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.
Who files for bankruptcy? 3 popular myths
When you think about the people who declare bankruptcy, what do you imagine? What do you assume caused a debt problem for them?
Debt can actually damage your health
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.
Borrowing after bankruptcy to heal your credit: Part 2
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.
Borrowing after bankruptcy to heal your credit: Part 1
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.
Ways creditors might harass you: Legal or illegal?
When you owe money from a loan or mortgage, you may suddenly find yourself in a mafia-esque situation. Creditors can seem to act more like mobsters coming to collect money for the boss. There are several ways – some illegal – that creditors can pressure you to pay up.
Ohio residents alarmingly more prone to medical debt
In causes of American debt, medical expenses are at the top of the list. Especially for patients going through a long-term health issue, healthcare bills can quickly pile up. Many people don’t have enough savings to cover the cost of an unexpected injury or condition.
Options for Ohio graduates with student loan debt
Many students decide to attend college or graduate programs to increase their chances of securing their dream job, or at least a stable income. Still, graduates often find that when they enter the job market, it can be difficult to get a position in their field, let alone one that pays enough to cover student loan bills.
What to do when foreclosure threatens your home sweet home
Ohio's economy, like most other states in the nation, has had its ups and downs. If you've been raising your family here for some time, you've probably faced quite a few challenges through the years, as the cost of living, housing market and employment rate (among other things) affects your daily life and long-term goals. Your family may have survived several crises, as well, such as medical emergencies or unforeseen circumstances that took a great toll on your finances.
What to do when foreclosure threatens your home sweet home
Ohio's economy, like most other states in the nation, has had its ups and downs. If you've been raising your family here for some time, you've probably faced quite a few challenges through the years, as the cost of living, housing market and employment rate (among other things) affects your daily life and long-term goals. Your family may have survived several crises, as well, such as medical emergencies or unforeseen circumstances that took a great toll on your finances.
