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Cincinnati Bankruptcy Law Blog

Seeking relief from the hardships of small business debt

Many business owners in Ohio and across the nation may feel that taking on financial obligations is just a part of cultivating a successful enterprise. Even if it seems necessary, there are a variety of scenarios in which debt can take a significant toll on the future of a company. Those who encounter overwhelming monetary challenges and wish to safeguard the future of their companies could benefit from seeking advice on the available options to combat small business debt.

When financial challenges arise, there may be a variety of steps business owners can take to address the issues at hand. In some cases, one may be able to overcome similar challenges by taking a closer look at the company's budget and cutting down on expenses where necessary. With many business credit accounts having high interest rates, one may also find it helpful to refrain from placing purchases on such an account for the time being and using cash to cover expenses instead.

Possible consequences of dealing with high levels of debt

While being in debt can be a daunting experience, it is an unfortunate reality for many individuals in Ohio and elsewhere. Although many may feel that carrying some form of debt is simply a part of life, they might not always understand that how prolonged struggles with financial strain could affect their futures. Knowing the potential consequences of dealing with debt may be vital to understanding why it could prove imperative to seek relief as soon as possible.

Although being free of debt may be a goal for many families, recent studies indicate that as many as 80% of Americans carry at least some form of debt. Experts indicate that those who have reservations about choosing a path for relief may benefit from knowing how similar challenges could affect their lives. According to experts, one of the most pressing concerns of being in debt pertains to the impact it might have on one's ability to save for retirement.

How bankruptcy can help those facing foreclosure

Being faced with the prospect of losing your home can be a scary situation to be in. You may worry about your child's future and about how you will bounce back after losing your home.

There are many ways to avoid foreclosure. In general, it is necessary to take early action to put preventative measures in place. While it may be possible to avoid foreclosure by speaking to your lender as soon as you find yourself in financial difficulties, filing for bankruptcy is a popular way to address the root of the problem.

The link between auto loans and issues with debt

There are a multitude of individuals in Ohio and elsewhere who rely on their vehicles to make it to and from their destinations. Unfortunately for some, the need to have a vehicle may also be accompanied by the need to take out an auto loan. While this might seem a necessary part of life, the resulting debt could also leave a person with extensive monthly payments that may in turn increase the risks of falling into periods of financial strain.

Recent studies into similar financial obligations indicate that there are nearly seven million Americans who are at least three months behind on car payments. Experts indicate that this comes in at nearly one million higher than what was reported during the recession of 2009. According to reports, recent studies indicate that auto loans across the nation have reached levels of $1.26 trillion.

Bankruptcy: Taking steps to better understand the process

There may be few scenarios in life that are as stressful and intimidating as dealing with the consequences of significant financial hardships. While there are outlets that could help a person in Ohio pursue relief from the trails of debt, some may choose to forgo the process of filing for bankruptcy out of fear of any possible negative ramifications. By taking measures to better understand the process, a person may become better prepared to make an informed decision about the situation.

Those who continually struggle under the weight of monetary obligations could benefit from gaining insight into the relief bankruptcy can provide. With bankruptcy, many or most of a person's unsecured debts could be discharged once the process is finalized. However, certain forms of debt might not be eligible for discharge through bankruptcy and understanding how the process will impact one's finances before choosing a path could prove imperative.

Bankruptcy: The risk of high interests rates and low savings

In a thriving economy, many individuals in Ohio and elsewhere may feel that the treat of entering periods of financial strain might not be a pressing concern. However, with near record average interests rates on credit card accounts during a time in which many are unable to build an emergency fund, the risk of encountering issues with debt is ever present. Even a minor change to the economy could leave many facing a need pursue the relief provided through outlets such as bankruptcy.

There may be several reasons in which experts may indicate that even a minor change to the economy could leave some families facing financial hardships. Studies suggest that less than 40% of Americans have enough in savings to cover even a lesser financial emergency and that nearly 30% of individuals have no savings at all. When mixing a lack of savings with average interests rates that sit at near record highs, any change in circumstance could prove devastating.

Seeking advice before using retirement funds to pay down debt

There could be a multitude of ways in which financial challenges could disrupt various areas of a person's life. Individuals in Ohio who encounter similar hardships may feel that finding ways to free themselves from the clutches of debt is vital and they may use a variety of strategies to help achieve this goal. Studies indicate that many individuals have decided to use retirement savings to fend off debt, and while the relief provided through this method may seem advantageous, it might not always be the healthiest financial decision.

In a recent survey of Americans between the ages of 18 and 34, studies indicate that one out of four individuals admitted to taking an early withdrawal from retirement funds to pay down debt. Nearly 33% of these individuals say they used this method to address existing issues with credit card debt. With the average credit card debt for those under the age of 35 coming in at just under $6,000, there could be many individuals who are considering a similar move.

How much equity can you protect in an Ohio Chapter 7 filing?

Bankruptcy can be a way for struggling adults to correct financial issues and reduce the overall amount of debt that they need to repay. Each different form of bankruptcy brings with it unique challenges and benefits. Chapter 7 bankruptcy, which has limitations in place for both the total value of your assets and your income, is also sometimes called liquidation bankruptcy.

That is because the courts have the authority to liquidate (or seize and sell) certain assets to repay your creditors prior to your discharge. For that reason, many homeowners in Ohio choose not to file Chapter 7 bankruptcy. However, while there are limits to the exemptions available, you do have the right to exempt certain personal property from liquidation in a Chapter 7 bankruptcy.

Bankruptcy: Financial hardship can come from various sources

Many families in Ohio and elsewhere may feel that finding ways to keep debt at bay is a vital aspect of life. Unfortunately, issues with debt can come from a variety of sources, each of which could leave a person struggling just to make end's meet and suffering a lesser quality of life. Those who encounter substantial monetary strain could benefit from exploring the potential benefits of seeking relief through outlets such as bankruptcy, but making such a major financial decision may seem an intimidating concept.

According to reports, one of the leading causes of financial strain pertains to a sudden change or loss in income. Upon experiencing a similar circumstance, individuals who plan their finances around their current income may soon begin to struggle to keep up with monthly expenses. However, debt can also affect those who retain their employment should financial obligations and expenses continue to rise beyond their current financial capabilities.

Is bankruptcy a good way to tackle medical bills?

Unfortunately, it's common for people in Ohio to deal with massive medical bills that feel overwhelming and impossible to pay. Having these debts hang over you can feel like a huge burden. It can lead to feelings of constant anxiety and even depression. However, some solutions are available to debtors from all walks of life. Filing for bankruptcy can, in many cases, be a great choice when it comes to wiping the slate clean regarding medical bills.

Statistics show that between 25% and 50% of all bankruptcies include a significant amount of medical debts. Whether you have acquired medical debt due to urgent surgery, long-term treatment of an illness or injury, or because of cosmetic surgery, you will have an equal chance of being successful through a bankruptcy filing.

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