If a Chapter 13 bankruptcy case is dismissed, several things can happen. First, your automatic stay — put in place when you first filed — is no longer in force. That means creditors can once again take action to collect a debt, which can include harassing phone calls and letters, wage garnishment, foreclosures, repossessions, and debt collection lawsuits. You lose your protection from creditors. Next, you may also face new collection activity for any debts that fall into default now that weren’t before. And depending on your attorney and how far along you are in the bankruptcy process, you will still typically have to pay your attorney’s fees even though you won’t achieve a completed bankruptcy or discharge. To make sure your bankruptcy is successful and your case doesn’t get dismissed, it is very important to follow all the rules of the bankruptcy process, including filing the appropriate paperwork, showing up for court hearings, and meeting all the obligations under your Chapter 13 repayment plan. What is Chapter 13 bankruptcy?Chapter 13 bankruptcy is a debt reorganization process that is often the best choice for homeowners with more equity in secured assets than they can protect through Ohio bankruptcy exemptions and who wish to keep these assets. It can also be the right choice for people whose income is too high to qualify for a Chapter 7 bankruptcy. To file Chapter 13 bankruptcy, you must have a regular source of income to meet daily living expenses and to apply toward your Chapter 13 repayment plan. When you file for Chapter 13 bankruptcy protection, you have the opportunity to repay your debts under better conditions and at lower interest rates. It allows you to use future income to repay your creditors while keeping your house, vehicles, and other property if you choose to. If you have missed mortgage payments and are at risk for foreclosure, Chapter 13 gives you a chance to “catch up” and stop a foreclosure. Chapter 13 allows you to consolidate your payments to avoid fees and fines. Debts that may be consolidated include secured loans, such as mortgages and balances on vehicle loans, as well as unsecured debts, such as credit card debt and medical bills. You can repay some or all of your debt affordably over a three- to five-year period. Some loans such as second mortgages or vehicles loans can be avoided or modified in a Chapter 13 plan. Harassing phone calls and letters from creditors must stop. There are several reasons why a Chapter 13 might be dismissed by the court. Some of these include:
The reasons above are typically within the control of the petitioner and, therefore, failing to do these this is often the fault of the petitioner. However, sometimes things arise that are beyond the control of the petitioner – like losing a job, getting sick, or getting injured – and their financial situation changes. Through no fault of their own, they don’t have the money to make the payments on their plan. In these cases, a Chapter 13 can be dismissed if a petitioner cannot switch to a Chapter 7 bankruptcy. Can you reopen a dismissed Chapter 13?What happens when you get dismissed from Chapter 13?A dismissed bankruptcy petition means your situation becomes more complicated. Generally, you don’t “reopen” a dismissed Chapter 13, but in some cases it’s possible to file a new Chapter 13 petition. Whether you can file a Chapter 13 petition immediately after your previous Chapter 13 was dismissed often depends on why the initial petition was dismissed in the first place. The court will decide if you can file a new petition immediately or you must wait a specified period of time before filing again. Either way, your automatic stay may be diminished. Can you refile a Chapter 13 after a dismissal?Steps to refiling a Chapter 13 after a dismissalThese are times when having a skilled and experienced bankruptcy attorney by your side really helps. Chapter 13 bankruptcies are very complicated – certainly more complicated than Chapter 7 bankruptcies – and trying to file a new petition after a previous one is dismissed makes everything more complicated still. Roughly 97% of people who try to file Chapter 13 on their own ultimately have their cases dismissed. That’s why a bankruptcy attorney is essential in these cases. Depending on why your Chapter 13 is in danger of being dismissed, you may be able to “convert” your petition into a Chapter 7. Your attorney can advise you if this is possible. If the court approves a conversion, you simply file notice with the court and pay a conversion fee. If your attorney advises you that it is a good idea to file a new Chapter 13 petition immediately after a Chapter 13 is dismissed, there are certain steps you’ll want to take:
Contact our skilled and experienced bankruptcy lawyers todayWhen it comes to debt relief, the sooner you take action, the better. Delaying only prolongs your financial issues. If you want to file a Chapter 13, or if a previous Chapter 13 has been dismissed, a bankruptcy attorney at Fesenmyer Cousino Weinzimmer may be able to help. We can review your situation, analyze the reasons your initial Chapter 13 was dismissed, and develop a plan of action. A free consultation with us can help you decide what is the best option. Contact us by email or by calling 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). You will receive valuable, personalized insights on debt relief suitable for your situation, with no further obligation. The post What happens if a Chapter 13 bankruptcy case is dismissed? appeared first on FCW Legal. via Tumblr What happens if a Chapter 13 bankruptcy case is dismissed?
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If you’re trying to rent a home or are applying for a job, you may want to know, does bankruptcy show up in background checks? These types of checks are increasingly common and have started an entire background check industry. Depending on the reporting agency, if you’ve filed for bankruptcy protection in the past, there’s a good chance your bankruptcy filing will show up on the report. What will be done with that information depends on the person or business seeking the information. Will I Pass a Background Check with a Bankruptcy?Bankruptcy cases are filed in special federal courts, so they’re a matter of public record. If the party’s interested in whether you’re actively suing others or have been sued, they will probably pay a company to do a background check that provides that information. They can also do a search of the federal court system themselves through the Public Access to Court Electronic Records (PACER) system if they know how to use it, pay its fees, and spend the time searching it. How long your bankruptcy filing will stay on a credit report, which is frequently part of a background check, depends on which chapter of the bankruptcy code you used:
This should happen automatically, according to Experian (which sells credit reports), but if your bankruptcy was filed at least seven years ago, you should get a free credit report to make sure that information’s no longer reported. You can get a free report each year so you can look for and try to remove false or outdated information. Can a Bankruptcy on My Background Check Hurt My Ability to Get a Job?Depending on the type of job you are applying for, an employer could use your bankruptcy filing as relevant information on your application. Most employers use this information as just one factor in hiring decisions. If someone hiring runs a background check and discovers a past bankruptcy filing, what can they legally do with that information? The Federal Trade Commission (FTC) enforces the Fair Credit Reporting Act (FCRA). It’s not illegal to gather financial information on job candidates, but which decisions are made based on that information may be illegal under FCRA, depending on the circumstances. If the employer is a government agency, it can’t refuse to hire you or fire you if you work there based on a bankruptcy filing. If a private employer is involved, the fact that you declared bankruptcy can be a reason not to hire you, but not to fire you if you’re a current employee. The FCRA requires employers to do the following before it compiles financial information on job applicants:
If the employer decides not to hire you based on background information it obtained through a company that provides background checks, under FCRA, it must first give you:
Ideally, you should be given a chance to review the report and explain any negative information, like a bankruptcy, to try to save this job opportunity, but it’s not required. The employer must tell you:
If an employer screens candidates by this method, it must do so uniformly. It would be illegal employment discrimination to do so with candidates based on their sex, race, color, religion, or because they’re disabled. Can a Bankruptcy on My Background Check Hurt My Ability to Rent a Home?A Past Bankruptcy May or May Not Concern a LandlordIf you want to rent a home, a landlord could use bankruptcy information when deciding whether to rent to you or not. The more recent the filing, the more reluctant the landlord might be. If the filing was two or more years ago, your financial record is good, and you do not have a significant eviction history, it may not matter. When you discuss renting with the landlord and they mention a background or credit check, it may be best to bring up your bankruptcy, so it won’t be a surprise. If you can show things to demonstrate that you’ll pay rent, it may overcome having a bankruptcy on your record. A sensible landlord will be more concerned about your income and ability to pay rent, regardless of a bankruptcy you had in the past. A bankruptcy may help you afford the rent payments, because it will relieve you of many other debts or obligations. If you can show you’ve paid rent when you’ve had financial trouble in the past, the landlord may be more open-minded because you’ve made it a priority. If this becomes an issue you could:
Should a Potential Background Check Deter You From Filing for Bankruptcy?If you’re in severe financial trouble and bankruptcy is your best option, the fact that it might be harder to find a job or it could be more difficult to find a rental home in the future shouldn’t prevent you from filing. If you do file for bankruptcy, it’s because you need to do so. Bankruptcy filings are generally only one factor when employers or landlords are reviewing a candidate’s application. Being in a stronger financial position and having financial freedom will generally outweigh the potential consequences of filing. Contact Us and Get HelpThe seasoned and compassionate Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer offer a free consultation to help you evaluate your financial situation and give you options about what you should do next. We will discuss the necessary steps for your situation that will lead to a brighter future. Delaying may worsen your situation, so call Fesenmyer Cousino Weinzimmer today! Call us today to schedule your free consultation at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). The post Does Bankruptcy Show Up in Background Checks? appeared first on FCW Legal. via Tumblr Does Bankruptcy Show Up in Background Checks? In uncertain times, a person can become overwhelmed by debt and default on their payments. This is especially true if you face unexpected circumstances like job loss, natural disaster, or a devastating medical diagnosis. So you may be asking yourself, “How long can a debt collector legally pursue old debt?” The statute of limitations on debt in Ohio is six years. After six years, a debt collector cannot take legal action against you to recover old debt. Debt that is past the six-year statute of limitations in Ohio is also referred to as “time-barred debt.” Keep in mind, though, that you still owe the debt, and it does not expire. The statute of limitations simply means that a creditor no longer has the legal option to sue you to collect the debt. Also, even if your debt is past the six-year time limit, it can still appear on your credit report and negatively impact your credit score. A skilled attorney can explain the laws surrounding debt collection in Ohio and what your legal rights are. They can also help you take a look at your options, including whether bankruptcy would enable you to discharge these debts permanently. To find out more about how Fesenmyer Cousino Weinzimmer can help, call us at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). Are there differences in how long an old debt can be collected?Although some states differentiate between different types of debt (i.e., consumer debt vs. mortgage debt), Ohio for the most part does not. Ohio’s statute of limitations is six years regardless of the type of debt in most cases (see exceptions below). After six years of dormancy on a debt, a debt collector can no longer come after and sue you for an unpaid balance. Keep in mind, though, that a person can inadvertently restart the clock on old debt, which means that the six-year period can start all over again even if a significant amount of time has already lapsed. The types of things that can restart the clock on old debt include:
Disputing a debt, per se, does not restart the clock on old debt if you don’t admit that the debt is yours. Exceptions to how far back creditors can go to collect on a bad debtCan a debt collector come after you after 10 years?The statute of limitations on some limited types of debt doesn’t expire just because you ignore the debt. In Ohio, the six-year time-barred debt rule doesn’t apply if the debt falls into one of these categories: Student Loans There is no statute of limitations on federal student loan debt. You will still owe this debt even if you live in Ohio and more than six years have passed since you made a payment. Unpaid Taxes The Ohio Attorney General has seven years from the date of a tax assessment to file a lawsuit to collect unpaid taxes. These can include income taxes, property taxes or various other types of taxes. Is bankruptcy an option?Chapter 7 or Chapter 13 bankruptcy offers thousands of consumers a fresh start every year, and it might be the right option for you if you have significant unpaid debt. The process is easy and does not take a lot of time if you’re in the hands of an experienced, affordable bankruptcy attorney. You can read more about Chapter 7 here and more about Chapter 13 here. Trying to indefinitely delay repayment of old debt is usually not a winning strategy. Taking charge of your future by exploring bankruptcy can give you a fresh start and put you back in control of your finances. Credit Card LawsIf you’re worried about who can and cannot see your credit card information, Debt.org does a good job of laying out information about state laws affecting credit cards and credit counseling services. Ohio has two laws that outline consumers’ rights to privacy in regard to their personal credit cards. These laws are in line with federal laws. The Credit Card Truncation Act of 1993 makes it illegal for sellers to disclose consumers’ credit card account numbers, Social Security numbers, expiration dates or other key financial information. The Credit Card Recording Act of 2004 has a similar purpose. It states that sellers cannot print expiration dates of credit cards or more than five digits of a credit card number on receipts. Contact Fesenmyer Cousino Weinzimmer TodayFacing overwhelming debt and creditor harassment is discouraging and stressful. Even though a creditor can no longer sue you for unpaid debt after six years in Ohio, this strategy is not the best path forward. The debt will still be there even if creditors can’t sue. A better option may be to pursue bankruptcy and have the debt discharged permanently. After all, the purpose of bankruptcy is to give you a fresh start and put you on a firmer financial footing. To find out more about how Fesenmyer Cousino Weinzimmer can help you get a fresh start, call us for a free initial consultation at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). The post How long can a debt collector legally pursue old debt? appeared first on FCW. via Tumblr How long can a debt collector legally pursue old debt? There is an alarming trend that is growing in America, and it has been made worse by COVID-19 in 2020. More and more older Americans and retirees are burdened with significant debt. A recent study shows that individuals age 55 and older with debt grew from 54% in 1998 to 68% in 2019. The research, conducted by the Employee Benefits Research Institute (EBRI), shows that retiree debt is greater among minorities and women. Another study shows similar trends, stating that the number of bankruptcies filed by senior citizens is rising significantly. Currently, one in in eight bankruptcy filers is 65 or older, up 500% from just 25 years ago, according to the study, “Graying of U.S. Bankruptcy: Fallout from Life in a Risk Society.” The study says, in part: “The social safety net for older Americans has been shrinking for the past couple decades. The risks associated with aging, reduced income, and increased healthcare costs, have been off-loaded onto older individuals.” If you are a senior citizen who is struggling under significant debt, you are not alone. You probably feel tremendous stress and uncertainty, especially if you have health problems and face mounting medical bills. Rather than continuing to fall behind financially or risk losing your home, it may be time to consider debt forgiveness for seniors. Filing bankruptcy can reduce debt and provide a path to a brighter future. At Fesenmyer Cousino Weinzimmer, we have bankruptcy lawyers serving central and southwestern Ohio. We can put an immediate stop to harassing phone calls and letters. To learn more about how we can help, call us at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). We offer a free initial consultation and can help you get back on the road to financial freedom. Senior Citizen BankruptciesA bankruptcy can provide senior citizen credit card debt relief.There are several types of debt that can be discharged through senior citizens bankruptcies. This means that the debts will be eliminated, and you will no longer be responsible for paying them. Debts that can be discharged through bankruptcy include:
There a just a few kinds of debt that typically cannot be discharged through bankruptcy, and many of these do not affect most seniors. These include:
Bankruptcy courts were established to provide relief for seniors and other citizens who are laboring under debt that they have little hope of repaying. It is designed to provide a fresh start for individuals by reestablishing a stable financial footing. Starting fresh means that you can enjoy your senior years rather than lying awake at night worrying about creditors. How Can Seniors Get Out of Debt?Elderly debt collection laws: you can put an end to harassing phone calls from creditors.The moment you file for bankruptcy, creditors are required by law to cease all collection activities. This can be a tremendous relief. Filing bankruptcy can also halt home foreclosure activity in some cases. It gives you a chance to catch your breath before moving forward. The amount of equity in your home protected during bankruptcy varies from state to state – this is called a homestead exemption. There is an Ohio Homestead Exemption that allows you to protect a certain amount of equity in real property you use as a primary residence. Remember, this is equity (market value minus debt on a home), not the value of your home or the outstanding mortgage on your home. A skilled senior bankruptcy attorney can advise you on how bankruptcy would affect your home ownership situation. What Are the Different Types of Bankruptcy?There are generally two types of individual bankruptcy, and which one you choose depends on your individual financial situation. These include Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 7 Chapter 7, often referred to as “fresh start” bankruptcy, is for individuals whose income is too low to pay monthly living expenses and debt payments, including credit cards, medical bills, utilities, payday loans or personal loans. The process is over in a few months, enabling you to start fresh and begin to rebuild your credit without the burden of high monthly costs. Upon discharge of your Chapter 7, you will have little or no debt remaining. The bankruptcy court may require that some assets be sold to pay creditors, but individuals often are able to retain their homes and vehicles if you agree to continue to pay monthly mortgages and loan payments. Chapter 13 Chapter 13, often referred to as “wage earner” or “reorganization” bankruptcy, is for individuals who have a steady income and do not qualify for Chapter 7. Chapter 13 is a consumer debt reorganization that enables senior debtors to repay financial obligations affordably and in one monthly payment over a three- to five-year period. Chapter 13 is an option that is available to help take the control back from your creditors that are foreclosing on your home or repossessing your vehicle that you want to keep. Chapter 13 allows you to repay a portion of your debt through a court-approved repayment plan that you can afford. Once you successfully complete the repayment plan, the remaining eligible debt is discharged. Chapter 13 bankruptcy is often the best choice for homeowners with more equity in secured assets than they can protect with their Ohio bankruptcy exemptions and who wish to keep these assets, or for people whose income is too high to qualify for a Chapter 7 bankruptcy. To file Chapter 13, you must have a regular source of income and have some disposable income to apply toward your Chapter 13 payment plan. Contact a Seniors Bankruptcy Attorney TodayIf you are a senior or retiree and are burdened with significant debt, it may be time to look at your bankruptcy options. Medical bills, household expenses, utility bills, credit cards and other costs may be insurmountable, and a fresh start could put you back on your feet. Fesenmyer Cousino Weinzimmer offers affordable bankruptcy services. To learn more about how we can help, call us at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). We offer a free initial consultation and can help put your financial worries behind you. The post Debt Forgiveness for Seniors appeared first on FCW. via Tumblr Debt Forgiveness for Seniors Does bankruptcy disqualify you for a job?If you’re overwhelmed by debt and are considering the proactive step of filing for bankruptcy so you can get a fresh start, you may have several questions. One of these might be, “does bankruptcy disqualify you from a job?” In most situations, bankruptcy won’t affect your current employment. It is possible that in the future when you look for a new job, a potential employer could become aware of your bankruptcy on your credit record. Federal, state, and local government agencies are prohibited by law from using your bankruptcy as a reason not to offer you a job. However, in private industry, some employers conduct credit checks on job applicants, and they might view a bankruptcy as a reason to avoid offering you a job. It really just depends on the employer. While most employers do not conduct a credit check, when applying for certain jobs such as in the financial industry, certain employers may conduct a credit check as part of their hiring process. If you are someone struggling to deal with debt and want to find answers to your questions, then a bankruptcy lawyer at Fesenmyer Cousino Weinzimmer can help. Our skilled and experienced attorneys have enabled many clients to achieve a fresh start. To learn more about how we can help, call us at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). We offer a free initial consultation and can help you get back on the road to success. How long after bankruptcy can I get a job?You’re certainly allowed to look for a new job anytime during the bankruptcy process. You are not prohibited from switching jobs or conducting a job search when you file for bankruptcy. In some cases, it may not be a good idea for a person to make several big life changes all at once. Maintaining your current job until the bankruptcy is completed can provide you and your family with stability and an ongoing income. However, every individual and their family must do what’s best for them. Some tips for looking for a new job include:
If looking for a new job is part of your post-bankruptcy goals, then focusing on the future can be inspiring and invigorating. After all, the purpose of bankruptcy is to give you a fresh start for the future. Will bankruptcy keep me from getting a job?In some cases when you’re applying for a job in the private sector, an employer may check your credit report as part of a background check. This may or may not affect whether the company extends a job offer to you. Government entities – federal, state, municipalities, and others – are prohibited from withholding a job offer because a person has filed bankruptcy. However, private companies are not barred from doing this. The impact a bankruptcy has on your credit record will vary from employer to employer. Many employers do not conduct credit checks as part of their hiring process. What’s the difference between Chapter 7 and Chapter 13 bankruptcy?There are a few different kinds of bankruptcy, and a skilled attorney at Fesenmyer Cousino Weinzimmer can help you decide which one is right for you. The most common two types of bankruptcy for an individual are Chapter 7 and Chapter 13. Chapter 7 Bankruptcy Chapter 13 Bankruptcy Contact an experienced bankruptcy lawyer todayIf you are struggling to pay monthly credit card and consumer loan payments, and there seems to be no end in sight, it may be time to consider a different approach. Bankruptcy can be a path to a fresh start and greater financial freedom in the future. Even the most responsible individuals sometimes find themselves facing insurmountable debt because of catastrophic illness, job loss, or other financial setback. To learn more about whether bankruptcy could be the right step for you, talk to a skilled and experienced bankruptcy lawyer at Fesenmyer Cousino Weinzimmer. The initial consultation is free. Call us today at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). We’re here to help you take steps toward a brighter financial future! The post Does Bankruptcy Disqualify You for a Job? appeared first on FCW. via Tumblr Does Bankruptcy Disqualify You for a Job? 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 bills, the virus could spell financial disaster. This is especially true of workers who abruptly lost their jobs due to mandatory business shutdowns. Experts say, at a time like this, it’s important to prioritize food, shelter, medical needs and utilities. If absolutely necessary, you can hit the “pause” button temporarily on some other debts. Under the recent federal stimulus plan, called the “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act” (H.R. 748), which President Trump signed into law on March 27, 2020, lawmakers laid out provisions to provide some economic breathing room for consumers who have mortgages and credit card debt. The legislation provides forbearance on federally backed mortgage loans, places a 60-day moratorium on foreclosures, and stops adverse credit reporting — under specific circumstances — during the COVID-19 crisis. To learn more about how the CARES Act could affect your mortgage or credit card debt, call debt relief attorneys at Fesenmyer Cousino Weinzimmer at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). We offer a free initial consultation and can help you get back on the road to success. Coronavirus and Mortgage ForbearanceFederally back mortgages – typically those issued by Fannie Mae, Freddie Mac and FHA – fall under the guidelines of the CARES Act. The Act does not address private mortgage lenders such as banks, credit unions or other financial institutions. Consumers with federally backed mortgage loans who’ve been affected by COVID-19, regardless of delinquency status, can get a “forbearance,” which is an agreement between a lender and a borrower to temporarily suspend debt payments. Homeowners with these kinds of loans are also entitled to a foreclosure moratorium that will last at least 60 days, starting March 18, 2020. In a press release dated March 18, 2020, Freddie Mac explained it this way: “These measures are effective immediately and apply to borrowers who are unable to make their mortgage payments due to a decline in income resulting from the impact of COVID-19, regardless of whether they have contracted the virus. “Forbearance plans provide borrowers with payment relief for up to 12-months and suspend borrower late charges and penalties. It also suspends reporting to credit bureaus of past due payments of borrowers who are in a forbearance plan as a result of hardships attributable to this national emergency.” Borrowers who may be experiencing financial challenges due to COVID-19 are strongly encouraged to call or email their mortgage servicer – the company you send your monthly mortgage payments to – to discuss options available to help you get through this crisis. Coronavirus and Credit Card ReliefThe CARES Act also amends the Fair Credit Reporting Act (FCRA) to stop adverse credit reporting during the COVID-19 crisis--but only under specific circumstances. Under the amended FCRA, if you come to an agreement with a creditor (called an “accommodation” under the law) because you were affected by coronavirus, that creditor must report your account as current to the credit reporting agencies, so long as you weren’t already delinquent on payments. Specifically, the creditor can’t report your payment as delinquent if you’re up to date on the debt and the creditor agrees to:
You do have to come to an agreement with the creditor first to avoid harmful reporting. And you have to stick to the terms of the deal. Don’t unilaterally stop making your payments, delay your payments, or pay less than you’re supposed to without talking to the creditor beforehand. If you were already delinquent at the time of the agreement, however, the creditor can keep reporting the delinquent status to credit reporting agencies unless you bring the account current. Also, in the case of a charge off, the creditor may continue to report it as a charge off. To find out more, call Fesenmyer Cousino Weinzimmer at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). More Information Available About Mortgage Forbearance and Credit Card ReliefThe National Consumer Law Center is working with allies, government officials and businesses to find ways to help consumers get through the COVID-19 crisis. It provides a list of resources, which is updated when new information becomes available, to guide families in navigating these turbulent financial times. The Housing Policy Council issued a press release on March 23, 2020, providing information about the ways banks, servicers and trade organizations are working to assist borrowers who are adversely affected by COVID-19. When Bankruptcy Becomes the Best SolutionFor some consumers who were already struggling financially and were far behind on debt payments, the coronavirus crisis may force you to explore additional options. First, let us reassure you that bankruptcy can sometimes provide significant relief and be the fresh start you are looking for. It allows you to wipe the slate clean and start over, providing hope for a brighter future. Especially in these difficult times — when a financial calamity was brought about through no fault of your own – talking to a bankruptcy attorney can give you much-needed information and a renewed sense of control. Bankruptcy may or may not be the right option for you. There’s nothing like speaking to an experienced legal professional to help calm your nerves and look at solutions. The law firm of Fesenmyer Cousino Weinzimmer has helped many clients just like you. And our services are very affordable. To find out more about how we can help, call us at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). We offer a free consultation. The post Coronavirus Shutdown Is Affecting Debt Reporting and Foreclosures appeared first on FCW. via Tumblr Coronavirus Shutdown Is Affecting Debt Reporting and Foreclosures 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 types of debt; however, debt does not expire or disappear until you pay it. If a debt is valid, you still owe it until you pay it off, no matter how much time passes. The statute of limitations simply limits the amount of time during which a debt collector may take legal action to collect a debt. Statutes of limitation vary depending on the type of debt. This means you likely need a different debt-relief strategy than delaying and waiting it out. In these uncertain times, predicting future financial needs can be hard, and sometimes consumers take on more debt than they are ultimately able to handle. Even hard-working, well-intentioned people can fall into this trap. If you are behind and are unable to pay your monthly bills, it may be time to look at your legal options. Bankruptcy isn’t for everybody, but it does offer some consumers a fresh start. Rather than continuing to struggle month-in, month-out, talking to a bankruptcy lawyer can help you feel like you’ve taken control. Our bankruptcy attorneys at Fesenmyer Cousino Weinzimmer have many years of experience helping families just like yours. We would be glad to answer your questions and discuss your legal options. For a free initial consultation about your situation, call an affordable bankruptcy attorney at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). Tomorrow can bring a brighter future! Can I Go to Jail for Not Paying a Debt?No, you can’t be sent to jail for not paying a debt in America, unless there’s fraud involved. However, you can be sued by a creditor for non-payment of a debt. In Ohio, if you have been sued, you have 28 days to answer or respond to a court complaint against you by creditors. Rather than letting things get this far though, it is often better to be proactive and contact your own bankruptcy attorney to create a plan of action before a creditor takes you to court. Don’t wait to be sued. Chapter 7 or Chapter 13 bankruptcy offers hundreds of consumers a fresh start every year, and it can do the same thing for you. The process is straightforward, and Fesenmyer Cousino Weinzimmer offers very affordable legal bankruptcy services. Because Ohio’s statute of limitations is six years, for most types of debt, trying to delay payment of your bills indefinitely is not a workable strategy. The time limit is counted beginning the day a debt became overdue or the day you last made a payment, whichever happened most recently. Statute of Limitations for Collecting a Debt in Ohio Does Not Affect Bankruptcy OutcomeRegardless of the statute of limitations for collecting a debt in Ohio, the types of debts that can – and cannot – be discharged in bankruptcy remain the same. Many types of consumer debt can be discharged, or eliminated, through bankruptcy. But certain debts cannot. Here are some of the most burdensome debts that many Americans struggle with:
Even among thrifty families on a firm financial footing, an unexpected illness or injury can cause medical and hospital bills to pile up fast. Overwhelming medical debt is one of the biggest reasons consumers make a decision to pursue bankruptcy. Most medical debt can be discharged through bankruptcy.
With high interest rates that compound frequently, credit card debt can skyrocket before you know it. The average American credit card holder has four cards, and the average credit card debt among U.S. households is about $8,400. Most credit card debt can be discharged through bankruptcy. However, do not run up debt or make last-minute purchases on your cards within a few months of filing bankruptcy.
Student loan debt in America is staggering, but this debt in most cases cannot be discharged through bankruptcy. Student loan debt is one of the few types of debt that remains after bankruptcy is completed, and you will still be responsible for these payments. There is a mounting nationwide outcry for a long-term solution to heavy student loan debt, but as of now, bankruptcy does not discharge most student loan debt.
Most personal and bank loans can be discharged through bankruptcy, though this can vary depending on whether you file Chapter 7 or Chapter 13. An experienced bankruptcy attorney can help you sort through your various consumer loans and offer guidance. Contact an Affordable Ohio Bankruptcy Lawyer TodayIf you’re at a place in life when you’re tired of struggling under seemingly endless debt, it may be time to talk to an affordable and skilled bankruptcy attorney. The statute of limitations for collecting a debt in Ohio is six years, for most financial obligations, so waiting it out and hoping for the best is not the best approach. To learn more about your legal options, talk to a bankruptcy attorney at Fesenmyer Cousino Weinzimmer today at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). The post What Is the Statute of Limitations for Collecting a Debt in Ohio? appeared first on FCW. via Tumblr What Is the Statute of Limitations for Collecting a Debt in Ohio? 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 out your debt will help raise your credit score over the long term. Often, a person can rebuild their credit score after bankruptcy by following a few straightforward steps. Are you struggling with debt that seems to keep mounting no matter what you do and wondering which direction to turn? Do you stay awake at night worrying about finances? Always remember, information is power. So, the more information about credit scores and bankruptcy you have, the easier it becomes to make proactive decisions. There are many places to find legal help with debt relief. The law firm of Fesenmyer Cousino Weinzimmer has helped many clients who are struggling with debt and worried about their credit score. To speak to an affordable bankruptcy attorney at Fesenmyer Cousino Weinzimmer, call 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). We offer a free initial consultation and can help you get back on the road to success. Bankruptcy’s Effect on Your Credit ScoreFirst of all, what is a FICO credit score? This score is an indicator of your personal credit worthiness that is calculated by one of three credit reporting agencies in the United States. These agencies give you a score – the higher, the better – based on your past behavior with credit, your likelihood of paying back debt promptly, and your years of experience with handling consumer debt. Typically, banks, mortgage lenders and other financial institutions will pull your credit score when making a decision about whether to lend you money for a house or car or whether to approve you for a credit card. Bankruptcy does affect your credit score. You are allowed free access to one copy of your credit report every 12 months from each of these three credit reporting agencies. THE THREE U.S. CREDIT REPORTING AGENCIESTo read more about the three credit reporting agencies and how they work, look here. If you want to understand your rights under the law to request, review and dispute things listed on your credit reports, go to the Federal Trade Commission consumer information website. How Long Does Bankruptcy Affect Your Credit Score?THE LENGTH OF TIME A BANKRUPTCY STAYS ON YOUR CREDIT REPORTS DEPENDS ON WHAT KIND OF BANKRUPTCY YOU FILE A bankruptcy will stay on your credit report for 7 to 10 years. There are many factors that determine whether it is 7 years or 10 years such as what chapter you file, how long you were in the bankruptcy, if your case was converted from one chapter to a different chapter, etc. An experienced bankruptcy attorney can answer all of your questions about the details of your credit score. While your credit score will initially go down after filing for bankruptcy, having your debts discharged will allow you to raise your credit score over the long term. Most clients are able to open a credit card or get a car loan right after filing for bankruptcy, and many clients are able to get a home loan in two to three years after their bankruptcy. To speak to an affordable bankruptcy attorney at Fesenmyer Cousino Weinzimmer, call 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). Two Types of Personal BankruptcyWHAT IS CHAPTER 7 BANKRUPTCY?Chapter 7 is the most common form of bankruptcy, and it will eliminate most or all debts, but you can use it only once every eight years. It’s quick — over in a few months, so you can begin rebuilding credit. There are exemptions (Exemption Laws of Ohio) that can protect your property, but it is advisable to consult with an attorney to confirm that your particular property is protected. Exemptions can include clothing, cars, equipment used for work (like tools) and household furnishings. WHAT IS CHAPTER 13 BANKRUPTCY?Chapter 13 bankruptcy is a repayment plan which allows you to save your assets.Under Chapter 13 bankruptcy, you can consolidate payments to repay some or all of your debt affordably over a three- to five-year period. This plan is best for those who don’t qualify for Chapter 7, who want to keep an asset that they are behind on or who have equity in an asset that they want to protect. Once you file for Chapter 13, harassing calls and letters from creditors stop; and once you successfully complete the payment plan, qualifying debts covered by the plan are discharged. How Do I Rebuild My Credit After Bankruptcy?If you’re worried about how long bankruptcy affects your credit score, it may also be important to start thinking about how to rebuild your credit score after bankruptcy. There are several proactive things you can do after bankruptcy to immediately begin rebuilding your credit score. STEPS FOR REBUILDING YOUR CREDIT SCORE AFTER BANKRUPTCY
Help from Respected Ohio Bankruptcy AttorneysFESENMYER COUSINO WEINZIMMER IS HERE TO HELP YOU LEARN MORE ABOUT HOW BANKRUPTCY AFFECTS YOUR CREDIT SCOREIf you have additional questions about how bankruptcy affects your credit score or if you’re considering filing bankruptcy, the skilled and experienced attorneys at Fesenmyer Cousino Weinzimmer can help. We can explain your options and help you make informed decisions about what to do. There is a brighter future for you out there, and Fesenmyer Cousino Weinzimmer wants to help you get there. To speak to an affordable bankruptcy attorney at Fesenmyer Cousino Weinzimmer, call 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). We offer a free initial consultation and can help you get back on the road to success. The post How Does Bankruptcy Affect Your Credit Score? appeared first on FCW. via Tumblr How Does Bankruptcy Affect Your Credit Score? 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 the house you live in or the car you have relied on to get to work, but you also lose the value you already made in payments. But now that you have incurred the payday loan (with its ever-mounting interest fees), the question is: How do I get out of payday loan debt? We know your stress is high and financial problems cause a great deal of worry. It’s never fun when your expenses outweigh your earnings and you’re constantly looking for ways to make ends meet. Now that you’ve recognized you need a new financial plan, you can look into your options of how to get out of debt. Rather than worrying, it’s important to get the facts and make some concrete decisions. An experienced attorney can help you review your options and pick the one that is best for you. Call Fesenmyer Cousino Weinzimmer for help. For a free consultation to evaluate your financial situation, call us at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). How to Get Rid of Payday Loan DebtThese are some of the things you can do to eliminate payday loan debt: 1. Hard as it is, cut out another weekly expense so you can make double payments on your payday loan. This may mean riding the bus to work instead of driving, staying out of department stores for 3-6 months, or skipping restaurants in favor of cooking at home and taking a bagged lunch to work. 2. Take a look at all your debts together, and prioritize the highest-interest debts. If your payday loan and credit cards have a 28% APR, then you want to pay these first before your 5% or 10% loans. 3. Ask for an extended payment plan on some of your debts, thereby freeing up more cashflow each month that you can use to pay off a payday loan. 4. Refinance with a lower-interest personal loan from your bank, or get a credit union payday alternative loan. Both of these tend to be offered at much lower interest rates than the high-interest loans at storefront payday loan companies. 5. Ask family or friends to give you a short-term loan with low or no interest, and then use that money to immediately pay off the payday loan in full. It’s important to make good on your word and pay back a family member or friend as quickly as possible. Otherwise, relationships can get complicated and damaged. 6. Look into payday loan debt assistance in your community. These can include volunteer financial counsellors and tax assistance, free financial education classes or other financial learning opportunities. 7. Ask for extra hours at work (if possible) or get a second job, such as seasonal retail work during the Christmas holiday. Use that extra cash to put toward the payday loan and pay it off as quickly as possible. 8. If the payday loans were used for gambling, it may be time to ask yourself whether you have a gambling problem. If so, consider seeking help. There are lots of community support groups and treatment programs for compulsive gambling. 9. If the payday loan is just too large and you feel yourself falling farther and farther behind, it may be time to look at bankruptcy as an option so you can establish a fresh start. The post How Do I Get Out of Payday Loan Debt? appeared first on FCW. via Tumblr How Do I Get Out of Payday Loan Debt? 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 harassment by creditors and the fear of repossession of your property and foreclosure on your home. If you are struggling to meet your consumer debts, you are not alone. Overall household debt stood at more than $13 trillion at the end of 2017, according to the Federal Reserve. That includes $8.8 trillion in mortgages, $1.4 trillion in student loans, $1.2 trillion in car loans and more than $1 trillion in credit card debt. Fortunately, you can find solutions to money woes by working with an experienced Ohio consumer debt lawyer. The skilled and seasoned Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer understand that even the most well-intentioned people can wind up in a financial hole. We offer a free consultation to evaluate your financial situation. We can help by looking at your debts, your income, and your goals and coming up with a debt-relief plan that’s best for you.Contact us online all one of our conveniently located office branches for your free consultation. Basics for Working With an Ohio Consumer Debt LawyerThe following are basic things you need to know about working with a debt-relief attorney:
If you are having financial problems, you are probably faced with harassing phone calls from creditors and the stress of being threatened with lawsuits, garnishment of your wages, foreclosure on your home, and repossession of your vehicle. An attorney can deal with all these situations, using techniques that range from negotiating with creditors to having debts eliminated by filing for bankruptcy. Attorneys can advise you about what financial solutions are best for you and then handle all processes involved by completing extensive forms, researching exemption laws, meeting deadlines and following all local court rules. The right attorney can ensure that everything is done properly and correctly and that you will wind up in the best financial situation for your individual circumstances.
Ways to find experienced debt relief lawyers in your area include:
Many attorneys offer a free office consultation which will help you understand more about how the attorney practices law and determine whether you feel comfortable with the attorney and staff. You should come to the consultation with some simple questions and concerns. At this consult, you can determine whether you feel comfortable with the office and attorneys, learn about their experience in your area of legal need, and get a feel for their knowledge, empathy, understanding, and philosophies.
Before you go for your consultation, you should have a basic understanding of what bankruptcy is and what it can do for you. Filing for bankruptcy allows you to eliminate or restructure certain debts while under the protection of the federal bankruptcy court. The more complex your situation, the more you need the help of an attorney, who will help you decide whether bankruptcy is right for you and, if so, which type. The most common types of consumer bankruptcy are Chapter 7 and Chapter 13.
Once you file, both types of bankruptcy provide protection from your creditors. Ohio has an automatic stay that prohibits most creditors from collection activity such as harassing phone calls, lawsuits, garnishments, repossessions, and foreclosures.
Once you have decided on and hired an attorney, let them handle any issues and lawsuits you are dealing with. This includes:
Your attorney can make sure you return the notice on time, with either a payment or a calculation showing your total earnings are exempt. If you disagree with the garnishment, your attorney can represent you at a court hearing. If you decide to file for bankruptcy, the automatic stay provision will stop creditors from garnishing your wages.
The last thing creditors want to hear is that you are considering filing for bankruptcy. Once you do, they will be unable to collect their debt and are stuck with any costs they have made in an effort to do so. So just hearing from a bankruptcy attorney can make creditors more willing to negotiate. Contact Us For Help and a Free ConsultationIf you are in a situation where you are overwhelmed with debt or are considering filing for bankruptcy, we can help. The experienced and compassionate Ohio Consumer Debt lawyers at Fesenmyer Cousino Weinzimmer offer a free consultation to evaluate your entire financial situation. We will make sure you are aware of all your options and help you decide on the path to a brighter future that makes sense in your individual case. We will work with you throughout every phase of the process. Delaying can only make your situation worse, so contact us online or call our offices today. The post The Basics of Working with an Ohio Consumer Debt Lawyer appeared first on FCW. via Tumblr The Basics of Working with an Ohio Consumer Debt Lawyer |
Bankruptcy is a debt relief remedy established by federal law. Fesenmyer Cousino Weinzimmer attorneys are available to carefully discuss and review your financial situation during your free consultation. For a consultation call us at 614-228-4435. |