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Although there are a multitude of circumstances in which an individual in Ohio could begin to experience monetary hardships, some tend to be more common than others. Recent studies suggest that individuals across the nation carry as much as $527 billion in total in credit card debts, and with interest rates continually on the rise, these numbers are likely to increase. Those who wish to pursue relief from similar financial difficulties could find it helpful to speak with a bankruptcy attorney for guidance on how to achieve their financial goals.

Although a credit card can provide financial assistance under a variety of circumstances, using similar lines of credit may come with a cost. With high interest rates, individuals who carry revolving balances on unsecured accounts can suffer in a variety of ways. A person could attempt to cut down on expenses and make larger payments to these accounts, but such an endeavor can prove challenging, especially for those who are experiencing additional monetary challenges.

One could also choose to focus more on accounts with higher interest rates and attempt to negotiate a reduction on the rate charged. Once these accounts are paid in full, the additional income that is freed up in the process could help with other financial obligations. Coming up with a long-term strategy for addressing these concerns can prove beneficial, but it can also be a stressful and daunting task.

For individuals in Ohio who wish to pursue relief from similar debts, seeking guidance early on could prove advisable. By consulting with a bankruptcy attorney, a person could obtain advice on all the options available, as well as their potential outcomes. An attorney can provide a client with guidance on how to reduce or eliminate these debts and pursue a brighter financial future.

Source: Forbes, "6 Easy Tips For Paying Down Your Credit Card Debt", Richard Gano, Accessed on Feb. 12, 2018

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Many individuals in Ohio and elsewhere might approach the prospect of buying a home with nothing but excitement. However, this decision may also bring about financial responsibilities that could prove troublesome should one fall behind on payments. Facing a foreclosure can be an intimidating process, but it may also take time to complete, and a person might be able to take certain actions to delay or prevent it from occurring.

Upon taking out a mortgage, an individual must sign a contract agreeing to pay back the amount borrowed over a given period. While a person may be fully capable of making the necessary payments at the time, unforeseen circumstances such as a loss of employment or medical emergency could complicate matters. Should this person fall behind on mortgage payments, the lender may seek to recover its losses through foreclosure.

Once a lender initiates the foreclosure process, one may seek to prevent it by getting up-to-date on payments. However, if a person is unable to do so, he or she should speak with the lender as soon as possible. Those who are able to make a lesser payment could be eligible for a loan modification, while others who face short-term financial hardships may wish to seek a forbearance.

For a person in Ohio, the potential of losing a home can be a daunting experience. Those who face similar concerns could benefit from speaking with a bankruptcy attorney for advice on the options available. An attorney can evaluate the situation and advise a client in coming up with a strategy to stop foreclosure and retain possession of his or her home.

Source: realtor.com, "How to Stop Foreclosure and (Hopefully) Save Your Home", Jeanne Sager, Jan. 31, 2018

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With the high interest rates on most credit cards, many individuals in Ohio have experienced the strain of financial struggles. Recent reports indicate that the average household pays amounts in excess of $900 a year in interest alone on revolving credit card balances. Those who struggle with substantial monetary concerns might find it helpful to know how to go about cutting down on debts, and when it could be time to seek further assistance through outlets such as bankruptcy.

As credit card bills and collection statements continue to arrive, one may feel somewhat intimidated by the thought of dealing with debt. However, ignoring these issues will do little to solve them, and studies suggest that the first step to cutting down on debt is to gain an understanding of how much is owed. By confronting financial issues, a person might be able to begin to form a strategy for how to handle debts and pursue a healthier financial future.

When forming a plan to repay debts, an individual may find it advisable to focus on those with higher interests rates and reduce balances as he or she is able. Simply forming a plan is only the beginning, and perseverance could prove vital to obtaining one's financial goals. However, should one's efforts to cut down on debt prove unsuccessful, he or she might find it advisable to seek guidance on the available options for relief.

Cutting down or eliminating substantial amounts of debt can be a complex process. Those who experience challenges of this nature could retain the services of a bankruptcy attorney for advice in making informed decisions. An attorney can assist a client in Ohio in forming a plan to pursue relief and provide advice on how to avoid similar concerns in the future.

Source: USA Today, "3 steps (and a bonus) to paying off debt", Chris Neiger, Jan. 27, 2018

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If you stop making your car payments, your vehicle will eventually get repossessed. This will involve a repossession agent employed by your lender coming to your home, hooking your car up to a tow truck and taking it away.

It is your lender's legal right to repossess your vehicle if your loan goes into default, but knowing this certainly doesn't make the experience any easier. You will lose your mode of transportation and whatever value you own in the car, and you will also incur other stiff penalties and fines -- not to mention the effect of a vehicle repossession on your credit report.

How will a repossession affect my credit rating?

Repossession will certainly have a negative effect on your credit rating in several ways. First, the repossession itself will hurt your credit score. Second, the repossession will show up on the public record area of your credit report. Third, if your lender succeeds in securing a deficiency judgment regarding the amount of money you still owe, this judgment will also show up on your credit report.

These negative events will follow you on your credit report for the next seven years. However, as more time passes, the negative impacts will become weaker and weaker.

What about avoiding vehicle repossession?

There are some ways to avoid repossession. Perhaps the most direct way is to simply catch back up on the payments you owe, which you might be able to do with some strict financial planning or with the help and assistance of a family member or friend. Another way to avoid repossession is to refinance.

With a newly refinanced loan, you might be able to afford your monthly loan payment obligation by spreading out your repayment period over a longer time and by lowering the interest rates that apply to your account. It's always best to apply for a refinance loan as soon as possible, and before you start running the risk of missing a debt payment.

Another potential solution is bankruptcy. By filing for bankruptcy, a vehicle owner may be able to put the collection efforts of his or her lender on hold to prevent or delay the vehicle repossession process.

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For many small business owners in Ohio and elsewhere, financial difficulties can prove to be a source of stress. Smaller businesses may depend more heavily on a steady flow of income, and should a company experience similar issues, the need to seek guidance could be dire. Should these concerns persist for extended periods, the future of the company could be placed in limbo, potentially leaving a small business owner in search of options for relief.

The ups and downs of profit can have an impact on any business, regardless of whether a company is part of a chain or a privately owned operation. However, without the financial backing of a larger entity, the effects of periods of lesser profit can weigh heavily on a small business. This could lead some owners to take out loans to assist in keeping the company operational, which could only prove to be a temporary solution and lead to further troubles in the future.

Small business owners may also have less protection against taking risks, such as expanding operations. While these ventures may have the potential of bringing in additional income, if things don't go as planned, the cost of taking such a risk could prove higher than expected. When facing monetary troubles, having a plan to break free of debt may be essential, but a business owner might need assistance in the process.

When financial struggles pose a threat to the health of a company, a small business owner might find it advisable to seek guidance before deciding on a path. By speaking with a bankruptcy attorney, an owner could gain advice in making informed decisions regarding the future of his or her enterprise. An attorney can examine the situation a client in Ohio is facing and assist him or her in pursuing relief from the burdens of debt.

Source: entrepreneur.com, "Dealing with Debt as an Entrepreneur", Mark J. Kohler, Jan. 17, 2018

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Dealing with a substantial amount of debt over extended periods can be stressful and emotionally draining. In some cases, a person may take on debt loads without giving much thought to what it could lead to, only to have a change in circumstances leave him or her facing significant financial hardships. When faced with similar struggles, individuals in Ohio may find it in their best interests to form a plan to deal with debts, and know when it is necessary to seek relief through outlets such as bankruptcy.

Debt is a part of the everyday life of many individuals. It can come in the form of a home or auto loan, or even stem from purchases charged to a credit card account or from a medical emergency. Recent studies suggest that the average amount of debt in each household is just over $137,000, with credit card debts alone reaching above $15,000. These studies also suggest that the first step to overcoming debt is to acknowledge it as an issue.

Upon admitting that debt is a problem, one can begin the process of cutting expenses. During this time, a person may also choose to make higher payments on certain debts, such as those with high interest rates. For some, this could help lessen their financial load, but for others, it may do little to rectify the situation.

Individuals who suffer through extended periods of monetary hardships may suffer a lesser quality of life in the process, which might be a sign that further assistance is necessary. By consulting with a bankruptcy attorney, an individual in Ohio could obtain guidance on each available outlet of relief. After thoroughly examining a client's circumstances, an attorney can provide advice and assistance on choosing the correct path with which to pursue financial relief.

Source: fool.com, "This Is the Most Important Thing When It Comes to Paying Off Debt", Daniel B. Kline, Jan. 16, 2018

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There are numerous scenarios in which an individual in Ohio or elsewhere may begin to experience financial struggles. There may also be a multitude of avenues with which a person can seek relief from debts, each of which may offer its own potential advantages and disadvantages. However, certain outlets for relief might not be as good as they seem, and bankruptcy could prove a better path with which to pursue financial freedom.

Upon exploring relief from debts, settlement offers may appear exceedingly enticing, especially at first glance. However, these arrangements could have certain disadvantages that may be easily overlooked, such as those pertaining to taxes assessed on any amounts that are forgiven in the process. The amount agreed upon in a settlement offer could also be deceiving, as this process could take numerous years to finalize, and interest rates and fees could leave a person paying nearly the full amount of original debt owed.

A settlement offer may also do little to protect a person from collection attempts, and the phone calls and letters may continue to arrive daily. However, with bankruptcy, a person could obtain protection against such attempts via the automatic stay. Although a bankruptcy will have an impact on a person's credit, a settlement agreement could have a similar result, or worse. By filing for bankruptcy, one could obtain immediate relief from debts and begin rebuilding his or her credit shortly after the process is finalized.

Individuals who are suffering due to substantial amounts of debt may find it advisable to seek guidance before deciding on a path. By speaking with a bankruptcy attorney, a person could obtain guidance on the options available, as well as their potential outcomes. An attorney in Ohio can thoroughly evaluate a client's financial situation and provide advice in choosing the correct path with which to pursue relief from debts.

Source: nerdwallet.com, "Debt Settlement Usually a Bad Alternative to Bankruptcy", Liz Weston, Accessed on Jan. 10, 2018

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The causes and reasons for credit card debt troubles are many and varied, but the symptoms are always the same -- not having enough money to pay your credit card in full each month. If you combine this kind of situation with a family emergency that requires a large expenditure of cash, you can see how things can quickly get out of control.

No matter how you got there, if you can't get out of credit card debt, this article offers advice for solving your debt problem.

Get a copy of your credit report

Before you start solving your debt troubles, you first need to know exactly what the problem is. Getting a copy of our free credit card report every year is a great place to start. This will help you figure out what your situation involves and what you need to do to solve the problem.

Once you have your report in hand, look for mistakes. Sometimes you'll have an error that can be corrected with a simple phone call -- and this will dramatically improve your credit rating instantly. In turn, you may be able to qualify for a lower interest credit card that you can transfer your existing credit to.

Start paying off your debts -- the newest ones first

When you start paying off your debts, pay down the newest ones first -- as this will offer you the most immediate relief on your credit score. Your oldest debts that have been around for more than two years have already done the most damage they can do to your credit score. It's the newest ones that pose the most threat.

Be sure to pay what you owe on your debts each month, and never miss a payment. Missed payments will only serve to trigger fees and increase your interest rates -- which will delay your debt pay off process.

Consider whether it's possible to get out of debt

For some Ohio residents, it won't be possible to get out of debt given their current capacity to earn an income. As such, every person with credit problems will want to consider whether more aggressive debt resolution means -- such as bankruptcy -- could be appropriate for their situations.

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Many individuals in Ohio and elsewhere may have chosen to celebrate the holidays by providing each of their loved ones with a multitude of gifts. While at the time a similar decision may have been fulfilling, when the bills begin to arrive, some may find themselves facing a substantial amount of debt. While in some cases, similar financial troubles may only be temporary, should they persist, an individual may find it advisable to seek guidance on the available outlets for debt relief, such as bankruptcy.

According to reports, the average amount of debt taken on by each individual over the recent holiday season was just above $1,000. While some may have chosen to pay for their gifts up front, others might not have possessed the necessary savings to do so. This likely led many to turn to credit cards, and nearly half of those surveyed suggested they wouldn't be able to pay off their holiday debt for several months.

While the average amount may not seem like a great deal for some, placing such an amount on a credit card could cause issues in the future. With high interests rates, individuals who are only able to make the minimum payment required could carry a similar balance for numerous years. Those who begin to experience prolonged periods of financial struggle due to overwhelming amounts of debt may wish to pursue relief, but they might be uncertain where to turn for assistance.

Those who experience financial issues under similar circumstances could benefit from seeking guidance on how best to approach the situation. By speaking with a bankruptcy attorney, an individual could obtain advice on every outlet for debt relief and their potential outcomes. An attorney can address the financial situation of a client in Ohio and assist him or her in pursuing relief from debts through the necessary channels.

Source: cnbc.com, "Holiday hangover: Americans racked up more than $1,000 each in holiday debt", Jessica Dickler, Jan. 2, 2018

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Constantly dealing with overwhelming amounts of debt could have a substantial impact on a person's quality of life. Many individuals in Ohio who experience prolonged periods of financial hardship may wish to pursue relief through bankruptcy, but they may have concerns about the impact it will have on their credit score. While filing for bankruptcy will inherently affect this area of life, it may still be the healthiest financial choice available.

Filing for bankruptcy is a major financial decision that requires a great deal of thought. A bankruptcy will remain on a person's credit report for as many as 10 years depending on the chapter that is filed. While a similar decision may have an impact on one's credit score, those who are struggling to keep up with monetary obligations may already be experiencing a similar outcome or worse.

With bankruptcy, one could begin rebuilding his or her credit score shortly after finalizing the process. Obtaining new lines of credit during this period could prove challenging, but it isn't necessarily impossible. By maintaining a positive payment history on all accounts following bankruptcy, one may find that a similar choice could lead to a better financial situation in time. In addition, the discharge of certain unsecured debts through bankruptcy could help an individual gain more control over other monetary obligations.

The burdens of debt can place an individual under a substantial amount of financial stress. Those who wish to seek relief could benefit from speaking to a bankruptcy attorney for guidance on making informed decisions regarding their financial futures. An attorney in Ohio can address all a client's concerns and needs and provide advice on choosing a path with which to pursue relief from debts.

Source: fool.com, "How to Rebuild Credit After Bankruptcy", Maurie Backman, Dec. 22, 2017

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