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Cincinnati Bankruptcy Law Blog

Making changes after pursuing relief from the trials of debt

Being free of the trials of monetary strain is a goal for many families in Ohio and across the nation. However, those who are able to eliminate their debts may find that the process doesn't always end there. Individuals who fail to address the issues that put them into debt and make the necessary changes could end up falling back into similar hardships in the future, and subsequent bouts with high levels of debt could prove challenging to manage.

After paying off a significant portion of debt, it might not be uncommon for many individuals to find wish to celebrate their newly found financial freedom. Unfortunately, such endeavors can prove financially costly as times and in some cases, celebrating a sudden increase in income could cause a person to dive back into periods of monetary struggle. Those who achieve the goal of obtaining relief from debts may find that taking steps to help keep such issues at bay may prove imperative.

Small business debt and the rise of online shopping

With the recent advancements to online shopping and the emergence of online retail giants, it is no wonder some smaller companies find it challenging to keep up at times. Small business owners in Ohio who do not have the resources available to launch a major online campaign may stand little chance of keeping customers from turning to other sources for their wants and needs. As more and more consumers turn to the internet to purchase even everyday items, owners of brick and mortar stores may only continue to struggle under the weight of small business debt.

With companies such as Amazon offering products and services for nearly every walk of life, such levels of competition can have a significant impact on small businesses. However, these companies aren't the only ones affected by online shopping, as reports indicate that even larger retail stores are struggling to keep up. Reports suggest that retail bankruptcies are once again on the rise, with as many as 22 companies seeking relief from debts in 2019.

What determines bankruptcy and who does it affect?

Bankruptcy is not a chosen financial strategy. It's often a last resort. Think of bankruptcy as a financial recovery blanket when other options have been exhausted.

Bankruptcy is a blanket that keeps you warm 100% of the time, but if applied correctly, it will, over time, heat up your financial recovery and allow you a new financial beginning.

Bankruptcy: Changes coming to credit score evaluation models

Many individuals in Ohio and elsewhere may be aware of the impact their credit scores could have on various areas of their life. However, they might not always fully understand how quickly circumstances can change and how any modifications to scoring models could affect their financial prospects. With recent reports suggesting changes to scoring models could be on the way, those who begin to experience bouts with financial hardship may benefit from consulting with a bankruptcy attorney for advice on how best to safeguard their finances.

Recent reports indicate that FICO is reevaluating the current models for determining credit score. Reports indicate the company is considering making changes to the process that could lead to a more seamless borrowing process for creditors. However, reports also indicate that this new model could cause as many as 40 million consumers to see up to a 20 point drop in their credit scores.

Bankruptcy: The impact a divorce could have on one's finances

The end of a marriage can be a stressful process that can have a significant impact on the lives of everyone involved. In some cases, one of the most pressing concerns of a divorce could pertain to the financial ramifications involved with the process. Those who encounter a similar circumstances in life may find it helpful to seek ways to safeguard their finances. Should a divorce leave a person in Ohio facing high levels of debt, knowing when it might be time to explore the possible benefits of outlets of relief such as bankruptcy could also prove vital.

There are a variety of ways in which the outcome of a divorce could have a detrimental impact on a person's financial future. For instance, any existing debt on joint accounts could remain an issue regardless of who agrees to take responsibility for the balance. The terms of a divorce decree may do little to dissuade creditors from seeking payment from all liable parties should payments fall behind and delinquent accounts could also have a negative impact on the credit scores of both parties.

Some behaviors may only increase the risks of debt

With high interest rates on many credit cards, it might not be uncommon for many individuals in Ohio and elsewhere to struggle to bring outstanding balances under control at times. However, studies indicate that interest rates alone might not be the only concern, as there may be other factors that could contribute to a continued struggle with credit card debt. Understanding what types of behavior could increase the chances a person will remain in debt could be vital to knowing the steps to take to seek a brighter financial future.

When it comes to credit card debt, experts indicate that one of the most pressing concerns consumers may face could pertain to the habit of overspending. The ease of use and access of similar lines of credit may only act to promote such behavior and those who struggle to reign in spending habits may only continue to experience bouts with financial strain. Experts also indicate that those who choose or are only able to make the minimum payment due on credit card accounts may also struggle to get the situation under control.

Bankruptcy: Seeking a brighter financial future

When it comes to making resolutions at the start of the year, many individuals may feel that a vital part of their plans involves finding ways to safeguard their finances. Those who enter the new year with high levels of debt and wish to explore all their available options for relief may find they could have a variety of outlets to consider. However, some of the available options might not always prove helpful in every scenario and in some cases, bankruptcy could be just the tool to help a person in Ohio seek a brighter financial future.

Experts indicate that one potential option for relief for those who exit the holidays with extensive financial burdens could pertain to exploring the benefits of a balance transfer. In some cases, a person might be available to obtain a new credit card with nearly a two year period free of interest. Transferring balances from accounts with high interest rates to one with no interest could provide a person with a certain level of financial breathing room.

The potential consequences of dealing with debt

Extended bouts with monetary strain can have a significant impact on a person's quality of life. Although such hardships can come in a variety of forms and fashions, some types of debt could have a greater chance of leaving a person struggling just to make ends meet. Individuals in Ohio who wish to stave off such hardships could benefit from seeking advice on which types of debt could prove detrimental to their futures and how best to proceed should debt become a growing concern.

When it comes to financial struggles, few types of debt can be as challenging to handle as medical debt. In some cases, it could take as little as a minor medical emergency to leave a person facing extensive hospital bills, and as such incidents can occur at any moment, the subsequent costs are typically unexpected. Studies indicate that medical debts continue to be a growing concern for many individuals and recent reports indicate that more than 40% of those who carry such debts struggle to make even the minimum payment due each month.

Shielding one's rights by knowing how far a debt collector can go

There are a variety of ways in which dealing with the trials of monetary strain could prove a stressful and daunting process. Many individuals in Ohio may feel that one of the most imposing aspects of such struggles involves having to deal with debt collection agencies. While receiving frequent calls and letters can be intimidating enough as is, the average person might not always be aware of how to know if the steps a debt collector is taking fall outside the lines of acceptable behavior and cross into the realm of harassment.

So, how does one know how far a debt collector can go to seek repayment on past due accounts? Those facing a similar scenario may find it helpful to know that there are rules in place that govern the steps agencies can take to collect on debts. Understanding these rules could prove a vital step to being prepare to protect one's legal rights when faced with the possibility of creditor harassment.

Issues with credit card debt still a threat as income grows

Many individuals in Ohio and across the nation may feel that as their incomes continue to grow, the trials of financial strain may be less of a threat. However, studies indicate that when it comes to certain forms of debt, those who earn a higher income may face additional challenges that might only work to complicate the situation. While credit card debt can pose a threat to the financial future of virtually anyone, it may be a growing concern for individuals with a higher net worth.

The balance the average American household carries in credit card debt reportedly continues to rise, with recent numbers coming in at nearly $6,200. With these constant increases, experts indicate that there may be few consumers who are capable of paying their balances off in full each month. While such trials can affect all consumers, experts suggest that individuals with higher income levels may be more likely to carry substantial amounts in credit card debt.

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