Many Ohio residents may be hesitant when it comes to filing for bankruptcy because they are unsure whether it is the right step for them. It is true that bankruptcy is a big step, and individuals may benefit from understanding how their situations will be affected if they choose to file. Gathering information on the various proceedings and options may help interested parties make their decisions.
First, individuals may wish to understand that filing for bankruptcy will affect their credit scores. Though their credit score will lower due to filing, there is no reason to believe that the impact will permanently damage their scores. Credit scores can be built up over time, and individuals who file for bankruptcy may find themselves better able to work toward and maintain a high score once they have gotten back on track financially.
Individuals may find bankruptcy a beneficial option if their wages are being garnished by creditors. Wage garnishment is one tactic used by creditors to have balances repaid, but it can have a substantially negative effect on debtors. Luckily, bankruptcy filings may be able to help parties stop wage garnishment as they work toward handling their debt.
Bankruptcy can mean different outcomes depending on individual situations. Therefore, Ohio residents who are facing overwhelming debt may find information on this option and how it will beneficially affect their particular circumstances. Once they feel more knowledgeable on the topic, they may want to find out more about the legal proceedings for filing and how to go about such actions in their area.
Source: morningjournal.com, “Eli De Los Santos: Is bankruptcy right for me?“, Eli De Los Santos, Aug. 1, 2015