Overwhelming debt puts a lot of pressure on individuals and families. Sometimes this kind of debt results from small credit card bills that compound over time. Other times it happens when a single, large debt occurs and the person doesn’t have enough income to pay it. This is usually a judgment after an accident that wasn’t covered by insurance or foreclosure of a home. These large judgments often lead to wage garnishment that could cause more financial hardship on a struggling family. In many cases, Chapter 7 Bankruptcy in Cincinnati OH is the ideal solution. This type of bankruptcy discharges debts without a long-term payment arrangement and many people who file don’t have to pay anything toward their debts.
It’s important to get started on this process sooner rather than later. The longer a person waits to file for bankruptcy protection, the more they will pay toward the debts they could be relieved from by the court. While all debts won’t qualify for discharge in Chapter 7 bankruptcy, legal judgments, credit card debts and medical expenses typically qualify and could help a family regain their financial stability very quickly. Excessive debt may cause family convict and is one of the leading causes of divorce. By consulting with an attorney who understands bankruptcy laws and can provide advice to a struggling individual or couple, some of these problems might be avoided.
People who could benefit from bankruptcy protection sometimes hesitate to consult with an attorney regarding Chapter 7 Bankruptcy in Cincinnati OH because they are concerned about the consequences of filing. While filing for bankruptcy relief might affect a person’s credit score and could make it difficult to get new credit or purchase another home, the consequences of not filing could be far worse. When a family has more debt than they can afford to pay, they may lose everything they have, including their housing and automobile. Excessive debt could make it difficult to secure safe rental housing or get an affordable rate on car, loan. Instead of trying to pay bills they cannot afford, a person with excessive debt could make an appointment to Meet Dean Snyder Attorney and talk about their options.
