When facing periods of financial strain, many individuals in Ohio and elsewhere may turn to credit cards in their time of need. While similar lines of credit may provide immediate financial assistance, the relief may only be temporary. With average interests rates on similar accounts coming in at nearly 17 percent, issues with high amounts of credit card debt may leave many in search of relief through bankruptcy.
Bankruptcy: Knowing the difference between good and bad debts
With studies indicating that the average household carries $38,000 in personal debt, many families in Ohio and elsewhere may be experiencing periods of financial hardship. While taking on certain amounts of debt may seem like a part of life, the subsequent monetary obligations can place a person under a significant amount of financial pressure. Those who find themselves struggling to make a living due to high amounts of debt could benefit from seeking advice on how to pursue relief from a bankruptcy attorney.
Bankruptcy: Changes proposed re student loans and undue hardships
The pursuit of a college education is a goal for many individuals in Ohio and across the nation. However, with the staggering costs of tuition, a similar endeavor has left many struggling to pay back student loans for extended periods. For those who experience substantial financial hardships due to student loans, seeking relief has previously proved challenging, but that could change if the proposed modifications to how student loans are handled in bankruptcy are passed into law.
Avoiding foreclosure through a lease-option or assumption
Ohio residents who are in danger of having their homes foreclosed will have various foreclosure prevention strategies available to them. In some cases, bankruptcy or simply renegotiating the terms of one's mortgage can help homeowners in this kind of situation.
Seeking advice on how to keep business debt at a healthy level
For business owners in Ohio and across the nation, few scenarios may be as intimidating as dealing with significant amounts of debt. Unfortunately, when it comes to operating a business, taking on debts may seem like a necessary part of achieving success. As an owner, knowing how to tell the difference between a healthy level of business debt and a growing concern could be essential to protecting the future of a company.
Bankruptcy: Waiting to pursue relief could prove detrimental
Many consumers in Ohio and elsewhere have experienced financial challenges that prompted a need to pursue relief. However, the stigma associated with certain avenues of relief, such as bankruptcy, could be leaving some uncertain about how best to deal with their debts. While giving a fair amount of thought into a similar decision may be advisable, time could also be of the essence, and waiting to pursue relief may only cause a person's situation to worsen with time.
