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Bankruptcy: How waiting to pursue relief could prove detrimental

On Behalf of | May 23, 2019 | Bankruptcy

While dealing with debt can be a stressful process, choosing a strategy to reduce financial obligations may seem equally as intimidating. While many individuals in Ohio may be aware of the possible benefits of seeking relief through outlets such as bankruptcy, they may have reservations about starting the process. However, while taking time to consider the options could be helpful, when it comes to debt, waiting to seek relief could have consequences.

Upon signing up for a credit card or taking out a loan, one may be aware of the interest rates associated with the account. However, simply knowing the rates involved might not help a person understand just how much money he or she could end up paying in interest overall. High interest rates may only cause one’s balances to continue to rise, and the resulting increase in debt could leave a person with less income to cover other financial needs.

Prolonged struggles with debt could also have a substantial impact on a person’s credit score, which may in turn affect his or her life in various ways. For instance, those who struggle under the weight of debt may have more trouble obtaining approval for loans in the future. This could disrupt a person’s ability to pursue long-term goals such as homeownership.

Seeking relief from debt may be a goal for many individuals in Ohio, but choosing a path can be an intimidating task. Fortunately, there are attorneys who can help a person better understand all the available options for relief and their potential outcomes. A bankruptcy attorney can work with a client in forming a strategy to reduce or eliminate debts and subsequently assist him or her in navigating the process.



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