Vance P. Truman, Attorney at Law
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Business bankruptcies in Ohio can cause personal bankruptcies

Handling debt is hard enough, but it can be almost impossible when one sees debts piling up on top of each other with no relief in sight. When a person or business finds it is impossible to keep up with debts, it may be time to consider declaring bankruptcy.

Ohio was hit hard by the home foreclosure crisis that began nearly a decade ago. Sadly, recovery has been slow and uneven across the state's geography and demographics. One of the signs of continuing financial woes, and a cause of further financial issues, is the trend of businesses declaring bankruptcy across the state as well.

As fewer people have disposable incomes and seek to cut expenses with online shopping, large and small retailers across the Buckeye State are continuing to close. Experts believe that 2018 may break 2017's record for retailers declaring bankruptcy in Ohio and elsewhere.

One of the effects of multiple Ohio retailers closing their locations or closing altogether is the loss of jobs. For a population that relied on a robust retail industry for income, that means unemployment and worse economic issues. Thousands of shop owners, managers and workers are at higher risk for personal bankruptcy if their main sources of income declare bankruptcy and never reopen locations or operations.

Sometimes, you need a fresh start after a financial situation that causes irreversible money woes. There is no reason to continue living with harassment by creditors and mounting monthly payments. An attorney can help review your assets and determine whether or not bankruptcy is the right way to put you on the path to financial recovery.

Source: Dayton Daily News, "Will more stores close in 2018? No comeback for traditional retailers," Kara Driscoll, Jan. 04, 2018

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