While bankruptcy can be a viable option for people who find themselves in financial trouble, some forms of debt cannot be erased through bankruptcy relief. One type of consumer debt that plagues many Americans has been the recent focus of debate in Congress and among consumer rights groups.
A nonprofit’s annual study of foreclosures in Cincinnati and Hamilton County found reason for homeowners to feel hopeful, as well as continuing cause for concern. The number of foreclosure sales in 2013 was down 17.5 percent. Twenty-four percent fewer foreclosure proceedings were initiated during the year.
After several years of record-setting foreclosure rates in Ohio, the rates dropped in 2013 as compared to previous years, according to a news report. Even though that sounds like good news, Ohio does still rank fifth in the country in the rate of foreclosures. In 2013, one of every 65 properties in Ohio was involved in the foreclosure process at one point or another.