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Dayton, Ohio Bankruptcy Attorneys - Cope Law Offices

Dayton Bankruptcy Attorney Personalized Debt Relief Solutions If you are overwhelmed by debt, you may feel as though no one can help you. However, there is help available, and the sooner you take advantage of it, the sooner you will find debt relief solutions. Speaking with a knowledgeable bankruptcy attorney is an easy first step …

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Second Job, or File Bankruptcy?

Second Job or Bankruptcy Dayton OhioIf your finances are getting you down, how can you get back on track? For some, the answer may be to get a second job.

In some cases, you can boost your income and help reduce your debt by getting a second job. This is a good option for those who simply need to catch up on bills or payments that were late due to unexpected circumstances. But if you are in severe debt, a second job may not be the ultimate answer for you.

Find out below if a second job is right for you, or if you might have better luck filing for bankruptcy and wiping away your debt.

Millions of Americans Have Multiple Jobs

Millions of Americans are already working two or more jobs, according to a report by Bloomberg News. The number of workers who work multiple part-time jobs to make a full-time one — 2 million — has increased by 11% since 2007. It’s a section of the population that’s also growing faster than people who hold down a full-time job in addition to a part-time job.

During tough economical times, people are resourceful. They often must moonlight to make ends meet. In some cases, people reported having three jobs. The number of people working multiple jobs is not expected to change significantly in the foreseeable future.

If your financial situation is considered temporary, or you are starting to make a dent in your debt, taking another job may be a viable solution. However, it is important to note that in many cases, people are unable to continue working multiple jobs for a long period of time. For some, the option of a second job is used only as a temporary solution to get you through an immediate financial problem. Some people are not able to take on another job because of other commitments such as caring for their children.

Getting a Second Job in Dayton

According to the United States Department of Labor Bureau of Labor Statistics, unemployment for Dayton, Ohio, is at about 4.4% as of the end of 2016. The majority of local jobs last year were in education and health services; trade, transportation, and utilities; government; and professional and business services, respectively.

There are a number of different options for those who want to get a second job, including temporary or short-term employment opportunities. Similar to other employment opportunities, you will be better suited to some kinds of jobs than others.

Determine what type of job will best suit your needs. Many people find success with jobs that allow you to make your own hours or work a flexible schedule. This is particularly important if you’re trying to work around your regular schedule.

Check with temp agencies that are able to match you with local companies that need your services. Seasonal employment is available at retail stores during back-to-school and holiday periods. These jobs offer flexible hours and schedules, while other choices include restaurants and fast-food establishments.

It’s also possible to start your own small business that you can work during your available hours. Some of these possibilities include:

  • Driver for ride-share service
  • Pet sitter/walker
  • Cosmetics sales
  • Fitness instructor
  • Daycare provider
  • Substitute teacher
  • School bus driver
  • Delivery person

When you consider a second job, think about doing something that you like or enjoy, such as something related to a hobby. Think of something that you can do in your spare time, so you can fit it around your other job’s hours.

Should I File for Bankruptcy?

Just because you are behind in your bills doesn’t mean that you need to file bankruptcy. However, in many cases, bankruptcy can be a very good solution to help those who have a serious debt problem. This can occur when you have been out of work for some time, or are facing unanticipated expenses such as those that occur with an accident or serious illness.

When you are consistently unable to make payments on your debts, you become increasingly insolvent. It becomes increasingly difficult to dig yourself out of the financial debt hole that you are in.

There are two main types of bankruptcy that may apply to individuals. Chapter 7 is the simplest type of bankruptcy. Those who file Chapter 7 will be required to liquidate their assets in order to repay as much of their debt as possible. Chapter 13 bankruptcy allows the reorganization of debts into a repayment plan. Once you file bankruptcy, your situation is secured and creditors are no longer allowed to contact you for payments. Instead, you will work within the court system to resolve your debt situation. In many instances, you will be able to keep many of your possessions.

After filing bankruptcy, your credit score will be impacted. However, many people already are facing very low credit scores, which will only continue to decline if the debts remain unpaid. As a person’s ability to repay their debts continues, they will be increasingly unable to get loans, mortgages, or bank notes.

See also: Ohio is One of the Top 10 States for Bankruptcy Filings, How Many People Filed for Bankruptcy in Dayton in 2016?, Where are the Dayton Bankruptcy Courts?

Hiring an Experienced Bankruptcy Attorney

Each debt situation is different, and requires a unique solution. There are many factors to think about when considering whether to file bankruptcy. Some of these include the amount of debt you have, the value of your possessions, how far in debt you are, whether you are employed, and whether you have other ways of resolving your debt problem.

A qualified bankruptcy attorney with Cope Law Offices will evaluate your case to help you learn both the pros and cons of filing for bankruptcy. Contact us today for a free consultation.

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Ohio Is One Of The Top 10 States For Bankruptcy Filings – Why?

Ohio One Of Top In Nation For Bankruptcy FilingsThe number of bankruptcy filings fluctuates over time. For example, filings went way up around the 2008 financial crisis and has slowly dropped off as the economy recovers, It also varies by geographic location; some areas struggle more financially than others or face seasonal financial issues. States in the south generally have higher rates of bankruptcy filings – residents there have historically had lower credit scores and the entire area struggles more financially than other parts of the country.

This year, Ohio’s bankruptcy rates come as something of a surprise – we’re in the top 10 for the highest percentage of bankruptcy filings in the country.

Ohio Bankruptcy Statistics In 2016

In a recent study, Nerdwallet analyzed bankruptcy filings in each state between April of 2015 and March of 2016. They found that the median bankruptcy rate across the country is 224 per 100,000 people – Ohio has 322 filings per 100,000 people. That made for a total of 37,402 personal bankruptcies in Ohio over that year.

The study also tracked bankruptcy filings at a smaller scale, analyzing the number of filings in counties with populations greater than 100,000 people. In Ohio, Cuyahoga County had the most filings out of any of the measured counties in Ohio – 444 per 100,000 people. That puts it at 53rd out of the 587 counties in the country with more than 100,000 residents. Three other Ohio counties were among the top 100: Summit with 407 per 100,000 people, Mahoning with 407, and Montgomery with 392 – that means Dayton.

Ohio isn’t alone in the midwest – Illinois and Indiana also make the top 10 states with the most filings. Otherwise, 6 of the top 10 are in the South and Utah rounds out the set.

Why Are There So Many Bankruptcies In Ohio?

Everyone was hit hard by the Great Recession, and the Midwest took a particularly big hit. The region has also recovered more slowly than other areas of the country. Ohio still has an unemployment rate that’s slightly higher than the national rate – 5% vs. 4.9%. And Ohio’s median income is lower than the national median – $48,849 vs. $53,482.

In other words, the Ohio economy is still lagging a bit behind the national economy. We’re still recovering from 2008 and a slow manufacturing sector have caused further economic troubles. In addition, Ohio has low population growth, which makes for weaker growth of the economy.

The good news is that Ohio is growing faster than any other state in the Midwest – the economy grew by 2.1% in 2014, compared to the US growth rate of 2.2%.

What Should I Do If I’m Struggling With Debt?

The good news is that you’re not alone. Lots of us here in Ohio have a hard time paying the bills – sometimes there just isn’t enough money to go around. And there are lots of steps you can take to make your finances more manageable.

First, it’s a good idea to reach out to your creditors if you’re struggling. They would much rather have you keep paying than go through the trouble of suing you for collection, repossessing your property, or foreclosing. Let them know that you’re having financial troubles and ask them what your options are for making your payments easier – a lower interest rate or a deferment on a couple of a payments, for example. You may even be able to settle your debt by offering a lump sum payment for less than you owe. This goes for your mortgage and auto debt, credit card debt, and medical debt.

If you’re struggling with student loan debt, you also have lots of options for making payment easier. The federal government offers a number of repayment plans based on your income and you can switch to one of those plans at any time, as long as your account is current. So if you know you’re going to fall behind, that’s something you should address right away.

Finally, you may want to consider a bankruptcy. As you can see, lots of people end up needing that financial protection. We all struggled through 2008 and sometimes it takes a serious move to get back on your feet. Bankruptcy can wipe out your unsecured debts and you’ll often be able to keep all of your property – it’s a powerful tool for resetting your finances.

The Bottom Line

Ohio is struggling to catch up with the rest of the country, but we’re going to get there. We’re a great state full of honest, hardworking people and we’ll continue to grow and prosper. We were hit hard in 2008 and that means many of us will need some help getting all the way back onto our feet – that’s why the bankruptcy laws exist. If you’re struggling with debt, please don’t hesitate to reach out for a free consultation to learn about your options for dealing with it.

 

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Budgeting Basics: Keep Your Wallet Happy

Budgeting TipsIn our hectic lives, it seems like there’s never quite enough time or money. There’s no way to squeeze more hours into a day, but there is a way to squeeze more bang out of your buck (and put some away for a rainy day). And it just takes a few simple steps. Here’s how to get started creating your budget:

What Comes In, What Goes Out

First, you’ll need to know how much money you’re bringing in. That means your paycheck, any benefits you receive, child or spousal support, and any other money coming into your house. If your income isn’t always steady, try to make a conservative estimate – on the lower end of what you usually make.

Next, you’ll need to know how much money can go out, and to where. Try breaking up your expenses into a handful of categories. The categories may be different depending on your family’s needs, but try to keep it down to half a dozen or fewer for the sake of simplicity. For example, you might split things into:

  • rent/mortgage and utilities
  • groceries
  • credit card and debt payments
  • household goods
  • entertainment
  • savings

Next make a list of the purchases that fall under each category. In the top one, that might be your rent or mortgage payment, electric bill, gas bill, water bill (if applicable), cable bill, and phone bill. For groceries, you may want to make a list of your monthly or weekly food purchases so you know how much you spend. Some of these categories will be fixed, like rent, while others have some wiggle room. Start with the fixed ones and then move on to work out how much you can afford to spend on the others.

Now you can look at the money you have coming in and the money you have going out, side by side. You may find that you’re spending more than you think on certain items, which gives you room to cut back and save more.

Use The Envelope Method

After you have determined what you want to spend in each category, use the famous envelope method to keep you on track. Even though having a debit card makes it quite easy to get about your day, it can also make it all too easy to overspend. The envelope method means you only use cash, so you’re never going to overdraw your account.

Here’s how it works: you take out all the money you need in cash at the beginning of the month. Make an envelope for each of your major expense categories and put the appropriate amount of cash in each one. Now that money is allocated to where it needs to go ahead of time, making it easy to stick to the budget.

If you have extra funds in any of the envelopes at the end of the month, you can roll that forward into a future month, add it to your savings account, or give it to charity.

You may also consider putting in an envelope for a big goal – a car, a down payment on a house, or a vacation. You can allot a certain amount of money to that envelope every month and you can put any extra from other envelopes in there, too. That gives you a little boost of motivation to keep your expenses as low as possible.

Try An App

The envelop method is a great because it takes away the risk of overdrawing your debit card or overextending yourself on your credit card, but your entire budgeting process doesn’t have to be done on paper. There are a number of apps and programs out there to help you manage your budget. Many of them will let you input your income and expenses and will come up with suggestions for how much to spend on each category. Those programs can also flag places where your expenses may be out of whack before you notice, making it easier to fix them.

Give It Time

Practice makes perfect – learning to make and stick to a budget takes time. So start slowly, with reasonable goals, and remember to celebrate your achievements as you master the art of budgeting. No budget is perfect and sometimes you’ll end up off track, but that’s ok! Give yourself some time to figure out how to make your budget work for you – your wallet will thank you.

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