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Bankruptcy Blog

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

Can Creditors Garnish Wages?

If you can’t pay money you owe, creditors may take steps to garnish your wages and withdraw money directly from your paycheck. In most situations, both federal and Ohio state law limit garnishment to 25% of your wages, and most creditors must file a collections lawsuit in court and receive a money judgment first. But once the courts give them this judgment, creditors can keep collecting money from every paycheck until the debt is paid. Having your wages garnished is embarrassing, leaves you even shorter of money, and has other… CONTINUE READING

The Consequences of Medical Debt on Your Credit Score

Medical bills, like any unpaid debt, can do major damage to your finances and your credit score. Nearly 3 in 10 Americans, even those who had insurance, had an unpaid medical debt sent to a collection agency, according to a recent Consumer Reports survey. According to the National Consumer Law Center, medical debts are a huge portion of the negative information in credit reports, making up about half of debt collection amounts on these reports and affecting 43 million Americans. Having a low credit score has wide-reaching effects by making… CONTINUE READING

Who Inherits Debt After Death?

When a close family member dies, are you going to be stuck having to pay their debts?  Will you find yourself getting harassed by creditors and debt collectors for debts you didn’t even run up or benefit from? The answer depends on the situation. When people die, their estate goes into probate, and the estate owes the debt. Debts must be paid before heirs can receive their inheritance, and secured liens such as a mortgage on a house or a car loan, will be paid first.  Creditors are notified of the debt,… CONTINUE READING

Understanding the Basics of Title Loan Repossession

Taking a title loan on a motor vehicle will give you some quick cash, but you also will be taking the chance that the lender can repossess the vehicle if you get behind on payments.  In fact, when you get your money, you will have to provide the lender an extra set of car keys in case you default on the loan, to make it easy for the lender to repossess the vehicle if necessary. Depending on the situation, there are options that may be better than taking a title… CONTINUE READING

Can One Spouse File Bankruptcy Without Affecting the Other?   

Married people filing for bankruptcy in Ohio have the option of filing with or without their spouse.  There are advantages and disadvantages of both options, so deciding whether you should file for bankruptcy alone or together depends on your individual situation and needs. If you do file individually, it must be done in good faith.  The bankruptcy court will examine your circumstances, and if it determines that filing on your own was not done in good faith, it may dismiss the case without discharging your debts. If you don’t file… CONTINUE READING

Overwhelming debt can cause problems in all areas of your life, from being less productive at work to having money arguments at home that can lead to family breakdown. Adding to the stress is the accompanying…

Contrary to commonly held beliefs about who files for bankruptcy, the average bankruptcy filer is not a free-spending celebrity or a crook trying to cheat the system, but an ordinary middle-class American. According to an…

If your debts have become more than you can handle, the good news is that bankruptcy, a legal way to have many debts forgiven, can put you on the road to financial recovery.  If you’re…

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