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Financial pitfalls that may throw your money train off its tracks

Regardless of whether you live in Ohio or some other state, the ebb and flow of the nation's economy likely impacts your personal financial situation. Many other factors also play into your current financial status, which may change as quickly as the weather if unforeseen circumstances arise. For instance, you might change jobs and incur a reduction of income. You might get married, add to your family size or divorce. Each of these issues, as well as many others, may affect your finances either positively or negatively.

Bankruptcy myths busted

Millions of Americans currently live paycheck to paycheck. They may be one small disaster away from living on the streets. If you are one of the many Ohio residents who is struggling financially, you have likely looked into the various debt relief options available to you. You might even be confused about some of them — particularly bankruptcy.

Recognizing a need for bankruptcy and solution options

Do you ever think back to when your Ohio business was just a dream? If so, you might recall the various challenges you encountered and overcame to bring that dream to fruition. It's hard to believe more than a decade has gone by. Like many people who built their own businesses from the ground up, you wouldn't change a thing. All the long hours, hard work and trial and error through learning experiences paid off and you enjoyed years of continued success.

How does wage garnishment work, and how can I make it stop?

There are many unpleasant consequences to owing a significant amount of debt. From dealing with constant harassment from creditors to facing threats of foreclosure, it can be both stressful and overwhelming for an Ohio consumer. This is especially true when you start losing part of your paycheck to wage garnishment.

Bankruptcy may offer more benefits than other debt relief options

Throughout your life you may have heard stories of people who found themselves in difficult financial situations. These stories may have resulted in you becoming very aware of your own finances as you became an adult, and you may have worked hard to stay on top of your financial obligations. However, just like any other Ohio resident, you could find yourself facing an unexpected situation that could result in you accumulating considerable debt.

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.