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Cincinnati Bankruptcy Law Blog

Issues with debt could lead to feelings of anxiety and shame

The possible ramifications of dealing with periods of financial strain may weigh on the minds of many individuals in Ohio and across the nation. As such, it might not be uncommon for those who struggle with debt to encounter issues with embarrassment or shame. Those who wish to ward off such emotional concerns could benefit from taking time to assess the situation and if necessary, seek guidance on the available options with which to seek debt relief.

While studies suggest that feelings of shame or anxiety may be common among those who are going through periods of monetary struggle, such responses might not always be helpful, or even necessary. Studies suggest that many of those who experience similar forms of stress might not be fully aware of the role debt could play in their economic lives. Recent reports indicate that up to 75% of American households carry at least some form of debt.

Preventing the season of giving from leading to debt

With holiday promotional sales underway, many individuals in Ohio and elsewhere may have already begun checking off their holiday shopping lists. While purchasing those wish list items for loved ones can be a rewarding experience, it can also be financially demanding at times. Those who wish to safeguard their finances throughout the holidays could benefit from seeking guidance on how to prevent the upcoming shopping season from leading to issues with debt.

Overspending is a major concern for many consumers during the holiday shopping season. According to experts, those who wish to fend off monetary struggles due to overspending could benefit from forming and sticking to a holiday budget. Experts also indicate that finding ways to avoid making impulse purchases could also help many consumers keep financial hardships at bay.

Relief from the trials of debt is a holiday wish for many

With the holiday season approaching, many individuals in Ohio and elsewhere may already be compiling a list of gifts they hope to receive. While for many, this list may consist of everyday items such as a new phone, others might have another form of present in mind. Studies suggest that for many individuals, debt relief might be at the top of the list, as there may be no greater gift than financial piece of mind.

According to recent studies, nearly 70% of Americans experience some form of financial stress upon approaching the holiday season. During a recent study of what they would like to receive if anything was possible, as many as half of those surveyed admitted that their wish list would include having some or all of their debts paid off. However, those who took part in the survey also admitted that this would be no small feat, as the average amount it would take to pay off their debts came in at just under $60,000.

Remaining free of debt might not always be easy

Finding ways to steer clear of overwhelming financial obligations is a goal for many families in Ohio and across the nation. Unfortunately, with a multitude of potential sources of monetary strain, remaining free of debt might not always be such an easy task. While there are certain financial choices that may seem favorable at first glance, some of these decisions could also be counterproductive at times.

In some cases, those who wish to remain free of debt may feel that abstaining from using credit cards is imperative. While credit cards are a common source of debt for many individuals, they can also act as tools to help one build a healthy credit score. As a person's credit score can have a significant influence on his or her financial opportunities, building up this area of life could prove vital.

What happens to your retirement savings in an Ohio bankruptcy?

Chapter 7 bankruptcy is also known as liquidation bankruptcy. It gets that name from the fact that the courts can order the liquidation or sale of certain assets to repay your creditors. To prevent abuses of bankruptcy filings, the courts can sell the assets of those filing to help repay creditors.

The knowledge that certain assets are vulnerable to seizure leaves some people unwilling to consider Chapter 7 bankruptcy as a solution to their debt issues. These people may not realize that the state of Ohio does have protections in place for residents with overwhelming debt. Provided that you pass the means test and therefore qualify for Chapter 7 bankruptcy, there are specific assets that you can protect from liquidation when you file.

Scenarios in which issues with debt may grow out of control

There may be many families in Ohio and across the nation who wish to take every possible measure to fend off the trials of financial strain. Unfortunately, monetary hardships can come in a variety of forms, some of which might not always be easy to identify. Studies indicate that there are a variety of financial decisions that could increase the risks a person may fall prey to high levels of debt, and identifying these risks before the situation grows out of control can be challenging.

Studies indicate that one potential source of financial strain that might prove difficult to identify pertains to issues with insurance coverage. Should an emergency occur, such as a major collision or the onset of a medical condition, failing to have sufficient insurance coverage could lead to prolong bouts with monetary hardships. Such a scenario may only prove more dire for those who are unable to build up an emergency safety net in preparation for an unexpected emergency.

Navigating the stressful waters of debt collection

While the idea of being in debt can be intimidating enough as is, it might not be the only concern individuals in Ohio and elsewhere will encounter. One of the most stressful parts of experiencing periods of financial strain could include the process of dealing with collectors. Those who face the likelihood of having to endure constant debt collection attempts may find it vital to understand how best to handle the process and how to know when it might be time to seek assistance.

When it comes to dealing with collectors, experts indicate that individuals may find that taking time to better understand their legal rights could prove imperative. Knowing these rights and understanding the rules and regulations that govern the collection process could play an integral role in being prepared to handle the experience. Although it can be stressful, experts also advise that staying informed will likely prove more favorable than merely attempting to avoid the situation.

Scenarios in which a divorce could lead to issues with debt

In addition to being a potentially stressful and emotional process, going through the end of a marriage can also come with a variety of financial challenges. Divorce continues to be one of the leading causes of monetary strain for individuals in Ohio. Those who feel that taking steps to safeguard their financial futures following a similar change in life could benefit from understanding the ways in which such a scenario could lead to prolonged battles with debt.

According to studies, one of the most pressing concerns a person may face after a divorce pertains to a desire to buy new things to celebrate the change. However, while some impulse buys might not break a person's budget, purchasing a new car or home on a whim might not always be a sound decision. The subsequent financial obligations that accompany larger purchases could prove taxing, especially during a time in which one is shifting into the monetary responsibilities of transitioning into life alone.

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.

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