Realizing that the debt you have accumulated is more than what you are capable of paying back by the required dates is jarring, to say the least. Now, you are left to scramble and make changes to allow you to meet your lenders' requirements before you are sent to collections or face the repossession of items that have value and meaning to you. At Debra Booher & Associates Co., LPA, we have helped many people in Ohio to learn more about how debt and bankruptcy will affect their financial future.
When most people think of bankruptcy, they think of individuals who spend too much, budget too little and all around mismanage their money. However, according to The Motley Fool, the number one reason people go bankrupt is a reason no one can control — not even the most well-intentioned, financially accountable individual. That reason is medical expenses. If you live in Ohio, have substantial medical bills and would like to relieve yourself of your debt so you can finally get ahead, you may be one of millions to file bankruptcy because of the high cost of health care.
If you are like most Ohio residents who found themselves in over their heads with debt, bankruptcy may have been your only viable relief option. Now that you are debt free, however, you may wonder what you can do to rebuild your credit score and move forward with your life. TransUnion offers a few key bits of wisdom for doing just that.
Filing bankruptcy is a necessary step for some people to regain financial footing. However, many people are afraid of the poor credit scores they may be left with once their bankruptcy process is complete. Poor credit scores can make it difficult to obtain housing or loans, but those with poor credit scores do have options. If you are going through bankruptcy, there are steps you can take to rebuild your credit score after completing the bankruptcy process.
Running a small business is tough. You make many decisions on your own. It allows you freedom, but it can also feel like a burden. This is especially true when business is not going well. Maybe the market is down, or you made some unwise purchasing decisions. Whatever the case, your business is losing money, and you cannot seem to get ahead.
A credit card is a nice thing to have. When used correctly, it can help you in emergency situations or enable you to build your credit score for other financial moves down the road. However, many people in Ohio and other states struggle with credit card debt. If you are concerned about the amount of debt you have, then it is a wise idea to understand some signs that your credit card debt is getting out of control.
At Debra Booher & Associates Co., LPA., in Ohio, we understand that some people want to file for Chapter 7 bankruptcy in Ohio to find relief from debts, but losing certain assets would be devastating. For example, you may have an emotional attachment to a necklace left to you by your grandmother, a wedding ring from your deceased husband or a special set of earrings given to you by your children. However, your creditors are calling you every day, your wages are being garnished and you are in danger of losing your home. What can you do?