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Bankruptcy: Some forms of relief may do more harm than good

With levels of consumer debt at all-time highs, there may be many individuals in Ohio and elsewhere who are no stranger to the trials of financial strain. Those who deal with similar issues may constantly be on the lookout for ways to seek relief from their struggles. While there are a variety of options to help achieve a similar goal, some may only do more harm than good, whereas bankruptcy could be just the tool to help one pursue the relief required.

When facing high levels of debt, consumers may have a variety of options to choose from, some of which could even offer immediate relief. In many cases, those who are dealing with high-risk debts, such as credit card bills, may feel it necessary to consolidate their debts by seeking out a loan. However, while personal loans may boast significantly lower interest rates, using any form of debt to pay for another could only prove to be a short-term fix to a growing concern.

This might not be the only route available, as some consumers may also have the option of borrowing equity on a mortgage or refinancing the loan with cash-out options. While this may appear enticing to some, there are some potential risks with taking a similar path. Using a secured debt to pay down on unsecured debts could have a significant impact on a person's eligibility to pursue relief through outlets such as bankruptcy.

Prior to dipping into retirement savings or seeking aid through debt consolidation, one could benefit from obtaining guidance in making informed decisions from someone with experience in such matters. By consulting with a bankruptcy attorney, a person in Ohio could obtain much-needed advice on all the available options for relief. This type of guidance could prove vital to choosing the correct path with which to pursue relief from debts and working back toward financial stability.

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