If you are facing a wage garnishment to settle a debt, your finances have likely been in disarray for some time. Ignoring the problem will not make it go away, so it's time to take the bull by the horns and decide on a course of action.
Debt has made failure to keep on mortgages a real problem across Ohio. Cuyahoga County, home to Cleveland and Euclid, has been in the top ten counties for foreclosure nationwide in recent years. Fortunately, the risk has been dropping even though the ranking has not moved.
Filing for bankruptcy is few debtors' first solution to mounting debts. But it can be a good way to resolve your fiscal woes once other methods have been tried but failed.
You have so much debt that you're not sure where to turn. It all feels overwhelming. You start looking into your options, but you don't actually start the process through debt consolidation programs, bankruptcy or anything else.
There are benefits and drawbacks to both Chapter 13 and Chapter 7 bankruptcy. Chapter 7 is the faster option, but it can also involve the liquidation of your assets. Additionally, there are limits on how much income you can have if you want to file Chapter 7 bankruptcy. It also remains on your credit report for a full decade after your discharge. Those drawbacks may turn some people away from considering Chapter 7.
You were tired of dodging creditors' calls and lying awake at night worried about all the debts you couldn't pay. You decided that it was time to file for Chapter 7 bankruptcy in order to get some relief.