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Columbus Ohio Family Legal Blog

Could more debt lead to bankruptcy?

Debt is sometimes hard to avoid. Even for the most well-seasoned and responsible consumer, a bit of debt here and there can quickly snowball into something much larger. Is it all bad news, though? While consumer debt is currently rising higher than expected, it is unclear how it might affect future bankruptcy filings.

In Nov. 2018, consumers in Ohio and across the rest of the nation added $22.1 billion to their debt. This was apparently a much higher increase than experts had originally predicted. Added to the $25 billion in debt that consumers tacked on in October of the same year, and some people might be starting to feel the pinch of monthly repayments.

What are the benefits of dissolution?

Ending a marriage does not have to be a messy, contentious affair. In fact, many Ohio couples hope to remain on friendly terms, whether for their children or simply because they appreciate each other's friendship. Although popular media often portrays couples battling it out over property, support payments and other matters, you can reach the same results -- ending your marriage -- through dissolution. 

Compared to divorce, dissolution is a more peaceful approach to things. Instead of going through the court, you and your soon-to-be ex can reach an agreement on your own. In your agreement you must address the following and more: 

  • Child custody, both physical and legal 
  • Parenting plan 
  • Child support 
  • Property and debt division 
  • Spousal support 
  • Legal fees 

How can I make child custody and visitation easier?

Starting a new life in the new year can be exhilarating for some people in Ohio, but not for everyone. As recently or soon-to-be divorced parents try to get used to their new normal, making sure their child custody and visitation schedules work well is essential. In some cases, this means putting in a little extra effort outside the confines of the custody agreement.

Co-parenting -- or working together with an ex-spouse -- can be difficult, but it is often worthwhile. Divorced parents who maintain similar expectations and consistent rules between households can make it easier for their children to adjust to their new normal. Since watching their parents divorce might be one of the biggest changes they will ever experience, co-parenting with a focus on consistency can help everyone involved adjust.

Six New Year's goals for those beginning to end their marriage

New Year's resolution or not, many of us take stock at the beginning of a new year and consider what we might want to do differently going forward. Our goals for the coming year are informed by events, good, bad or otherwise, of the year prior.

If your physical health took a downward turn in 2018, you may consider beginning a diet and exercise routine.

If 2018 brought increased credit card debt, you may consider beginning ways to save money.

For many, the goal for 2019 is beginning the process of ending their marriage.

Is bankruptcy the solution to revolving debt?

Revolving debt is when a person carries a balance from one month over into the next. This type of debt can be incredibly difficult to get rid of as ongoing balances tend to accrue interest, which leads to larger and larger balances. When revolving balances -- particularly those related to credit card debt -- become too much, bankruptcy might be a solid financial option for some people in Ohio.

In America, the average household has approximately $7,000 in revolving debt on their credit cards. A report from NerdWallet indicated that this is a significant increase from 2017, when revolving credit card balances were at an average of only $6,081. Overall, carried-over credit card balances shot up an astounding $420 billion in 2018.

Want a quicker, easier way to divorce? Consider dissolution

An all-out legal battle might make for a good divorce on TV or in movies, but it might not be what you want for your own life. If you hope to take a more amicable approach to divorce, dissolution could be the right choice. In Ohio, there are a few key differences between divorce and dissolution, so consider some of the following before deciding which process to pursue.

If coming to the decision to end your marriage was already agreed upon by both you and your spouse, then the highly cooperative nature of dissolution might suit you. Unlike in divorce, when one person files on certain legal grounds that must further be settled in a courtroom, dissolution gives you the power to decide your own fate. You and your spouse will reach a voluntary agreement before ever stepping foot anywhere near a judge.

Experts predict a student loan crisis. Could bankruptcy help?

Young college students often have no choice but to take out student loans in order to pursue their educational goals. As most people in Ohio already know, these loans are no small matter. As tuition rates seem to climb higher and higher by the year, some borrowers may choose to pursue bankruptcy when faced with seemingly insurmountable debts.

In 2017, the average college graduate walked across the stage with $40,000 worth of student loans. This was a relatively significant increase from 2016, when students graduated with an average of only $37,000. These borrowers may have predicted that they would have well-paying jobs waiting for them after graduation, but even if they do they may still struggle to repay their loans.

Chris Pratt and Anna Faris agree to joint child custody

Celebrities are not generally well-known for handling complicated divorce issues with grace and dignity. However, Ohio fans of Anna Faris and Chris Pratt might have been pleasantly surprised at the seemingly cordial nature of the couple's recent split. The celebrity couple recently finalized their divorce less than a year after filing, addressing sometimes complicated topics like spousal support and child custody.

The acting duo had signed a prenuptial agreement before tying the knot, which addressed the terms of a potential divorce and laid the groundwork for moving through a split. This likely helped the couple after they filed for divorce in Dec. 2017. They cited irreconcilable differences in their filing, and both Faris and Pratt waived any rights to alimony either right now or in the future.

Are you hoping to obtain alimony from your Ohio divorce?

Ending your marriage may not have even crossed your mind a few years ago. Now, your relationship has declined so much that you wonder how you even married your spouse in the first place. Unfortunately, this type of situation can affect many people, and you may think that divorce is your next step.

While this action may suit your circumstances, it will likely work in your favor to closely consider the decision and how it could affect you. For instance, if your spouse made considerably more money than you make or if you stayed home to raise the kids and had no outside income, you may face financial difficulties after divorce. However, alimony may help.

Dealing with debt through bankruptcy

Much like an unwanted visit from family, debt is a common problem that most consumers struggle to handle. As credit card debt continues to climb, some Ohio consumers may feel as if they are facing an impossible situation. The results of a recent survey indicate that many people are in this type of situation, which bankruptcy can help address. 

The nationwide survey involved over 1,000 American consumers who had $500 or more on their credit cards. The vast majority reported feeling seriously concerned over their growing debt. This concern is having real, tangible effects on people's lives. Approximately 25 percent of respondents said their debt had a negative effect on their relationship. A third said their debt caused them to lose sleep. 

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