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Cincinnati Bankruptcy Law Blog

Bankruptcy: Personal loans could bring about financial hardships

Credit card and medical debts remain a serious issue for many individuals in Ohio and elsewhere. Unfortunately, they might not be the only concern, as studies suggest that personal loans are also a major source of financial hardships. Similar obligations can place a heavy burden on a person, and those who struggle with overwhelming debts could find it advisable to speak with a bankruptcy attorney for guidance on the available outlets for relief.

There may be a multitude of scenarios in which a person could consider taking out a personal loan. In many cases, a loan may have a lower interest rate than credit card accounts, and a person may seek to use this as a tool to pay off high risk debts. Regardless of the reasons behind one's decisions, a personal loan can still be a major financial obligation, and experts suggest that the rate at which individuals are pursuing similar forms of credit is continually on the rise.

Bankruptcy: Pursuing relief from credit card debts in Ohio

Along with offering a certain level of convenience and the possibility of rewards, many individuals in Ohio and elsewhere may feel that credit cards are just the tool to help build up their credit scores. While similar lines of credit may offer a variety of benefits, with high interest rates, they can also be a source of financial concern. Those who encounter monetary struggles under similar circumstances could benefit from consulting with a bankruptcy attorney for guidance in forming a strategy for financial relief.

With high interest rates on many credit cards, a person who carries a constant balance on such an account could be paying a substantial amount in interest each month. When it comes to reducing or eliminating credit card debts, experts suggest that a person may benefit from gaining an awareness of the interest rates on each account and focusing on those with the highest rates. However, even if a person wishes to pay extra on these accounts, it is still advisable to make at least the minimum payment due each month on all accounts.

Bankruptcy: Seeking advice on forming a plan for debt relief

Many individuals in Ohio and elsewhere have experienced the stress involved in dealing with significant amounts of debt. Those who encounter financial hardships may have concerns about how these issues might disrupt their futures, especially when they are just starting out in life. Individuals who wish to reduce or eliminate debts and protect their financial futures could find it helpful to speak with a bankruptcy attorney for guidance in forming a strategy to achieve their goals.

When it comes to pursuing relief from monetary burdens, experts suggest the first step is to evaluate financial obligations and form a strategy to pay down debts. Once a plan is in place, a person may also find it beneficial to avoid taking on additional financial obligations. Even if a person is able to pay off balances on certain accounts, taking on new debts could only leave him or her in a similar position as before.

3 things you should know about credit card debt

Whether you have a few thousand dollars or a few hundred thousand dollars in credit card debt, you probably want to eliminate that debt as fast as possible. Your credit card debt could be affecting your emotional wellbeing, as well as your finances.

If you are worried about unmanageable credit card debt, here are three things to keep in mind that could help you better manage your financial situation in the future.

Bankruptcy: Less apparent sources of financial struggle

With the extensive costs of medical care and the high interest rates on credit accounts, many individuals in Ohio and elsewhere have experienced the hardships of dealing with debt. However, while some causes of debt may be more common than others, there could also be some less apparent financial habits that could leave a person facing substantial monetary struggles. Regardless of the circumstances in which similar issues occur, those who wish to pursue relief from debts could benefit form speaking with a bankruptcy attorney for guidance in forming a strategy.

When it comes to forming a strategy to deal with debt, one of the first steps to take could be to identify the root of the problem. However, uncovering the sources of one's issues might prove challenging at times, especially if debts simply add up over time. With the ever-increasing costs of restaurant-related expenses, it may take little more than a habit of dining out frequently to leave a person in a financial bind.

Bankruptcy: When excessive summertime spending becomes a concern

Many families in Ohio and elsewhere like to take part in a variety of activities during summer months. However, some may wish to approach these endeavors with caution because excessive summertime spending could bring about financial hardships. Those who wish to safeguard their finances may find it helpful to gain an understanding of how to steer clear of debt and when it might be advisable to speak with a bankruptcy attorney for advice on the outlets for financial relief.

There are a variety of activities that a family may wish to pursue over the summer, such as a family vacation. However, travel costs can be extensive, and even a weekend getaway could prove more expensive than what a family originally planned for. When children are present, they may wish to take part in extra-curricular activities such as summer camps and sports, and the fees associated with these activities can be substantial.

Bankruptcy: Investing in retirement or paying down debts

When it comes to planning for the future, many individuals in Ohio and elsewhere may begin investing into retirement early in life. However, for those who are facing substantial amounts of debt, deciding whether to invest in the future or pay down debts could be challenging. Those who face substantial amounts of debt and wish to protect their futures could benefit from speaking with a bankruptcy attorney for guidance on their available options.

When facing periods of financial strain early in life, a person may feel it is better to put off investing and pay down on debts. While it may seem like one has decades to plan for retirement, the sooner a person begins investing, the more he or she may be able to save. While the correct path may change depending on a variety of variables, experts suggest that starting to save for retirement should take precedence.

Bankruptcy: Forming a strategy for debt relief

Financial hardships are unfortunate circumstances that many individuals in Ohio and elsewhere have experienced at some point in life. In addition to dealing with a great deal of stress, those who experience similar concerns may be uncertain how to protect their financial futures in the process. Upon encountering monetary issues, a person could find it helpful to consult with a bankruptcy attorney for advice in forming a strategy to deal with debts.

There may be a variety of tactics that can help an individual address financial concerns. For instance, there are applications that can help a person address the issues at hand and form a budget accordingly. One could also attempt to make the most of rewards programs on credit accounts such as interest free periods, but it may be advisable to proceed with caution when using a credit card, as with high interest rates on balances that aren't paid in full, there could be consequences to a similar decision.

Bankruptcy: Protecting against the burdens of debt in retirement

Dealing with high amounts of debt can be a stressful and taxing experience, regardless of one's age. However, for those who have entered retirement age, debts may pose a greater threat to their financial stability, as dealing with similar issues while on a fixed budget can be a challenging task. Individuals in Ohio who wish to safeguard this area of life could benefit from speaking with a bankruptcy attorney for guidance on how to reduce or eliminate debts.

While a person may spend years saving for this period of life, his or her strategy might not have included the possibility of entering retirement with substantial amounts of debt. In some cases, financial concerns could cause a person to consider dipping into retirement savings to pay off debts. However, this might not be advisable, as there could be tax consequences for similar actions.

The 4 stages of home foreclosure

You've been living in your home for 10 years, and it was never difficult to make the monthly payments on your mortgage. During the last decade, you've built up a sizable amount of equity in your home, and in a few short years you'll own the property free and clear. The problem is, you just lost your job and you're about to miss a mortgage payment.

When you start to miss mortgage payments, you'll hear from your lender very quickly. Your lender will then begin the foreclosure process, which, upon its completion, will take your home and all your equity away from you. If you can't take immediate action to pause or stop the foreclosure from moving forward, here are the four stages of foreclosure that you can expect:

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