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Bankruptcy Blog

Medical Bankruptcy

Medical bills are the most common cause of people filing for bankruptcy in Ohio. Even if you’ve always been financially stable, if you’re hit with a major medical problem, bills mount up quickly to the point where you can no longer meet them. According to findings from NerdWallet Health, in 2013, bankruptcies resulting from unpaid medical bills affected nearly 2 million people, even many who had health insurance. People often take on additional credit-card debt to cover mounting medical bills, and since credit cards often charge high interest rates for… CONTINUE READING

Things Debtors Can Do

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. 1. KNOW THE FACTS ABOUT YOUR CREDIT. You’re entitled to see the three credit reports from Equifax, Trans Union and Experian for free once a year.  This will give you a picture of how your… CONTINUE READING

Debts After Death

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 goes unpaid. But there are exceptions to this rule. It all depends on the circumstances. According to the Federal Trade Commission (FTC), family members usually don’t have to pay debts from their own assets. Also,… CONTINUE READING

Protecting Your Credit When Marrying Into Debt

You’re getting married, and it’s wonderful to focus on celebrating your love; but are you also marrying your spouse’s past debts?  You need to also think about what happens after the wedding so you don’t get stuck with debts you didn’t run up yourself and wind up with a negative credit score.  Dealing with the issues now can strengthen your relationship so that debts don’t become a burden your marriage can’t survive. Money is one of the major issues that can cause conflict in a marriage.  Debt brought into marriage… CONTINUE READING

Bankruptcy Myths

If you are struggling to pay off debt and make ends meet, bankruptcy can provide you with protection from creditors and give you a fresh start.  Still, many people are afraid to file because of myths, half-truths and misinformation, and therefore they never get the relief they need. Whether you decide to file for bankruptcy or not should be based on real facts and solid information. The experienced Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer can help you expose bankruptcy myths and determine if bankruptcy would be right for you.… CONTINUE READING

How To Improve Your Credit After Bankruptcy

After bankruptcy, you want to fix your financial situation as quickly as possible. Bankruptcy can remain on your record for up to 10 years and may cause your FICO credit score to go down into the 400's.  Still, there are steps you can take to rebuild your credit and increase your FICO score, and if you can get it to 650 or above, you will probably be eligible to apply for credit for vital purchases.  The experienced bankruptcy attorneys at Fesenmyer Cousino Weinzimmer can help you find practical ways to… CONTINUE READING

Do I Have to File Bankruptcy with My Spouse?

The quick answer is no -- if you are married you may file bankruptcy individually and your spouse does not have to file.  However, this doesn’t mean that this is the best road for you to take.  If the court determines that filing individually was not done in good faith, it may dismiss the case; and if you don’t file properly, even the non-filing spouse may be stuck with debts he or she didn’t expect to have.  Therefore, it’s important to select an attorney who is experienced in Ohio bankruptcy… CONTINUE READING

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…

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…

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…

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