If you’ve declared bankruptcy, you may feel that you never want to see a credit card again, especially if using cards irresponsibly is what got you into financial trouble in the first place. However, getting a credit card after bankruptcy or retaining a current card can be a smart move under certain conditions. Bankruptcy damages your credit score, and it is important to rebuild it gradually. If you charge only what is necessary and get into the habit of always making on-time credit card payments, it is one of the best ways to rebuild your score. However, before you even apply for a card, there are considerations you need to make so that you can handle credit properly without sinking into more financial difficulty. 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 by looking at your debts, your income, and your goals and coming up with a debt-relief plan that’s best for you. Call one of our conveniently located office branches or contact us online for your free consultation. Should You Have a Credit Card After Bankruptcy?Whether it’s better to get or get rid of a credit card after bankruptcy depends a great deal on why you went bankrupt in the first place. If you were overcharging and making just minimum payments on your credit cards, spending more than you took in, and not budgeting or saving for emergencies, you might be better off trashing those cards until you can learn to handle finances differently. This may require working with a credit counselor to create a budget that considers your income, monthly bills, and even savings. Instead of credit cards, you can use a prepaid debit card or one linked to your checking account until you consistently meet your obligations on time without overspending. At that point, you can apply for a credit card again, as long as you use it responsibly and pay off the balance each month. However, if your bankruptcy was the result of an unforeseen event, such as a medical emergency, divorce, or job loss, rather than due to overcharging and making bad money decisions, you may be ready to have a credit card. Responsible use of your card can help rebuild your credit, as long as the card issuers report your credit activity to at least one of the three major consumer credit bureaus. Getting Credit CardsBankruptcy damages your credit score and stays on your record 7 to 10 years, so getting a credit card after filing bankruptcy can be difficult at first. You must at least wait until your bankruptcy is discharged and this shows on your credit reports before applying for a new credit card. After discharge, you should pull your credit reports from Equifax, Experian and TransUnion to make sure everything is reported correctly and the accounts included in the bankruptcy show a zero balance on your credit reports. Then you can apply for a new credit card. While some credit card companies may reject your application due to a recent bankruptcy, many will accept you because the bankruptcy wiped out your medical bills, credit card debt, and other unsecured debt, and because they know your risk of filing for bankruptcy again is low. Options for Credit CardsAfter bankruptcy, your options for credit card are limited, and there are some types of cards you should avoid. Types of cards are:
Contact Us and Get HelpIf you find yourself struggling with credit card or any other debt, take the first step toward relief by contacting the seasoned and compassionate Ohio debt-relief attorneys at Fesenmyer Cousino Weinzimmer. We offer a free initial consultation to evaluate your entire financial situation and determine the best fit for your particular circumstances. 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 walk you through the process every step of the way. Delaying can only worsen your situation, so call one of our conveniently located office branches or email for your free consultation so we can determine what debt relief solutions will work best for you. The post Should You Get Rid of Credit Cards After Bankruptcy? appeared first on FCW. via Tumblr Should You Get Rid of Credit Cards After Bankruptcy?
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It is always possible for one spouse to file for bankruptcy without the other, but it is not always wise to do so. Deciding which way to go depends on several factors which need to be carefully considered before you file. Bankruptcy, a legal way to have many debts forgiven, can put you on the road to financial recovery, keep creditors from harassing you and seizing your possessions, allow debts to be forgiven, and provide a way for you to keep your assets and begin to rebuild your life. However, the bankruptcy process is complex, and deciding whether to file individually or jointly is just one of the many decisions you must make, so it pays to enlist the help of an experienced bankruptcy attorney to avoid making costly mistakes. The skilled and compassionate Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer understand that financial problems can happen to even the most well-intentioned people. We offer a free consultation to evaluate your financial situation by looking at your income, your debts, your goals, and your marital situation, and coming up with a plan that’s best for you. Call or contact us online today to set up your free consultation. How Do You Decide?Before making a decision, you should examine both of your debts to see which ones are causing the problem and whose name the debts are in. If the problem debts are in both names, both spouses own the debt jointly and are liable for payment of that debt. However, if the problem debts are in one spouse’s name, it may make sense for just that spouse to file. Ohio is an “equitable distribution state,” so if you file for bankruptcy together, your separate debts, your spouse’s separate debts, and the jointly-held marital debts will be eliminated at discharge. If you file for bankruptcy by yourself, your separate debts and your share of the joint debts will be eliminated, but your spouse remains liable for his or her share plus his or her own separate debts. As a result, if you have a lot of joint debt, it is usually better to file a joint bankruptcy. If there is little joint debt, but one spouse has a lot of individual debt, it is often better for that spouse to file alone. For example, if most debt is credit card debt in the name of just one spouse, then only that spouse will need to file bankruptcy. But if both spouses signed the agreement or have cards in their names, both spouses must file bankruptcy to wipe out the debt or the credit card company can still sue the non-filing spouse who remains liable. Advantages and Disadvantages of Filing Bankruptcy without a SpouseIn addition to the above considerations, there are some advantages and disadvantages to having just one spouse file alone. These include:
Filing jointly has the advantage of providing double exemptions, as each spouse is allowed to claim a full set. However, if one person has a significant amount of non-exempt separate property, then it may be best not to file jointly in order to protect those assets. If just one spouse files, the non-filing spouse’s separate property is not part of the bankruptcy. Contact Us For HelpDetermining whether it is better to file bankruptcy with or without your spouse is complicated, and mistakes can be costly. Each bankruptcy is unique, and it’s important to have an assessment of your situation by an experienced attorney in order to ensure the best path is followed. The seasoned and compassionate Ohio debt relief attorneys at Fesenmyer Cousino Weinzimmer offer a free consultation to evaluate your entire financial picture to find the best fit for you and your spouse. 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 understand what you are going through and will walk you through the process. Delaying can only worsen your situation, so contact us online or call the Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer today to set up your free consultation. The post Can I File Bankruptcy Without My Spouse? appeared first on FCW. via Tumblr Can I File Bankruptcy Without My Spouse? 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. Whatever the source of your consumer debt, if you find yourself overwhelmed with debt, your best bet is getting legal advice. The skilled and seasoned Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer understand that money problems can happen to even the most well-intentioned people. We offer a free consultation to evaluate your financial situation and create a plan to help you get out of debt and protect yourself from aggressive collector tactics. Delaying can only make your situation worse, so contact us online or call our offices today for your free consultation. How Debt Can Lead to JailAccording to the federal Fair Debt Collection Practices Act, debt collectors collecting debts for others are prohibited from engaging in abusive or harassing conduct, and that includes threats of sending you to jail. However, if you do not pay your debts, your creditors can sue you in court. In Ohio, you have 28 days to answer or respond to a complaint by creditors. If you don’t file an answer, if you overlook a legal summons and complaint, or if you don’t show up in court when you are supposed to, the creditor can win the case by default and receive a judgment against you. The court can then take steps to make you pay. Courts can order the garnishment of your wages or your bank account and allow creditors to seize some of your personal property and put a lien on your real estate. Ohio law provides an exemption for a certain value of your residence, for medical debts, and limits for personal property and for a vehicle, but anything over the exemptions can be used to satisfy creditors. If creditors still can’t get money from you, the courts can order you to appear in court where, under oath, you must answer questions about your finances and why you haven’t paid that creditor. If you fail to attend, the court can find you in civil contempt. If you do not pay or follow the court’s orders, you may be found in contempt of court and have a warrant for failure to obey a court order. What You Can Do to Avoid Aggressive Collection EffortsIf you’re being hounded by an aggressive debt collector:
Contact Us For Advice and a Free ConsultationIf you are struggling with debt, legal assistance can help. Take the first step toward debt relief and contact the experienced and compassionate attorneys at Fesenmyer Cousino Weinzimmer today for a FREE INITIAL CONSULTATION. We will evaluate your entire financial situation by looking at your income, your debts and your goals, and find the best fit for you. We will handle every phase of the process, including getting creditors to stop attempting to collect on unpaid bills. Delaying can only worsen your situation, so call the Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer to set up your free consultation today. The post Can You Go to Jail for Credit Card Debt? appeared first on FCW. via Tumblr Can You Go to Jail for Credit Card Debt? If you can’t pay money you owe, creditors may take steps to garnish your wages and withdraw money directly from your paycheck. In most situations, both federal and Ohio state law limit garnishment to 25% of your wages, and most creditors must file a collections lawsuit in court and receive a money judgment first. But once the courts give them this judgment, creditors can keep collecting money from every paycheck until the debt is paid. Having your wages garnished is embarrassing, leaves you even shorter of money, and has other negative effects. It creates a lot of paperwork for your employer, who now knows about your financial difficulties, and it can even cost you your job. Your employer cannot fire you solely because of wage garnishments by a single creditor in a 12-month period or because of a child-support garnishment, but you can be let go if you have multiple garnishments. What should you do if you are faced with wage garnishment? Your best bet is to seek legal advice. The skilled and seasoned Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer understand that financial problems can happen to even the most well-intentioned people. We offer a free consultation to evaluate your financial situation and come up with a plan to keep your debt problems from reaching the point of wage garnishment and to deal with them if they are already there. Delaying can only make your situation worse, so contact us online or call our offices to set up your free consultation today. How Does Garnishment Work?Once you fall behind on your payments, the courts will give your creditors the money judgment against you which allows them to garnish your wages. The court will then send you a demand letter requesting payment of the judgment amount. According to Ohio state law, the notice must provide information about options available to avoid wage garnishment. If you do not respond to the demand letter, your employer will give you a notice and wage garnishment paperwork. You must return this notice with either a payment or a calculation showing your total earnings are exempt. If you do not return it on time, the creditor can get an order to garnish your pay. All your pay checks will be garnished until the amount of the judgment has been paid off or your circumstances change. Most creditors will be entitled to either:
Disposable earnings are the balance of your paycheck that remains after taking out taxes and other mandatory deductions. Voluntary deductions for things like health and life insurance will not reduce your disposable earnings. Creditors do not need a money judgment to garnish your wages for debts resulting from:
For child support, up to 50% of your disposable earnings can be garnished if you are supporting a spouse or a child who isn’t the subject of the order, and up to 60% if you aren’t supporting a spouse or child. An additional five percent is allowed if you are over 12 weeks behind in support payments. How Can I Avoid Garnishment?There are several ways to avoid wage garnishment, including: 1) Pay Without Formal Garnishment Complete the form that comes with your demand letter or notice titled, “Payment to Avoid Garnishment,” and return it to the creditor within 15 days. You then make periodic payments until your debt is paid, without having to go through formal garnishment. 2) Get a Trustee File an affidavit with the court asking to be assigned a trustee to take money out of each paycheck to give to your creditors. The affidavit lists the names and addresses of all your creditors, the total amount of each creditor’s claim against you, and the amount you will pay the trustee out of each paycheck. Your creditors will be notified and can no longer garnish your wages as long as you keep making your payments. Your employer won’t be involved or know that you’re having financial trouble. 3) Use a Credit Counseling Service A debt counseling service will calculate a single payment that will be distributed among your creditors and help you build a budget. You pay off your debt over time without having your wages garnished or your employer involved. 4) File for Bankruptcy Bankruptcy is a way to eliminate many of your debts and get a fresh start financially. The most common types of bankruptcy are Chapter 7 and Chapter 13 bankruptcy. Chapter 7 allows you to liquidate any non-exempt assets to pay creditors, and this eliminates remaining debt. Chapter 13 reorganizes your debts and sets up a payment plan monitored by the court and a trustee and allows you to keep many assets. There are advantages and disadvantages to filing under the various chapters, and you will still be responsible for certain debts including child support, spousal support obligations, student loans and most unpaid taxes. However, bankruptcy can eliminate credit card debt, medical bills and unsecured loans, and stop garnishment and harassment by creditors. Free Initial Consultations For Ohio Residents Facing GarnishmentIf you are faced with garnishment of your wages, time is of the essence. If you cannot become current in your payments or make another arrangement with your creditor, you may be able to prevent garnishment by filing for bankruptcy. Take the first step toward debt relief and contact the experienced and compassionate Ohio debt-relief attorneys at Fesenmyer Cousino Weinzimmer today for a FREE INITIAL CONSULTATION. We know what you are going through. We will evaluate your entire financial picture by looking at your income, your debts and your goals, and we will discuss the best fit for your individual situation. We will handle every phase of the process and find what works best for you. We have helped thousands of Ohio residents find new hope and prevent garnishment. Don’t delay, take the first step toward debt relief and contact us online or call the Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer today. The post Can Creditors Garnish Wages? appeared first on FCW. via Tumblr Can Creditors Garnish Wages? Medical bills, like any unpaid debt, can do major damage to your finances and your credit score. Nearly 3 in 10 Americans, even those who had insurance, had an unpaid medical debt sent to a collection agency, according to a recent Consumer Reports survey. According to the National Consumer Law Center, medical debts are a huge portion of the negative information in credit reports, making up about half of debt collection amounts on these reports and affecting 43 million Americans. Having a low credit score has wide-reaching effects by making it more difficult and expensive to borrow and by lowering your chances to obtain good employment, housing, and insurance. Even for those who have always been financially stable, being hit with a major medical problem can have bills mounting up quickly, to the point where they can no longer be met. People then often take on additional credit-card debt to cover mounting medical bills; savings are depleted, and people wind up being unable to pay for necessities such as rent, food and utilities. As a result, medical bills have become the most common cause of filing for bankruptcy in Ohio. If you find yourself overwhelmed with medical debt and bills you cannot pay, the skilled and seasoned Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer can help. We understand that financial problems can happen to even the most well-intentioned people. We offer a free consultation to evaluate your financial situation and to come up with a debt-relief plan that’s best for you. Delaying can only make your situation worse, so contact us online or call our offices to set up your free consultation today. Medical Debt in OhioMedical debt is treated differently from debts like credit cards or student loan debt. As a rule, unpaid medical bills are sent to a debt collector, and if the agency can’t collect, it reports the debts to the credit bureau. This can significantly damage your consumer credit scores, as one medical bill can cause a drop between 50 to 100 or more points. Fortunately, because of this process, it may take more time for an unpaid medical bill to show up on your credit report and hurt your credit score. In addition, there are also new regulations that provide more time for you to resolve problems with healthcare bills or come up with a payment plan before they can have an impact on your credit standing. In September, 2017, Ohio’s rules changed so that the big credit agencies no longer report medical debts that are less than six months past due on credit reports and will also remove medical debts if the debt is later paid by insurance. Also, unpaid medical bills that eventually are paid by the insurer must be removed from your credit report. The three major credit reporting agencies—TransUnion, Experian, and Equifax—now have to wait 180 days before putting an unpaid medical bill on your credit report. This allows you more time to dispute problems with insurance coverage or charges from a healthcare provider. Ohio has a statute of limitations of six years on debt, counted from when a debt became overdue or when a borrower last made a payment, whichever happened more recently. Creditors cannot sue a debtor for debt collection purposes after six years have gone by. What to Do About Medical DebtIf you’re struggling with medical debt, here are some suggestions:
Contact Us For HelpIf you are having problems with medical or any other kind of debt, the experienced and compassionate Ohio debt-relief attorneys at Fesenmyer Cousino Weinzimmer offer a free consultation to review your entire financial situation. We examine your income, your debts and your goals, and make sure you are aware of all your options. We understand what you are going through and will walk you through the process. Delaying can only worsen your situation, so contact us online or call the Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer today for your free consultation so we can determine what debt relief solutions will work best for you. The post The Consequences of Medical Debt on Your Credit Score appeared first on FCW. via Tumblr The Consequences of Medical Debt on Your Credit Score 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, and they must file a claim against the estate in order to receive payment. If there isn’t enough money in the estate to cover the debts, they typically go unpaid. But there are exceptions to this rule and times when collectors can and do try to collect debt from the family. To make sure you and your family members are protected, it pays to seek the guidance of an attorney experienced in debt and probate matters. The skilled and seasoned Ohio debt-relief attorneys at Fesenmyer Cousino Weinzimmer understand that financial problems can happen to even the most well-intentioned people. We offer a free consultation to evaluate your entire financial situation and determine the best way to avoid having family members inherit debt. Contact us online or call one of our conveniently located office branches to set up your free consultation. What the Law SaysThe federal Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from using abusive, unfair, or deceptive practices to try to collect a debt. However, collectors are allowed to contact and discuss the deceased person’s debts with that person’s spouse, parent(s) (if the deceased was a minor child), guardian, executor, or administrator. So collection agencies may keep trying, and you may still be harassed. In Ohio, the Ohio Revised Code §2117.25, Order in Which Debts to be Paid, governs the handling of a deceased resident’s assets and liabilities. Typically, debts are to be paid only to the extent of the estate’s non-exempt assets, including the house, bank accounts, cars, furniture, and tangibles in a financial institution. In addition, Ohio probate law grants surviving spouses and minor children a combined $40,000 support allowance which comes off estate funds before creditors are paid. Property securing a debt, such as a mortgage on a house or a lien on a car, can be seized and sold to pay off the debt. If there is an outstanding home-equity loan, the lender can force immediate repayment of the loan and may require sale of the house. In the case of a vehicle, the lender can repossess the vehicle unless the person who inherits the vehicle chooses to take over the payments — if the lender allows. There are assets that are protected from being used to settle debts, including:
Credit Card DebtFamily members are not responsible for debts on credit cards solely in the name of the deceased. Credit card debt is considered low priority, so if there are not enough assets in the estate, credit card debt or other unsecured debt may go unpaid. However, Ohio law allows the creditor to file a claim against the estate, and that debt still must be paid before heirs can receive their inheritance, so it is possible that estate funds will be used up to satisfy creditors. Creditors have six months in which to make a claim against a deceased person’s probate estate, or they cannot collect that debt. Family members who cosigned a loan or credit card or have a joint account will be responsible, even if all the charges were made by the deceased. Authorized signers or additional cardholders on credit card accounts are not liable, as they didn’t originally apply for the credit. In some cases, unsecured credit accounts may be covered by credit life insurance, which pays the outstanding balance in the event of the account holder’s death. Dealing With Debt CollectorsBill collectors know the law, but often will attempt to collect by calling the survivors and asking them to pay their family member’s debts. If you are not obligated to pay by law, make sure you tell the collector “no” and not to call again. If you are a surviving spouse or child of a deceased person and have no legal responsibility for their credit card debt, the Federal Trade Commission says it is illegal for credit card companies to hound you for payment. If this happens, contact an experienced Ohio probate attorney for guidance. Contact us for HelpWhile most debt typically belongs to the person and is not passed on to surviving family members, there are lots of details that can complicate the question. The experienced Ohio debt-relief attorneys at Fesenmyer Cousino Weinzimmer understand these issues and can help find solutions. Don’t delay. Take control of your financial future and learn more about how you can make sure your heirs won’t be stuck paying for your debts. Contact us online or call one of our conveniently located offices for your free consultation so we can determine what solutions will work best for you. The post Who Inherits Debt After Death? appeared first on FCW. via Tumblr Who Inherits Debt After Death? Taking a title loan on a motor vehicle will give you some quick cash, but you also will be taking the chance that the lender can repossess the vehicle if you get behind on payments. In fact, when you get your money, you will have to provide the lender an extra set of car keys in case you default on the loan, to make it easy for the lender to repossess the vehicle if necessary. Depending on the situation, there are options that may be better than taking a title loan for people struggling with debt. For example, bankruptcy provides a way to stop repossession, often even for those who already have liens on their vehicle. The seasoned and compassionate Ohio bankruptcy lawyers at Fesenmyer Cousino Weinzimmer in Columbus, Dayton and Cincinnati can help you understand repossession and other risks of title loans. We offer a free initial consultation to discuss your options, so talk to us before you chance losing your vehicle. Contact us online or call our offices today to set up your free consultation. Basics of Title Loans1) Written Agreement Before getting a title loan in Ohio, you and the lender must sign a written agreement that states how much you are borrowing, what your interest rate will be, what can happen if you do not repay the loan, and what the lender must do before repossessing your vehicle. Most agreements will say that you are in “default” as soon as the payment is late, although the contract may provide a grace period during which default cannot be declared. Before repossession, the lender must inform you of what is owed, and give you the chance to get your vehicle back by paying the loan and any reasonable expenses. You must be notified 10 days in advance of the time and place of the sale and have the chance to arrange to hand over the vehicle instead of having it repossessed by an agent, and you must have a chance to remove any personal property. 2) The Repossession Secured creditors can repossess your car without a court order as long as there is no “breach of the peace” — actions which may lead to violence. If the creditor does breach the peace, you can ask the creditor to leave and stop trying to repossess your car, and you can call the police for help. You must not threaten or use force to stop the repossession. Creditors may also file a lawsuit (called “replevin” cases) and get a court order allowing the creditor to repossess your car through legal proceedings, usually by the sheriff’s office. The court may order the repossession quickly, sometimes even before you know that a case was filed. You must follow the court’s replevin order even if you had no advance warning. To challenge the replevin order, you must file a hearing request with the court within five days of the date you receive the paperwork. You will also have to file an answer within 28 days. You should keep all correspondence and contact an attorney immediately for legal assistance. 3) After the Repossession Creditors should send you at least two “default” notices within five business days after the repossession. The notices will explain why your car was repossessed and what you must do to get it back, usually by paying the past due amount plus late charges, costs of the repossession, and a deposit of up to two of your car payments. At least ten (10) days before sale, the creditor must send another notice stating the time and place of the sale, the minimum price for the vehicle, and that the debtor may still owe money after the sale. It is required that the vehicle be sold for a reasonable price and that proceeds from the sale are used to pay off the loan. If the proceeds do not cover costs, the lender may file a court action to collect the balance. Keep all notices and paperwork, because any errors may give you a defense if you are sued. 4) Avoiding Repossession There are ways to avoid repossession. Debtors can request a consumer counseling agency to try to work out a payment plan. If you cannot become current in your payments or make another arrangement with your creditor, you may be able to prevent repossession by filing bankruptcy. Car-title loans are allowed to be included in a bankruptcy. If you list the title in your bankruptcy paperwork and show that the vehicle is worth less than or equal to what you owe on it, you probably will be able to keep the vehicle if you continue to pay the loan after your bankruptcy case closes. Also, if your vehicle has already been repossessed, you may be able to get it back if you act promptly. Bankruptcy is a powerful legal tool that can protect you from the abuses of auto title loans. Learn how our Ohio bankruptcy law firm can help you recover and move forward. Free Initial Consultations For Ohio ResidentsWhen you are facing repossession, time is of the essence. Take the first step toward debt relief and contact the experienced and compassionate debt-relief attorneys at Fesenmyer Cousino Weinzimmer today for a FREE INITIAL CONSULTATION. We know what you are going through. We will evaluate your entire financial picture by looking at your income, your debts and your goals, and we will discuss the best fit for your individual situation. We will handle every phase of the process and find what works best for you. We have helped countless Ohio residents find new hope and prevent repossession. Delaying can only make your situation worse, so contact us online or call the Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer today for your free consultation so we can determine what debt relief solutions will work best for you. The post Understanding the Basics of Title Loan Repossession appeared first on FCW. via Tumblr Understanding the Basics of Title Loan Repossession Married people filing for bankruptcy in Ohio have the option of filing with or without their spouse. There are advantages and disadvantages of both options, so deciding whether you should file for bankruptcy alone or together depends on your individual situation and needs. If you do file individually, it must be done in good faith. The bankruptcy court will examine your circumstances, and if it determines that filing on your own was not done in good faith, it may dismiss the case without discharging your debts. If you don’t file properly, even the non-filing spouse may be stuck with unexpected debts. To make sure everything is done correctly, you should consult an attorney who is experienced in Ohio bankruptcy laws and can help you decide whether you should file on your own or jointly. The experienced and compassionate Ohio debt-relief attorneys at Fesenmyer Cousino Weinzimmer understand that financial problems can happen to even the most well-intentioned people and are aware of the difficult decisions involved in filing for bankruptcy. Bankruptcy protection can help you drastically reduce or eliminate the bills you cannot afford while keeping some assets, such as your car and your house, and eliminate harassment from creditors, but it should be done in the way that provides the most benefits to you and your spouse. We offer a free consultation to make sure you understand your options and help you decide on a solution that makes sense in your case. Call Fesenmyer Cousino Weinzimmer today or contact us online so we can determine what debt relief solutions will work best for you. What are the Advantages of Filing Individually?If you are married, you may file for bankruptcy individually and your spouse does not have to file. This may be the best option in certain situations. For one thing, because Ohio is a common-law state, not a community-property state, when you file individually, only property held by you or jointly by both spouses can be sold to pay creditors. Property held by your spouse alone will not be affected. Here are some other advantages of having just one spouse file independently:
However, the bankruptcy court will examine factors such as total household income and total household expenses to make sure that the filing spouse is the one who should be filing for bankruptcy. For example, your spouse might have run up bills while remodeling the house, but since you are living in it as well, you are also responsible for any liens contractors may have put on it. Disadvantages of Filing AloneThere are benefits to filing a joint bankruptcy that you will lose if you file individually. These include:
Be aware that if you do file jointly, you must include your combined income in the bankruptcy. Since there are income limits to filing for Chapter 7, if your joint income is too high to meet the Ohio means test, then you may not be able to qualify, and you will have to file Chapter 13. Get Help Today – Contact Us For a Free ConsultationSince every situation is unique, when making the decision to file bankruptcy, you should explore both individual and joint bankruptcy options to see how you are affected. The seasoned and compassionate Ohio bankrutptcy attorneys at Fesenmyer Cousino Weinzimmer offer a free consultation where we will evaluate your entire financial situation, 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 understand what you are going through and will walk you through the process. Delaying can only worsen your situation, so contact us online or call the Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer today for your free consultation so we can determine what debt relief solutions will work best for you. The post Can One Spouse File Bankruptcy Without Affecting the Other? appeared first on FCW. via Tumblr Can One Spouse File Bankruptcy Without Affecting the Other? 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 come up with a debt-relief plan that’s best for you. Contact us online or call our office today to set up your free consultation. Your Rights as a DebtorAccording to the law, bill collectors must send you an initial letter within five days of contacting you to tell you the amount of the debt you owe, the name of the creditor to whom you owe the debt, your rights to dispute the debt and how to request verification of the debt. They must also identify themselves as bill collectors, provide their names, and not pretend to be someone else. Collectors may not:
Dealing With Harassing CreditorsHere are some suggestions to deal with harassing creditors.
What if I’m Being Sued?Debt collectors can sue Ohio consumers over past-due civil debts, including unpaid loans, credit card balances, student loans, and overdue medical bills. If you get served with court papers for a lawsuit, read them carefully so you know what is involved and what your court dates and obligations are. In Ohio, you have 28 days after you have been served to answer or respond to the complaint. If you disagree with the amount of debt claimed, you should respond by filing an answer. If you do receive a notice that a lawsuit is being filed, make sure that the debt is yours, that it has not expired, and that the debt collector is not suing in error. BankruptcyIf you are finding yourself overwhelmed with debt and dealing with creditors, you may wish to consider getting relief by filing for bankruptcy. There is an automatic stay that goes into effect once bankruptcy is filed that stops collection efforts by creditors. The two most common types of bankruptcy are Chapter 7 and Chapter 13. Chapter 7 bankruptcy allows you to discharge many types of debt quickly, often in a matter of months. It stops, prevents or resolves collections, loan deficiencies, repossessions, wage garnishment and civil judgments. Chapter 13 Bankruptcy allows you to reorganize assets and consolidate your payments and repay some or all of your debt affordably over a three- to five-year period. If you complete your court-approved repayment plan, you will receive a discharge that eliminates most of your remaining debts. Be aware that there are some debts that cannot be discharged in bankruptcy. You must still repay these debts after a Chapter 7 discharge or pay them in a Chapter 13 plan. A consultation with a debt-relief attorney will help you decide which option is best for you. Contact Us For Help and InformationThe seasoned Ohio debt-relief attorneys at Fesenmyer Cousino Weinzimmer can help debtors dealing with harassment and threats of a lawsuit, even if a civil lawsuit, wage garnishment or car repossession is already pending against you. If bankruptcy is the answer, we will make sure it is done correctly, so you can stop collections and lawsuits and regain your peace of mind. Call our offices or contact us online to set up your free consultation to examine your individual financial situation today. The post Do You Know Your Rights as a Debtor? appeared first on FCW. via Tumblr Do You Know Your Rights as a Debtor? There are lots of causes of stress out there, but for millennials, financial issues create more stress than politics, work or health. A new study by Wealthsimple, an online investment management firm, found that money problems are twice as stressful as work and several times more stressful than politics. The study showed that nearly half of millennial women find money the most stressful thing in their lives, compared with 34% of millennial men. This stress can be so overwhelming that another study conducted by Payoff showed that the symptoms for financially induced stress are indistinguishable from those of Post-Traumatic Stress Disorder (PTSD). This study found that 35.3% of millennial participants (ages 22 to 29) met the criteria for PTSD related to financial events, largely due to the numerous financial pressures at that life stage. If you are a millennial struggling with debt and finances, there is help available. The skilled and compassionate Ohio debt-relief attorneys at Fesenmyer Cousino Weinzimmer understand that financial problems can happen to even the most hard-working and well-intentioned people. We offer a free consultation to evaluate your financial situation by looking at your income, your debts, and coming up with an individual debt-relief plan that’s best for you. Call us or contact us online today to set up your free consultation. The Greatest Sources of Financial StressMillennials are dealing with major stress-producing issues that come together at once. They are often searching for jobs and establishing a career, looking for a place to live or relocate, setting up a household, thinking about getting married or starting a family. They know they should be saving for retirement, but they don’t know much about investing — if they even have money to invest — and many are burdened with student loans or other debt. In general, this generation feels they have too many demands on their money, and few funds left over to save. According to a Student Loan Hero survey, conducted on May 7, 2017, of 1,001 millennials ages 22 to 37, 39 percent of millennials say debt is the No. 1 source of money stress. Making the situation worse, about two-thirds of millennials never learned how to handle debt. The survey asked the question, “What stresses you out about money?” Millennials responded as follows:
Many millennials feel it’s too difficult due to balance high debt payments with various living expenses or other financial goals, and Ohioans are suffering financial problems worse than most other Americans. Since 2000, median Ohio household income plunged 16 percent, or more than $9,300, the second-worst in the nation; and millennials are feeling the brunt of these problems, since an economy that promised good jobs and pay to college graduates didn’t deliver. In addition, many millennials who are burdened by student loans cannot find a job after graduation with pay high enough to meet expenses and cover their high student loan payments. It is no wonder that student loan borrowers often wind up seeking debt relief. What can millennials do about this? With their highest earning years still ahead of them, they can focus on growing their income so that debts and expenses become more affordable. In addition, millennials who explore debt repayment strategies and improved financial behaviors such as careful budgeting, limiting credit card expenditures, and putting aside some money for savings and investment, will ultimately be able to minimize their money in the long run. When Bankruptcy Can HelpMillenials who are facing mounting debts and financial stress may want to consider the fresh start available by filing for bankruptcy. While bankruptcy should not be taken lightly, it is a legal way for people to have many debts forgiven. The most common types of bankruptcy are Chapter 7 and Chapter 13. Chapter 7 is a full liquidation of all assets, referred to as a fresh start bankruptcy. It may discharge unsecured debts, including credit cards, medical bills and installment loans. It stops, prevents or resolves collections, loan deficiencies, repossessions, wage garnishment, and civil judgments. Chapter 13 is a consumer debt reorganization that enables debtors to repay financial obligations affordably and in one monthly payment over a three- to five-year period. If you successfully complete the repayment plan, remaining eligible debt is discharged and you can keep your assets. And you’ll get relief from harassment by creditors who must stop all collection activity during the term of repayment. Contact Us for a Free ConsultationIf you are a millennial overwhelmed with debt, the seasoned and compassionate Ohio debt-relief attorneys at Fesenmyer Cousino Weinzimmer offer a free consultation to evaluate your entire financial situation. Even if total discharge is not possible, we can help with options such as negotiating with lenders and modification or consolidation of debts. We understand what you are going through and will walk you through the process. Delaying can only worsen your situation, so call the Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer or contact us online today for your free consultation so we can determine what debt relief solutions will work best for you. The post Millennials in the U.S. Are Feeling Financial Stress appeared first on FCW. via Tumblr Millennials in the U.S. Are Feeling Financial Stress |
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. |