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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 Law Offices, LLC understand that financial problems can happe... 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 a... 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

How Does it Affect You When the Federal Reserve Raises Interest Rates?

The Federal Reserve Board (FRB) keeps talking about raising interest rates, and if it does, it sets off a chain reaction of events affecting everything from how many people have a job to what they pay for groceries. If you have a credit card or savings account, are invested in stocks or bonds, invest in a 401(k), or you’re thinking about buying a home or car, changes in interest rates can cost or save you money.  It’s important to understand why and act accordingly. What the Federal... CONTINUE READING

What Types of Debt are Most Harmful for Your Credit?

Good Debt vs. Bad Debt To manage your finances wisely, it's crucial to understand the difference between: Good Debt: Investments that can build wealth over time (e.g., student loans, business loans) Bad Debt: Spending on items that lose value, especially with high interest rates (e.g., excessive credit card use) Debt as a Financial Tool: Understanding When It's Good vs. Bad Debt ca... CONTINUE READING

Means Test For Bankruptcy If You’re Self-Employed

If you’re self-employed and considering filing for bankruptcy in Ohio, you can file either a Chapter 7 or a Chapter 13 bankruptcy, just like anyone else.  However, before you can file you need to complete a “means test” to determine and prove your average income for the prior six months. This requirement can be tricky for the self-employed. The skilled and seasoned Ohio bankruptcy attorneys at... CONTINUE READING

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    Can You Stop Foreclosure in Ohio After Receiving the First Notice?

    Receiving anything from a mortgage lender that mentions the words “foreclosure” or “legal action” can be overwhelming. As soon as they read those words, many people have trouble understanding the rest of the notice. However, receiving a first notice from your mortgage lender does not mean...