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

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 I File Bankruptcy Without My Spouse?

It is always possible for one spouse to file for bankruptcy without the other, but it is not always wise to do so.  Deciding which way to go depends on several factors which need to be carefully considered before you file. Bankruptcy, a legal way to have many debts forgiven, can put you on the road to financial recovery, keep creditors from harassing you and seizing your possessions, allow debts to be forgiven, and provide a way for you to keep your assets and begin to rebuild your life.  However,… 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

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

How Long Does It Take for Credit to Recover Post-Bankruptcy?

Contrary to what many people think, filing for bankruptcy may be good for you and improve your financial situation.  Chances are that if you are considering bankruptcy, your credit is already suffering, and you are probably sick of being harassed by bill collectors and creditors, and faced with possible wage garnishments, evictions, lawsuits, and foreclosures. Not only does all that activity stop with bankruptcy, but bankruptcy can help your credit. Many of your debts will be eliminated, and although there will be an initial setback in your credit rating, after bankruptcy… CONTINUE READING

Multiple Credit Cards? How to Decide Which Ones to Tackle First

Having multiple credit cards has become an American way of life, and it’s not necessarily bad – if you can pay off the balance each month. Unfortunately, too many of us use credit cards to keep pace with increased living costs, and since credit cards are one of the most expensive ways to borrow, we wind up unable to pay off our debts. 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… CONTINUE READING

Be on the Lookout for Cell-Phone Account Fraud

Your cell phone is a great convenience, but it also provides a dangerous privacy threat that can have a devastating impact on your finances.  By setting up a phony cell-phone account in your name, criminals are able to access your bank account, sign up for credit cards and run up huge bills you will be responsible for, or sell the phone number to other criminals. Unfortunately, cell phone fraud is hard to detect, and there are few consumer protections to help. By the time you realize there is a problem, criminals can… CONTINUE READING

The Dangers of Paying Rent on Credit

When you are feeling financially strapped, it may be tempting to use your credit card to pay your rent or mortgage. Credit cards allow you to postpone coming up with the money for payments, and you can get rewards like cash back or miles for using them. Unfortunately, there are also costs and consequences for credit card use that can get you deeper into financial trouble. People who don’t pay what they owe in a timely fashion or only pay the minimum balance on credit cards wind up in situations… 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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