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Bankruptcy: Pursuing relief from debts before retirement

Many individuals in Ohio and elsewhere consider it vital to have a strategy in place for life after retirement. However, when planning for this stage of life, one might not factor in debts as part of the process. Certain debts could prove problematic for those closing in on the golden years, and individuals who are struggling with debts may find it beneficial to explore the potential benefits of filing for bankruptcy.

Perhaps one of the most significant concerns for individuals who are nearing retirement age is the presence of credit card debt. While one may feel as though these debts will only be temporary, with high interests rates, a person can make minimum payments on a credit card for years, and his or her balance might see little to no change. With bankruptcy, one could obtain relief from similar debts and focus on building a better financial future.

Other debts that can be worrisome for an individual are mortgages and student loans. While these generally aren't eligible for discharge, a bankruptcy can provide relief from other unsecured debts, which can free up finances and make similar monetary obligations less daunting. However, the process can still be complex, and may have a substantial impact on a person's future, even if only temporarily, and seeking guidance on choosing the correct path for relief is advisable.

Individuals who struggle with substantial amounts of debt may wish to pursue relief, but with numerous potential options, the process can be somewhat intimidating. By speaking with a bankruptcy attorney, a person in Ohio could gain a better understanding of the available options, as well as the potential outcomes of each in turn. An attorney can address a client's financial circumstances and provide advice on how to pursue relief from the burdens of debt through the necessary outlets.

Source: businessinsider.com, "You should pay off these 3 debts before retirement", Maurie Backman, Nov. 11, 2017

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