Bankruptcy Archives - Page 7 of 9 - Fesenmyer Law Offices, LLC

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

Bankruptcy

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

Bankruptcy

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

Bankruptcy

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

Equifax Changes its Bankruptcy Policy

Bankruptcy

Finally, Equifax is going to do something to change its unfair policy that has been making it more difficult for Chapter 13 filers to remove the red flag of bankruptcy from their records. For a long time, Equifax has been keeping bankruptcies on credit reports for 10 years, while the other two major credit rating agencies, Experion and TransUnion, removed them after 7 years. The federal Fair Credit Reporting Act allows a bankruptcy to remain on credit reports for up to 10 years, but the credit... CONTINUE READING

It’s no surprise people are filing for bankruptcy; they can’t even afford an apartment!

Bankruptcy

You work hard at your full-time job, so you figure you should be able to pay your rent and put food on your table. Guess again. Some people making minimum wage in Ohio, are not going to be able to rent a median two-bedroom apartment without heading toward bankruptcy. According to new research by the National Low Income Housing Coalition, you would have to make more than t... CONTINUE READING

How Estate Planning Can Help Prevent Bankruptcy

Bankruptcy

When you’ve worked hard to accumulate assets, the last thing you want is for your beneficiaries to lose it all if they find themselves having to file for bankruptcy. This can happen if your heirs wind up in financial trouble and have to face bankruptcy when their inheritance arrives. While assets from an estate can be just what people need to prevent bankruptcy, they can be lost if planned incorrectly. Money or retirement funds that come to your heirs directly... CONTINUE READING

Inheritance During Your Bankruptcy Case

Bankruptcy

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 IRS is Hiring Private Telephone Collection Agencies to Collect Owed Taxes

Bankruptcy

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

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?

Bankruptcy

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

Can Filing for Bankruptcy Stop a Civil Lawsuit?

Bankruptcy is a legal process that is designed to help you recover financially after you go so deep in debt that you have no effective way to pay off what you owe. When used properly, it can give you a fresh financial start. Typically, people declare bankruptcy as a final measure when a...

Category: Bankruptcy