Being in debt can be a stressful and harrowing experience, and those who face the struggle of financial hardships may go to great lengths just to get by. While paying down on debts is the preferred outcome in most situations, in some cases, a person in Ohio may feel the only way to do this is to use other lines of credit for relief. Unfortunately, this mindset could only lead to a never-ending cycle of monetary struggle, whereas bankruptcy could provide a person with a much-needed fresh start.
In Ohio as in all other states, the federal Bankruptcy Code provides strong debt relief measures for qualified individuals and married couples. The protections for consumers filing bankruptcy are embodied in Chapter 7 or 13. Chapter 11 is a bankruptcy filing that generally is concerned with providing debt relief remedies for business entities.
Dealing with a collection agency can be a stressful experience, and in some cases, agencies may go above and beyond what is allowed in an attempt to persuade a person in Ohio to make a payment. However, as many may be uncertain of their rights when dealing with similar issues, they might not be aware that this behavior is unlawful. By becoming aware of one's rights, a person might be better prepared to protect against creditor harassment.
Owning your own home is part of the quintessential American Dream. Unfortunately, for a large percentage of the U.S. population, this dream seems impossible. For many younger adults, low-income levels combined with high levels of personal debt make home ownership unattainable.
A medical emergency can occur at any moment, and the fallout of such an event could have a devastating impact on one's finances. Medical debt continues to be a growing concern for many individuals in Ohio, and it remains one of the leading causes of bankruptcy filings. Those who feel they are drowning in medical bills may wish to know how to reduce the impact similar forms of debt will have on their futures.