One of the most feared nightmares of any Ohio company is the reality of needing to file for bankruptcy when a major bump in the road hurts sales and withholds profits. Many companies go to great lengths to protect against the financial pitfalls that are so notorious for leading to bankruptcy filings. However, there are times when a seemingly wise decision ends up backfiring when circumstances fluctuate due to consumer demand, changes in the economy or problems with organizational processes.
We have been over many of the reasons why people incur debt, from our recent post about student loans to credit card use and other causes. However, it is important to point out that many people have found themselves in a tough financial position because of medical debt that resulted from a health issue that was not expected, or an ongoing medical issue which necessitated taking on debt. As with all forms of debt, this can be an emotionally and financially difficult place to be in. Unfortuantely, for people in Cuyahoga Falls and across all of Ohio, this is often especially true for those who those who are having a hard time with medical bills.
With student loan debt, there are many issues to go over. Sometimes, people assume that this debt cannot be eliminated through bankruptcy, which is not always true. On the other hand, some people are very judgmental and simply assume that those who are struggling with student loan debt were irresponsible. Unfortunately, many people in Ohio and across the country have found themselves buried in student loan debt that they took on in an attempt to improve their lives and secure a decent job.
Our blog has covered all sorts of debt-related issues, from different bankruptcy options to various legal aspects related to filing for bankruptcy. That said, individual circumstances sometimes warrant a unique approach. For example, you might want to talk with your partner about your debt, whether you are married and have not disclosed certain debts to your spouse, are involved in a long-term relationship with a boyfriend or girlfriend, or are simply dating someone and unsure if disclosing this information is the right move. We know how challenging it can be to talk with someone you love about your debt and it is crucial for people across Ohio to approach this situation appropriately.
Recently, many people across the country celebrated the holiday season with friends and those they love. Family gatherings, gift-giving, and other traditions are an important part of this time of year for many people in Ohio. Unfortunately, some people also incur an incredible amount of credit card debt during the holiday season. Perhaps you racked up charges on your credit card in order to buy presents for your loved ones because you were worried about letting them down. Or, maybe you had to take on too much debt in order to travel to spend time with your family. Regardless of the reason why credit card debt has accumulated, it is important for you to look at your choices.
Sometimes, people have negative thoughts flood their mind when they hear the word bankruptcy. Some people may believe that this option would reflect poorly on their character or that bankruptcy is not a good way to solve their financial problems. However, bankruptcy can be highly advantageous for people in different positions, from homeowners to business owners and people who have had to take on excessive debt for other reasons. Often, an unexpected job loss or a medical crisis that arose without warning leaves people in a position where they can no longer manage their debt, even though they were trying their best to stay caught up.
When you think about the people who declare bankruptcy, what do you imagine? What do you assume caused a debt problem for them?
Have you noticed newly gray hairs sprout lately? It might not be from aging. Instead, the stress of debt could be wearing on you. Aside from a few new wrinkles, debt can also contribute to serious health concerns.
A common myth about bankruptcy is that you won’t be able to apply for loans or credit cards until it’s off your record. In fact, there are many ways to show creditors that you are responsible enough to borrow despite bankruptcy.
The major downside of filing for bankruptcy is that it can hurt your credit score. This makes it harder to obtain refinancing, take out loans or start a business in the future. Because bankruptcy can leave a mark on your credit for the next ten years, you might be afraid to pursue it.