Inheritance During Your Bankruptcy Case

It is wonderful to receive an inheritance, but you may not be able to keep it if you have recently filed for bankruptcy.  It all depends on factors such as timing, the way the inheritance was created, the exemptions you can claim, and what type of bankruptcy you have filed. The bankruptcy process is complex, so to increase the chances of keeping assets such as an inheritance, it pays to have the guidance of an experie... CONTINUE READING

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

If you file for bankruptcy in Ohio, there is a big difference 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 ended without a... CONTINUE READING

What is the Role of Bankruptcy Judges?

What Bankruptcy Judges Do Article I, Section 8, of the United States Constitution authorizes Congress to enact "uniform Laws on the subject of Bankruptcies." In 1978, with this authority, Congress enacted the "Bankruptcy Code," the uniform federal law that governs all bankruptcy cases. This law has been amended several times. There is a bankruptcy court for each of the 90 judicial districts in the country. Each state has one or more districts, and the bankruptcy courts genera... CONTINUE READING

The IRS is Hiring Private Telephone Collection Agencies to Collect Owed Taxes

There is bad news for those who are behind in paying tax debts -- the Internal Revenue Service (IRS) is taking a hard line against taxpayers who have certain overdue tax debts by hiring private debt collectors to do their collecting.  These private collectors are allowed to use tactics and methods that government agents are normally forbidden to use. The reason most people owe back taxes is that they do not have the money to pay them.  However, even if you find yourself drowning in... CONTINUE READING

Things You Shouldn’t Do Before (or During) a Bankruptcy

It’s natural to try to hold on to your assets, so when faced with the prospect of filing for bankruptcy, people often look for ways to keep as much as possible after the bankruptcy is over.  Bankruptcy is a way out, usually as a last resort, for people whose debts have become overwhelming, and there are legitimate methods to retain some or most of your property once the bankruptcy is discharged.  However, bankruptcy filing is complex, and there are mistakes you can... CONTINUE READING

Is Personal Debt Becoming an Epidemic in the United States?

While the U.S. economy appears to be doing nicely, an increasing number of Americans are still struggling to pay their bills.  Take credit card debt, for example.  According to the latest study from WalletHub, Americans are piling on credit card debt at levels that rival the end of 2008, in the heart of the recent financial crisis.  Outstanding credit card debt h... CONTINUE READING

Starting Over After Bankruptcy, How-Tos and Best Practices

Bankruptcy will stay on your record for 10 years after filing, but that doesn’t mean that life is over for you.  The purpose of bankruptcy is to allow you to have a fresh start, so by making some changes in your lifestyle and taking some prudent financial steps, you can get back on the road to recovery. The skilled and seasoned Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer understand that financial problems can hap... CONTINUE READING

Avoid Frivolously Spending Your Income Tax Refund

So you are getting a tax refund – now it is time to come up with smart decisions as to what to do with it.  Sure, it might feel good to go on a big shopping spree when the money comes in, but then what?  You wind up with stuff that does nothing to better your future, and you might even overdo it and find yourself deeper in a financial hole.  It makes sense to plan in advance on how to best make that money work for you and your family. The skilled and seasoned Ohio debt-relief attorneys at... CONTINUE READING

Can You Go to Jail for Debt?

If you’re one of the many people who struggle with financial problems, you might have asked yourself "Can you go to jail for 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. This is just one reason that if you find yourself with debts you cannot meet, your best bet is... CONTINUE READING

What Are the Biggest Sources of Debt in Ohio?

If you are an Ohio resident struggling to deal with debt, you might be wondering how your neighbors are faring so well.  According to a survey by GOBankingRates.com, the top source of debt for people in Ohio is mortgage debt, and residents of 41 other states also reported that mortgages are the biggest source of debt. People who reported stated that their av... CONTINUE READING

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    Chapter 7 Bankruptcy and Taxes

    A common question that arises when people are considering filing for bankruptcy is whether their tax debt will be dischargeable.  While most tax debt is not dischargeable, there are some circumstances under which it can be. The attorneys at Fesenmyer Cousino Weinzimmer specialize in ba...