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The Consequences of Medical Debt on Your Credit Score

• Bankruptcy

Even for those who have always been financially stable, being hit with a major medical problem can cause bills to mount up quickly, to the point where they can no longer be met. People then often take on additional credit card debt to cover mounting medical bills. Savings are depleted, and people wind up being unable to pay for necessities such as rent, food, and utilities. As a result, medical bills have become the most common cause of filing for bankruptcy in Ohio. If you find you... CONTINUE READING

A Look at the Average Bankruptcy Filer

• Bankruptcy

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. Many of these individuals are hard-working people who are struck by unexpected problems that hurt them financially. People are laid off, hit by major illnesses and expenses, or have had a death or divorce in their family that changes their financial pict... CONTINUE READING

Do You Know Your Rights as a Debtor?

• Bankruptcy

Anyone harassed by collectors should know their rights and what they can do to stop harassment. Being unable to keep up with your bills can be a huge source of stress. This stress shouldn’t be made worse by creditors who constantly harass you. There are plenty of steps you can take to ensure that debt collectors protect your rights. You also have options for taking action when your rights are violated. Fesenmyer Law Offices, LLC is an Ohio bankruptcy law fir... CONTINUE READING

Can One Spouse File Bankruptcy Without Affecting the Other?

• Bankruptcy

Can one spouse file for bankruptcy? Married people filing for bankruptcy in Ohio have the option of filing with or without their spouse. There are advantages and disadvantages to both options, so deciding whether you should file for bankruptcy alone or together depends on your situation and needs. If you do file individually, it must be done in good faith. The bankruptcy court will examine your circum... CONTINUE READING

How Does Bankruptcy Affect Cosigners?

• Bankruptcy

Having a cosigner on a loan is a common occurrence for borrowers making a big purchase. But how does bankruptcy affect cosigners? Cosigners could be at risk for paying back a loan if the borrower declares bankruptcy. There are, however, many factors at stake. If you’re cosigning a loan, understand how bankruptcy can affect cosigners. What Is a Cosigner? Before understanding how bankruptcy affects cosigners, it’s necessary to understand what... CONTINUE READING

Why Waiting to File Bankruptcy Could Be a Mistake

• Bankruptcy

If you’re thinking about filing for bankruptcy, timing can be very important. In fact, waiting to file bankruptcy could be a mistake. Bankruptcy provides a fresh start for debtors, and it offers protections against creditors and from falling further into debt. But these benefits set in only after you file for bankruptcy. Until You File for Bankruptcy, Financial Stress Relief Can’t Happen Many debtors delay filing for bankruptcy out of fear,... CONTINUE READING

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

• Bankruptcy

If you file for bankruptcy in Ohio, there is a big difference in 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 end witho... CONTINUE READING

Does Bankruptcy Show Up in Background Checks?

• Bankruptcy

Bankruptcy Will Show Up on a Background Check but May Not Hurt You If you’ve filed for bankruptcy protection in the past, it is likely that your bankruptcy filing will show up on a background check report. However, a bankruptcy filing might not be as harmful to your record and financial history as you think. A bankruptcy filing could be relatively unimportant, depending on the situation or the person or business who finds the bankruptcy fil... CONTINUE READING

Does Bankruptcy Disqualify You for a Job?

• Bankruptcy

If you’re overwhelmed by debt and are considering the proactive step of filing for bankruptcy so you can get a fresh start, you may have several questions. One of these might be, “Does bankruptcy disqualify you from a job?” In most situations, bankruptcy won’t affect your current employment. It is possible that in the future when you look for a new job, a potential employer could become aware of your bankruptcy on your credit record. Federal, state, and local government agencies are p... CONTINUE READING

Can I Declare Bankruptcy on Student Loans?

• Bankruptcy

YOU MAY BE ABLE TO DISCHARGE STUDENT LOANS IN BANKRUPTCY Student loan debt is an ever-increasing problem in the United States and has become the second-highest consumer debt category, right behind mortgages. Many students take out loans with the hope of finding a better job and wind up struggling to pay them back. With costs rising faster than salaries, jobs most students get when out of college don’t pay enough to cover their expenses and also meet their student loan obligation... CONTINUE READING