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Cincinnati Bankruptcy Law Blog

Bankruptcy: Debts can have a substantial impact on one's future

For individuals in Ohio and elsewhere who are in the early stages of life, the burdens of debt can weigh heavily on their financial futures. Debt can come in a variety of shapes and forms, each of which could leave a person searching through the available options for debt relief, such as bankruptcy. To safeguard against the potential consequences of dealing with debt, one may find it advisable to approach certain financial decisions with caution, as they tend to be some of the more common areas in which monetary hardships could arise.

With less in the way of savings, a person who is just starting out in life may see little harm in using a credit card for financial assistance. While such accounts could help a person build his or her credit score, balances on similar accounts can add up in a hurry and leave a person facing a seemingly insurmountable financial hurdle. The same could be said for major purchases, such as a new car, as these purchases could prove to be more of an investment that one originally bargained for.

Home foreclosure is a significant concern for many

Many homeowners in Ohio and across the nation may find that falling behind on mortgage payments can be a daunting experience. Unfortunately, a similar issue might not be as uncommon as expected, as a sudden loss of employment or medical emergency can leave one's finances in a bind. Those who experience extended periods of financial struggle may be worried that they will lose their homes, and they might find it advisable to seek advice on the options available to protect against foreclosure.

There could be several scenarios in which a person can fall behind on mortgage payments. Loss of income or unexpected expenses can prove difficult at times, and this can lead a person to consider borrowing against an existing mortgage to assist with financial concerns. Regardless of how it occurs, if foreclosure becomes a possibility, gaining an understanding of one's rights and options could prove invaluable to forming a plan for what comes next.

Addressing financial concerns as a small business owner in Ohio

For small business owners in Ohio, managing finances and controlling debts may be an essential part of remaining operational. Significant amounts of debt can weigh heavily on a company, and should financial concerns persist, the future of a small business could be placed in jeopardy. When monetary troubles arise, a small business owner might find it helpful to know the steps to take to address similar concerns.

The first step to addressing financial concerns is to recognize they have become an issue. Once this happens, a small business owner can take a closer look at operations and attempt to identify their source. Whether from a product that has failed to produce the expected revenue, or inefficiencies in operations, identifying the root of the problem could be crucial to forming a strategy for how to move forward.

Debt collection and the possible consequences of falling behind

While dealing with substantial amounts of debt can be a taxing experience, for some individuals in Ohio, it may also be a part of everyday life. However, as financial troubles continue to be a concern, some may wonder about the consequences they might face should they fall further behind on payments. Since dealing with debt collection agencies may only add to a person's stress load, seeking guidance on what to expect and how to pursue relief could be advisable.

When it comes to most financial obligations, a past-due payment may result in extensive late fees and a possible increase in interest rates. However, should one fall 60 or more days behind on payments, his or her accounts could be sent to a collection agency. While this may inherently lead to increased attempts of contact, after a certain period, creditors could decide to pursue legal action.

What is bankruptcy counseling?

United States bankruptcy laws exist to help get people back on their feet financially. However, in many cases, erasing debt isn't enough to prevent someone from getting into debt problems again. For this reason, those filing for bankruptcy will need to complete various educational programs so they can learn how to better organize their finances.

There are two kinds of education and counseling courses borrowers must complete in order to finalize their bankruptcy proceedings: (1) credit counseling and (2) debtor education.

Debt collector: Wage garnishment is a concern for many

When individuals in Ohio and elsewhere find themselves facing dire financial straits, now more than ever they may rely on their paychecks to make a suitable living. Dealing with a debt collector can be stressful enough as it is, and the threat of having a portion of one's wages withheld during times of financial concern can be significant. Those who face similar issues may wish to protect against such undesirable consequences, but they might be uncertain how to achieve this goal.

With collection letters and multiple phone calls coming in nearly every day, dealing with the burdens of debt can be a daunting experience. However, those who are confronted with the possibility of wage garnishment may face additional concerns. While one may be able to prevent a similar outcome by being proactive with debts or attempting to negotiate with creditors, for someone who is already struggling to meet monetary obligations, this could prove to be a challenging task.

Regaining financial stability through bankruptcy in Ohio

Dealing with overwhelming amounts of debt can be a harrowing experience. While there may be numerous available outlets for relief for those who struggle with debt, many individuals in Ohio may be uncertain how each path might affect their financial futures. Those who wish to explore the potential benefits of filing for bankruptcy might find it helpful to know how the process will affect their credit score, and how they can begin rebuilding this area of life once the process is completed.

Filing for bankruptcy is a serious financial decision that will inherently have an impact on one's credit. However, it could also be the healthiest option available, and once the process is complete, a person may be able to take certain steps to begin rebuilding his or her credit score, such as obtaining new lines of credit. While a person who has experienced significant financial hardships may find this to be an intimidating prospect, by keeping balances on credit accounts low and keeping up with payments, one may see his or her score steadily begin to rise.

Financial concerns can weigh heavily on a small business owner

As levels of success may be subject to constant change, owners of small businesses in Ohio and elsewhere may face a variety of financial challenges over time. Without the backing of a larger entity, prolonged periods of monetary struggle can pose a threat to a smaller company. To safeguard the future of the company, a small business owner may find it beneficial to understand the challenges that he or she faces, and know when it might be advisable to seek guidance on how to overcome them.

Whether for assistance in starting a company, or in expanding operations, owners may experience a need to secure financial assistance. However, while it might be necessary to obtain lines of credit, owners may find it advisable to take care with the outlets with which they choose to pursue assistance. Certain lines of credit may be easier to obtain than others, but they might also come at a cost, such as higher interest rates, and falling behind on payments on such accounts can be devastating.

Bankruptcy: Credit card debts reach record levels

With credit card debt reaching record levels over the previous year, many individuals in Ohio may be experiencing the potential downsides of funding purchases through similar lines of credit. With high interest rates on many credit card accounts, those who struggle to keep up with payments may only continue to see an increase in their balances. Those who wish to cut down on similar forms of debt may find it beneficial to speak with a bankruptcy attorney for guidance on the options available.

Recent reports suggest that Americans racked up more than $90 billion in credit card purchases over the past year alone. According to reports, this brings the total amount of credit card debt in the nation to just over $1 trillion. Financial experts suggest that these record levels of spending may be partly due to recent economical growth and increased levels of confidence among consumers.

Bankruptcy filings see an increase during tax season

With tax season at hand, many individuals in Ohio and elsewhere may be wondering how best to use their refund. For some, this amount may go into a savings or investment account, while others may wish to use their refund to catch up on financial obligations. For individuals who are going through prolonged periods of monetary concern, some may wish to explore the potential benefits of using their return to seek relief through bankruptcy.

According to financial advisers, the best way to use a tax refund may be to place the amount into a savings account or to pay down on debts. While this may be the decision for many individuals, some of those who took part in a recent survey admitted they plan to use their refund to assist with the costs of everyday living. With the high costs of medical care, some have also advised they will use their refund to seek attention for an existing medical condition.

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