student Loans?

Student loan debt is an ever-increasing problem in the United States and has become the second highest consumer debt category, right behind mortgages. Money owed on student loans has reached $1.5 trillion, and the average student in the Class of 2016 has $37,172 in student loan debt. Ohio is among the worst states for student loan debt, rating No. 5 on financial planning website WalletHub’s list of worst states for college debt. Since many people cannot find a job after graduation with pay high enough to meet expenses and cover… CONTINUE READING

Can I File Bankruptcy on Credit Cards and Keep My House?

Credit cards are one of the easiest, but most expensive, ways to borrow. People who don’t pay them off in a timely fashion or only pay the minimum balance often wind up in situations with interest rates that can reach almost 20 percent leading to debt that snowballs quickly, accumulates, and never gets paid off. According to the American Bankers Association, 43 percent of card holders carry a balance each month, and the Federal Reserve reports that outstanding card debt hit a record $1.023 trillion in November 2017.  Rising credit card… CONTINUE READING

Why Do Some People Choose Chapter 13 over Chapter 7?

Chapter 7 is the most common form of bankruptcy and has certain advantages, but that doesn’t mean it is the best solution for you.  Depending on your situation, Chapter 13 bankruptcy, which allows you to consolidate your payments and repay some or all of your debt affordably over a three- to five-year period, may be more advantageous. How do you know which form of bankruptcy is right for you?  If you are facing a situation where your debt is getting to be more than you can handle, there is help… CONTINUE READING

Divorces Caused by Student Loan Debt?

Student loan debt takes such a big toll on marriage that it can even lead to divorce.  Financial problems are the leading cause of stress in a relationship, and student loan debt, which now stands at an all-time high of $1.5 trillion, can be a burden that becomes too much to bear. The debt puts tremendous pressure on young couples who are struggling to get established in their careers and wish to buy a home or start a family. The average outstanding balance for student loans is now $34,144, up 62 percent… CONTINUE READING

Should You Get Rid of Credit Cards After Bankruptcy?

If you’ve declared bankruptcy, you may feel that you never want to see a credit card again, especially if using cards irresponsibly is what got you into financial trouble in the first place.  However, getting a credit card after bankruptcy or retaining a current card can be a smart move under certain conditions. Bankruptcy damages your credit score, and it is important to rebuild it gradually.  If you charge only what is necessary and get into the habit of always making on-time credit card payments, it is one of the… CONTINUE READING

Can You Go to Jail for Credit Card 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 you to jail for fraud, theft, or defying a court order. Whatever the source of your consumer debt, if you find yourself overwhelmed with debt, your best bet is getting legal advice. The skilled and seasoned Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer understand that money problems can happen to even the most well-intentioned people.  We offer a free consultation to… CONTINUE READING

In the midst of all the chaos and uncertainty surrounding the coronavirus pandemic, some consumers are looking for ways to tighten their belts and prioritize finances.  For other consumers who were already behind on their…

If you’ve fallen behind financially and are having trouble paying your bills, you may be wondering what is the statute of limitations for collecting a debt in Ohio?  Unfortunately, it is six years for most…

THESE DAYS EVERYONE KNOWS THEIR CREDIT SCORE, JUST LIKE THEY KNOW THEIR PHONE NUMBER.  CAN THIS IMPORTANT NUMBER BE DAMAGED BY FILING FOR BANKRUPTCY? While filing for bankruptcy can initially lower your credit score, wiping…

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