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Bankruptcy doesn't necessarily prohibit you from obtaining credit

If you are constantly dealing with overwhelming amounts of debt, you might be suffering a lesser quality of life in the process. Substantial monetary obligations can leave you struggling to keep up with monthly expenses, and if the problem persists, you could be in search of some much-needed financial relief.

What can you do when threatened with repossession?

Many Ohio consumers have at least some debt, but you may find that you are in a position in which you can no longer effectively manage the debt that you have. There are many unpleasant consequences to having debt, unpaid bills and owed balances, and one of these is the threat of repossession of your vehicle. Depending on the types of debt you owe, it is possible that a creditor could move to take possession of your personal vehicle.

Is your financial bubble about to burst?

If you follow the news, you have probably heard financial pundits expressing fear that the economy is heading for another crash in the near future. This crash could potentially cause the closing of more businesses, leading to a ripple effect of stock market plummets, real estate slowdowns and mass unemployment. Perhaps this alarm is only one more thing to add to your already full plate of worries.

Demystifying the means test

You may be at the point where you struggle just to make ends meet each month. Creditors call you as often as they can in an attempt to get you to pay them. Your stress level is high, and you realize that bankruptcy could be the debt relief option you need.

3 ways you could rebuild your credit after bankruptcy

For many Ohio residents, the negative stigma surrounding bankruptcy may result in their forgoing this option for debt relief. For you and others, the idea that the process may wreck your credit score with no chance of recovery could play a significant role in your hesitation toward following this route. However, you may find it beneficial to understand that bankruptcy will not permanently lower your credit score.

Pursuing debt relief by exploring the benefits of bankruptcy

Overwhelming amounts of debt can place you under a significant financial burden, potentially leaving you to face a multitude of challenges. In addition, constant phone calls and collection letters may only add to your current stress, and you could be suffering a lesser quality of life as a result.

What qualifies as creditor harassment?

Contact from creditors is just one of the many consequences of overwhelming debt. You know that when you fall behind on your payments, it is normal to receive phone calls and deal with bills and late notices that come in the mail, but there are limits to what creditors can do. Even when in debt, you do not have to put up with certain types of harassing behaviors from debt collectors.

Might one of these options keep you from losing your home?

Many people, including, perhaps, some in Ohio, go through life trying to avoid thinking about their problems in the hope that they'll eventually go away. Others, perhaps yourself included, prefer to meet their problems head on. You might consider yourself somewhere in between these two extremes, but when it comes to financial trouble, evidence suggests that waiting too long to do something about a potential problem may lead to utter disaster, especially where ownership of your home is concerned.

If I file for bankruptcy, will I have to give up my stuff?

Filing for bankruptcy is never an easy decision. One of the most common things that holds Ohio residents back from making this often beneficial decision is fear of losing personal property. While this is a normal fear, people who file for Chapter 7 bankruptcy often find themselves relieved to learn that they can, in fact, keep many or most of the things they hold dear.

What you may not know about the Chapter 13 bankruptcy process

It can be disheartening and overwhelming to know that you cannot manage your debt on your own. This feeling of helplessness may only get worse when you fall behind on your mortgage, eventually receiving threats of foreclosure from creditors. The threat of losing your home can make you feel like all hope is lost, but you may still have an option in the form of Chapter 13 bankruptcy.