Financial Life After Bankruptcy

Despite anything you may have heard, bankruptcy does not ruin your credit forever, and it is still possible to get a loan after a bankruptcy discharge.  In reality, bankruptcy -- a legal way to have many debts forgiven -- is a new beginning, and it can give you a fresh financial start.  There are things you can do after a bankruptcy discharge to begin rebuilding your credit. Bankruptcy will stay on your record for up to 10 years after... CONTINUE READING

Average Debt by Age – Where Do You Stack Up?

Debt keeps rising in the United States, especially in certain age brackets. Recent data from the Federal Reserve’s Survey of Consumer Finances shows that while total household debt dipped during the Great Recession, it has been going up ever since. According to the New York Fed, our country’s debt... CONTINUE READING

Financial Anxiety Is Real — and You Don’t Have to Live with It 

Rising debt. Growing tax bills. College tuition. Loans. If you sometimes feel like you're drowning in financial stress, you're definitely not alone. Money is a common source of stress, says a 2017 report from the American Psychological Association. Sixty-two percent of Americans say they worry about their finances, making monetary anxiety the second most common source of stress a... CONTINUE READING

Are You In Debt? You’re Not Alone

If you are struggling with mounting debt, you are not alone. Too many Americans are faced with debt that they cannot meet, and much of this is due to problems posed by our society. Nationwide, data reported by the Urban Institute in a new national map of indebtedness, shows that 33 percent of Americans hold debt that is currently in collection, with a median amount of $1,450. Being in debt ca... CONTINUE READING

Will Student Debt Become Easier to Include in Bankruptcy?

Student debt is a major burden for individuals, but it also can have a negative effect on economic growth.  The debt to pay for education was nearly $1.38 trillion at the end of 2017, with 11 percent of borrowers being 90 days or more delinquent, according to the New York Federal Reserve.  All this debt damages the economy, so Jerome Powell, the... CONTINUE READING

Why a Bankruptcy Attorney Must Be Affordable

If you are considering filing for bankruptcy, you are already having trouble paying your debts, so the last thing you need is attorney fees that are unaffordable.  However, trying to avoid fees by filing bankruptcy on your own may cost you.  Between filing and court fees and the possibility of making mistakes that will void your bankruptcy altogether, you may save nothing.  You could wind up actually paying more or even have your bankruptcy end without having your debts discharged. To avoid... CONTINUE READING

The U.S. Household Debt Problem is Steadily Getting Worse

If you are having problems managing your household debt, you are not alone. November 2017 statistics from the Federal Reserve Bank of New York showed that household debt rose by $116 billion, or 0.9%, to $12.96 trillion in the third quarter of the year. The most rapid increase in debt was seen in credit-card debt, which rose by 3.1%. Other gainers were mortgage, student and auto debt. Increasing debt is a big problem, but there are answers. The skilled and seasoned Ohio ba... CONTINUE READING

Understanding the High Rate of Bankruptcy Filings in Ohio

Ohio's Debt Crisis: Understanding the Causes and Finding Solutions Through Bankruptcy Ohioans are facing a debt crisis. The state consistently ranks among the top ten in the nation for personal bankruptcy filings. This financial distress stems from factors like the lingering effects of the Great Recession, stagnant wages, and the rising costs... CONTINUE READING

Mounting Automobile Debt Could Disrupt Economy

If you need a car but don’t have the credit score to qualify for a regular auto loan, you may be tempted to take out a subprime auto loan instead. This could prove to be a mistake, as the chances of financial problems resulting from these loans are growing, even to the point of endangering the economy. According to data from the Federal Reserve Bank of New York, delinquencies for subprime loans are nearing crisis levels at auto finance companies. The Fed report stated that the more than 2... CONTINUE READING

What Happens When a Case is Dismissed Without a Discharge?

When you file for bankruptcy in Ohio, you want your debts to be discharged -- eliminated -- so that you can receive a fresh financial start. However, there are times when situations change, and you no longer wish to continue with the bankruptcy, or you made mistakes or have problems, and your case winds up being dismissed and ended without discharge by the court. If your bankruptcy case is dismissed, it will still appear on your credit report. A bankruptcy will typically stay on your credit re... CONTINUE READING

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    How to File for Bankruptcy in Ohio

    If you are struggling financially and are overwhelmed with debts that have become unpayable, you may need a “fresh start.” Filing for bankruptcy with an Ohio bankruptcy attorney can provide just that. The bankruptcy process can put you on the road to financial recovery. Below is a...