Who Inherits Debt After Death?

When a close family member dies, are you going to be stuck having to pay their debts?  Will you find yourself getting harassed by creditors and debt collectors for debts you didn’t even run up or benefit from? The answer depends on the situation. When people die, their estate goes into probate, and the estate owes the debt. Debts must be paid before heirs can receive their inheritance, and secured liens such as a mortgage on a house or a car loan, will be paid first.  Creditors are notified of the debt,… CONTINUE READING

Do You Know Your Rights as a Debtor?

The Fair Debt Collection Practices Act (FDCPA) protects debtors from overreaching debt collection practices, such as abuse, deception and late-night phone calls. Still, many creditors and collectors blatantly violate its provisions and find loopholes and new ways to harass debtors. Anyone harassed by collectors should know their rights and what they can do to stop harassment.  The skilled and seasoned Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer understand that even the most well-intentioned people can find themselves overwhelmed with debt.  We offer a free consultation to evaluate your financial situation and… CONTINUE READING

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

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…

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…

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