Many people in Ohio have found that credit card debt is easy to incur and hard to pay off. Fortunately, there are a couple of techniques that can help you get out from under your credit card debt.
If you are like many people in Ohio, when you think about filing for bankruptcy, you might automatically think about a Chapter 7 bankruptcy plan. This is generally the most well-known type of consumer bankruptcy. However, it is not the only one as many consumers find Chapter 13 plans better for their needs. Many factors will go into helping you decide what type of bankruptcy is right for you and one of these factors is what type of debt you struggle with the most.
We have discussed many bankruptcy-related concerns and the different circumstances people who have excessive debt find themselves in. If you are a parent, there are a number of factors that you may want to take into consideration if you are thinking about filing a bankruptcy petition. Regardless of which type of bankruptcy you settle on, there are multiple issues to consider as a parent in this position and bankruptcy could be advantageous for you and your children as well.
Ohio residents who are suffering under debt have a lot on their plate. This is especially true if creditors begin to harass you. They may use tactics that border on what could be considered legal, or even some that are downright illegal, to try intimidating you. If you are in that kind of situation, filing for bankruptcy may help.
When workers show up to their job in Ohio and are met with the startling and unexpected news that they have been laid off, they could be left scrambling to pick up the pieces and figure out where to begin. Rarely, do people ever expect to lose their job. When it happens suddenly, they may be in a dire position if they have not adequately prepared for a situation such as the one, they are now in.
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.
When you co-sign a home with someone, one of you will always remain on the hook for the debt if the other defaults. This is true regardless of your relationship with the person. That means if you and your former spouse co-own a home together in Ohio, and he or she files for bankruptcy, you will likely have to bear the burden of the mortgage on your own if you hope to keep the home. That said, depending on the type of bankruptcy for which your former spouse filed, the situation may be a little more complex than that. SFGate explores your options for bankruptcy after divorce.
If you are like many of the people in Ohio who are struggling with unmanageable levels of debt, you might have considered filing for bankruptcy at least once. Seeking debt relief via a bankruptcy, whether a Chapter 7 or a Chapter 13 plan, is a big step that does require thorough investigation. This investigation can help you identify if bankruptcy is right for you and which type of plan might be best for you. It can also help you to feel more confident about your financial future after a bankruptcy.