What Is the Statute of Limitations for Collecting a Debt in Ohio?

If you’ve fallen behind financially and are having trouble paying your bills, you may be wondering what is the statute of limitations for collecting a debt in Ohio?  Unfortunately, it is six years for most types of debt; however, debt does not expire or disappear until you pay it. If a debt is valid, you still owe it until you pay it off, no matter how much time passes. The statute of limitations simply limits the amount of time during which a debt collector may take legal action to collect… CONTINUE READING

How Does Bankruptcy Affect Your Credit Score?

THESE DAYS EVERYONE KNOWS THEIR CREDIT SCORE, JUST LIKE THEY KNOW THEIR PHONE NUMBER.  CAN THIS IMPORTANT NUMBER BE DAMAGED BY FILING FOR BANKRUPTCY? While filing for bankruptcy can initially lower your credit score, wiping out your debt will help raise your credit score over the long term.  Often, a person can rebuild their credit score after bankruptcy by following a few straightforward steps. Are you struggling with debt that seems to keep mounting no matter what you do and wondering which direction to turn?  Do you stay awake at… CONTINUE READING

How Do I Get Out of Payday Loan Debt?

There is no shame in wondering “how do I get out of payday loan debt?” Life happens. The roof springs a leak, the car needs new tires, or an unexpected illness lands you in the hospital (and off work) for some time. These things can happen to anyone, and if you don’t have an emergency fund in savings, then you might have turned to a payday loan to meet these necessary expenses. When a crisis occurs, you do what you have to do to get past it. It can really… CONTINUE READING

Can Bankruptcy Stop Vehicle Repossessions and Lawsuits for Vehicle Debt?

If your creditors file a lawsuit and get a judgment against you, they are allowed to repossess your vehicle and other property, foreclose on your home, and garnish your wages. Not only can you lose the house you live in or the car you have relied on to get to work, but you also lose the value you already made in payments. Fortunately, it can take several months for creditors to get a judgment, so you have time to act to protect your property. Even if your vehicle has already… CONTINUE READING

Can I Declare Bankruptcy on Student Loans?

Student loan debt is an ever-increasing problem in the United States and has become the second highest consumer debt category, right behind mortgages. Money owed on student loans has reached $1.5 trillion, and the average student in the Class of 2016 has $37,172 in student loan debt. Ohio is among the worst states for student loan debt, rating No. 5 on financial planning website WalletHub’s list of worst states for college debt. Since many people cannot find a job after graduation with pay high enough to meet expenses and cover… CONTINUE READING

Can I File Bankruptcy on Credit Cards and Keep My House?

Can You Declare Bankruptcy on Credit Cards Only? While credit card debt is a major reason people wind up filing for bankruptcy, you cannot file for bankruptcy on credit card debt alone, as the law requires that all your debts be listed in the bankruptcy documents. However, because bankruptcy can eliminate credit card and other unsecured debts, filing will often put you in a better financial position that allows you to keep your home. Keeping a house is a major concern for most people filing for bankruptcy in Ohio, and… CONTINUE READING

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

Divorces Caused by Student Loan Debt?

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 an all-time high of $1.5 trillion, can be a burden that becomes too much to bear. The debt puts tremendous pressure on young couples who are struggling to get established in their careers and wish to buy a home or start a family. The average outstanding balance for student loans is now $34,144, up 62 percent… 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

The Consequences of Medical Debt on Your Credit Score

Medical bills, like any unpaid debt, can do major damage to your finances and your credit score. Nearly 3 in 10 Americans, even those who had insurance, had an unpaid medical debt sent to a collection agency, according to a recent Consumer Reports survey. According to the National Consumer Law Center, medical debts are a huge portion of the negative information in credit reports, making up about half of debt collection amounts on these reports and affecting 43 million Americans. Having a low credit score has wide-reaching effects by making… CONTINUE READING

Does bankruptcy disqualify you for a job? If you’re overwhelmed by debt and are considering the proactive step of filing for bankruptcy so you can get a fresh start, you may have several questions. One…

In the midst of all the chaos and uncertainty surrounding the coronavirus pandemic, some consumers are looking for ways to tighten their belts and prioritize finances.  For other consumers who were already behind on their…

If you’ve fallen behind financially and are having trouble paying your bills, you may be wondering what is the statute of limitations for collecting a debt in Ohio?  Unfortunately, it is six years for most…

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