Should You Link Your Bank Accounts to Third-Party Financial Apps?

Personal finance apps are convenient and provide benefits such as saving money and managing your investments from your mobile devices, but they also put you at increased risk for having your financial information hacked. Services such as Mint, Paypal, Venmo, and Digit, as well as apps from your bank and investment company, allow you to make financial transactions over your mobile phone and computer. Theses services claim to provide the highest degree of security.  However, with hackers getting more sophisticated and data breeches becoming more prevalent, it pays to examine… 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

Famous Cases of Personal Bankruptcy

If you find yourself bogged down with so many financial problems that you are considering bankruptcy, you’re in good company. Money problems can occur even to the richest and most famous celebrities. Just like the average person, when the rich and famous make mistakes or mismanage their funds, they can wind up harassed by creditors and faced with foreclosure of their homes, repossession of their cars, and loss of their assets. Fortunately, for anyone in a situation where debt is more than they can handle, bankruptcy can be a valuable… CONTINUE READING

It’s no surprise people are filing for bankruptcy; they can’t even afford an apartment!

You work hard at your full-time job, so you figure you should be able to pay your rent and put food on your table.  Guess again.  Some people making minimum wage in Ohio, are not going to be able to rent a median two-bedroom apartment without heading toward bankruptcy. According to new research by the National Low Income Housing Coalition, you would have to make more than twice as much to afford a typical apartment -- $15 per hour as opposed to the federal minimum wage of $7.25.  While you may be… CONTINUE READING

Protecting Your Firearms in Bankruptcy

If you are a gun owner who is worried about losing your weapons when filing for bankruptcy, there is good news. Both Ohio and federal bankruptcy laws exempt certain property, so your guns may be part of the property you wind up keeping. Most of the time, the federal property exemption is large enough to protect your firearms; but what is even better is that Ohio is one of the states that specifically names firearms in its list of exemptions. Even so, you need to be careful when filing for… CONTINUE READING

Debt is Putting More Pressure on Americans

Your mounting debts can be creating enough stress to make you sick.  The more debts, the greater the pressure to meet them, and the greater your stress level can become.  It’s no wonder that researchers at the Ohio State University found that people with higher levels of debt showed higher levels of physical impairment and worse health than those with lower levels of debt. If you’re stressed over debt, it can cause problems in all areas of your life. You’re likely to be less productive at work, and your family… CONTINUE READING

America’s Enormous Tax Situation

It is estimated that Americans will pay $3.3 trillion in federal taxes and $1.5 trillion in state and local taxes this year, making tax one of the largest financial burdens facing our citizens. According to the Tax Foundation, Americans work several months every year in order to pay its annual tax bill to Uncle Sam. Tax Freedom Day is the day when the nation as a whole has earned enough money to pay its federal, state, and local taxes for the entire year. In the early 1900s, this day occurred on January 20, but… CONTINUE READING

Use Your Income Tax Return to File That Bankruptcy You Keep Talking About!

If you are thinking about filing bankruptcy in Ohio, you should consider what to do about any tax refunds you expect to receive or already have received.   Depending on how you handle it, some or all of your refund may be protected; if you wind up filing for bankruptcy, you are permitted to use your tax refunds to pay for your bankruptcy attorney fees and court costs. Tax refunds are particularly tricky to deal with, because you may owe tax from a time prior to your bankruptcy, and you… 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… 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 to seek legal advice. The… 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…