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Working to eliminate debt before marriage may be prudent in Ohio

On Behalf of | Jul 10, 2015 | Personal Bankruptcy |

Many Ohio residents know that financial issues can be a point of contention in a marriage. Therefore, parties may want to discuss their finances and spending habits before getting married. If one party has considerable debt, he or she may want to consider working to eliminate debt in order to avoid creating a burden for his or her future spouse. 

It was recently reported that a survey was conducted with approximately 2,000 participants. The survey apparently focused on debt being brought into relationships. The report indicated that men were more likely than woman to bring debt into a relationship. Apparently 42 percent of the men surveyed brought debt into a relationship while only 29 percent of women reported doing the same. 

Additionally, the amount of individual debt averaged more than $4,000. Because many marital issues can arise due to finances, potential spouses may be understandably wary about possibly taking on thousands of dollars worth of debt after marriage. Therefore, individuals may want to take the necessary steps to handle their debt in order to put all parties’ minds more at ease.

In order to eliminate debt, individuals need to determine what debt relief options may suit their circumstances. For some, liquidating assets under Chapter 7 bankruptcy may be the more prudent route while others may qualify for a court-approved repayment plan under Chapter 13 bankruptcy. Nevertheless, Ohio residents will likely be able to find the process that will work best for them as they try to find more stable financial ground, and information on these processes may be able to help.

Source: CNBC, “Men more likely to bring debt into new relationship“, Lucy Maher, June 26, 2015


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