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Starting Over After Bankruptcy, How-Tos and Best Practices

Bankruptcy will stay on your record for 10 years after filing, but that doesn’t mean that life is over for you.  The purpose of bankruptcy is to allow you to have a fresh start, so by making some changes in your lifestyle and taking some prudent financial steps, you can get back on the road to recovery. The skilled and seasoned Ohio bankruptcy attorneys at Fesenmyer Law Offices, LLC understand that financial problems can happe... 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 family. The skilled and seasoned Ohio debt-relief attorneys a... 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... CONTINUE READING

What Are the Biggest Sources of Debt in Ohio?

If you are an Ohio resident struggling to deal with debt, you might be wondering how your neighbors are faring so well.  According to a survey by GOBankingRates.com, the top source of debt for people in Ohio is mortgage debt, and residents of 41 other states also reported that mortgages are the biggest source of debt. People who reported stated that their av... CONTINUE READING

How Does it Affect You When the Federal Reserve Raises Interest Rates?

The Federal Reserve Board (FRB) keeps talking about raising interest rates, and if it does, it sets off a chain reaction of events affecting everything from how many people have a job to what they pay for groceries. If you have a credit card or savings account, are invested in stocks or bonds, invest in a 401(k), or you’re thinking about buying a home or car, changes in interest rates can cost or save you money.  It’s important to understand why and act accordingly. What the Federal... CONTINUE READING

What Types of Debt are Most Harmful for Your Credit?

Good Debt vs. Bad Debt To manage your finances wisely, it's crucial to understand the difference between: Good Debt: Investments that can build wealth over time (e.g., student loans, business loans) Bad Debt: Spending on items that lose value, especially with high interest rates (e.g., excessive credit card use) Debt as a Financial Tool: Understanding When It's Good vs. Bad Debt ca... CONTINUE READING

Means Test For Bankruptcy If You’re Self-Employed

If you’re self-employed and considering filing for bankruptcy in Ohio, you can file either a Chapter 7 or a Chapter 13 bankruptcy, just like anyone else.  However, before you can file you need to complete a “means test” to determine and prove your average income for the prior six months. This requirement can be tricky for the self-employed. The skilled and seasoned Ohio bankruptcy attorneys at... CONTINUE READING

Budget Planning For The Holidays, Dos And Dont’s

The holidays bring wonderful times with friends and family, but it’s all too easy to wind up in debt for the New Year. Well-meaning people often equate the spirit of the season with how much money they spend, but that mindset can lead to financial trouble. An annual national survey on holiday spending by the American Research Group found that the average planned spending for 2015 was $882, and tha... CONTINUE READING

Things Debtors Can Do

When you find yourself swamped with bills you can’t pay, even if it’s not your fault, you are probably feeling embarrassed, depressed and hopeless -- but you’re not helpless.  Even if you’re being harassed by a debt collector or faced with legal action, there are things you can do to help get back on track. 1. KNOW THE FACTS ABOUT YOUR CREDIT. You’re entitled to see the three credit reports from Equifax, Trans Union and Experian for free once a year.  This will give you a pi... CONTINUE READING

Debts After Death

What happens to your debts after you die?  Do your debts die with you, or will your family wind up getting harassed by creditors and debt collectors? The answer is complicated, because when people die, their estate goes into probate, and the estate owes the debt. If there isn't enough money in the estate, it typically goes unpaid. But there are exceptions to this rule. It all depends on the circumstances. According to the Federal Trade Commission (FTC), family members usuall... CONTINUE READING

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    Can Filing for Bankruptcy Stop a Civil Lawsuit?

    Bankruptcy is a legal process that is designed to help you recover financially after you go so deep in debt that you have no effective way to pay off what you owe. When used properly, it can give you a fresh financial start. Typically, people declare bankruptcy as a final measure when a...