How Long Does It Take for Credit to Recover Post-Bankruptcy?

Contrary to what many people think, filing for bankruptcy may be good for you and improve your financial situation.  Chances are that if you are considering bankruptcy, your credit is already suffering, and you are probably sick of being harassed by bill collectors and creditors, and faced with possible wage garnishments, evictions, lawsuits, and foreclosures. Not only does all that activity stop with bankruptcy, but bankruptcy can help your credit. Many of your debts will be eliminated, and although there will be an initial setback in your credit rating, after bankruptcy… CONTINUE READING

Multiple Credit Cards? How to Decide Which Ones to Tackle First

Having multiple credit cards has become an American way of life, and it’s not necessarily bad – if you can pay off the balance each month. Unfortunately, too many of us use credit cards to keep pace with increased living costs, and since credit cards are one of the most expensive ways to borrow, we wind up unable to pay off our debts. According to the American Bankers Association, 43 percent of card holders carry a balance each month, and the Federal Reserve reports that outstanding card debt hit a record… CONTINUE READING

The Dangers of Paying Rent on Credit

When you are feeling financially strapped, it may be tempting to use your credit card to pay your rent or mortgage. Credit cards allow you to postpone coming up with the money for payments, and you can get rewards like cash back or miles for using them. Unfortunately, there are also costs and consequences for credit card use that can get you deeper into financial trouble. People who don’t pay what they owe in a timely fashion or only pay the minimum balance on credit cards wind up in situations… CONTINUE READING

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 filing, but there are still ways to rebuild your credit and live… 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 hit a new high of $13 trillion last year. Debt tends to soar during people’s peak earning years, with individuals between the ages of 45 and 54 reporting the highest levels of debt and those in the 35-44 age bracket coming in second. As… 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 across the U.S. In some cases, thinking about money even makes people ill. About half of millennials, or individuals born between 1981 and 1996, say that monetary woes make them depressed, and a… CONTINUE READING

A Connection Between Credit Card Debt and Your Health?

Credit card debt can be bad for your health as well as your pocketbook, but if you aren’t paying off what you owe each month, you have plenty of company.  According to the American Bankers Association, 43 percent of card holders carry a balance each month, and the Federal Reserve reports that outstanding card debt has hit its highest point ever, surpassing $1 trillion in 2017. It’s not surprising that this situation leads to health issues. Owing money and paying high interest rates leads to increased stress, anxiety, and lack of sleep --… 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 can cause problems in all areas of your life, from being less productive at work to arguments over money at… 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 Federal chairman, has advised that student debt should become easier to include in bankruptcy. This is good news for people who have struggled to pay off their student… 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 bankruptcy attorneys at Fesenmyer Cousino Weinzimmer understand that even the most well-intentioned… CONTINUE READING

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…

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…

Overwhelming debt can cause problems in all areas of your life, from being less productive at work to having money arguments at home that can lead to family breakdown. Adding to the stress is the accompanying…

1-877-654-LAWS
  • Facebook
  • Linkedin
  • You tube
Attorney Web Marketing