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September 2019 Archives

Bankruptcy: Taking steps to better understand the process

There may be few scenarios in life that are as stressful and intimidating as dealing with the consequences of significant financial hardships. While there are outlets that could help a person in Ohio pursue relief from the trails of debt, some may choose to forgo the process of filing for bankruptcy out of fear of any possible negative ramifications. By taking measures to better understand the process, a person may become better prepared to make an informed decision about the situation.

Bankruptcy: The risk of high interests rates and low savings

In a thriving economy, many individuals in Ohio and elsewhere may feel that the treat of entering periods of financial strain might not be a pressing concern. However, with near record average interests rates on credit card accounts during a time in which many are unable to build an emergency fund, the risk of encountering issues with debt is ever present. Even a minor change to the economy could leave many facing a need pursue the relief provided through outlets such as bankruptcy.

Seeking advice before using retirement funds to pay down debt

There could be a multitude of ways in which financial challenges could disrupt various areas of a person's life. Individuals in Ohio who encounter similar hardships may feel that finding ways to free themselves from the clutches of debt is vital and they may use a variety of strategies to help achieve this goal. Studies indicate that many individuals have decided to use retirement savings to fend off debt, and while the relief provided through this method may seem advantageous, it might not always be the healthiest financial decision.

How much equity can you protect in an Ohio Chapter 7 filing?

Bankruptcy can be a way for struggling adults to correct financial issues and reduce the overall amount of debt that they need to repay. Each different form of bankruptcy brings with it unique challenges and benefits. Chapter 7 bankruptcy, which has limitations in place for both the total value of your assets and your income, is also sometimes called liquidation bankruptcy.

Bankruptcy: Financial hardship can come from various sources

Many families in Ohio and elsewhere may feel that finding ways to keep debt at bay is a vital aspect of life. Unfortunately, issues with debt can come from a variety of sources, each of which could leave a person struggling just to make end's meet and suffering a lesser quality of life. Those who encounter substantial monetary strain could benefit from exploring the potential benefits of seeking relief through outlets such as bankruptcy, but making such a major financial decision may seem an intimidating concept.

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