Category: Personal Bankruptcy

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

Many credit card users don’t bother to read the fine print of their agreements with credit card providers. Unfortunately, the language in that fine print might result in increased payments for individuals who carry balances on their accounts. In March, the Federal Reserve announced it would increase the fed funds rate from 1.5 percent to 1.75 percent. These rate hikes can make it more expensive to pay off your account balances since, for many credit cards, there is a link between the fed funds rate and the interest rates charged.… CONTINUE READING

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

Filing for bankruptcy will solve many of your problems with debt and, thus, keep most of the creditors at bay. However, not all debt will be eliminated (discharged), and some creditors can still come after you once your bankruptcy protections end. A good bankruptcy attorney can make sure you know the types of debt that are and aren’t discharged in bankruptcy. The experienced Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer understand that financial problems can happen to the most hard-working and well-intentioned people.  With law offices in Columbus, Dayton and… CONTINUE READING

Too many people put off seeking debt relief because they are afraid of what may be involved and what it will cost. Fortunately, if your debt is getting to be more than you can handle, there is help available, and starting the process doesn’t have to cost anything. Bankruptcy, a legal way to have many debts forgiven, can put you on the road to financial recovery and provide a fresh start.  Filing can keep creditors from harassing you and seizing your possessions, allow debts to be forgiven, and provide a… CONTINUE READING

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

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

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