It is a big part of the American Dream to have assets. The most popular one is a home, and it was expected for much of the 20th century that families would strive to own their own home. So it often feels like a nightmare when assets turn into liabilities and families have to leave them behind.
Ohio is used to good times and bad times, and Ohioans often have the experience of both. It was easy for Buckeyes to earn a good wage in manufacturing or agriculture for decades, while the Great Recession sucked the wind out of the region's sales after years of job losses.
When debts are mounting and cash flow can't keep up with them, it may seem difficult to envision a positive financial future. Bankruptcy may seem like a dirty word connected with failure, but the declaration can be the beginning of a new era for people in debt.
Severe debt can lead to a variety of problems, from diminished spending ability to constant calls from creditors. Although bankruptcy often comes with an undue stigma, the process can help people wipe away previous financial problems and get on the right path to financial health.
It is never easy to deal with mounting debt. The number of Ohioans dealing with large debts has gone down since the darker days of the Great Recession, but there is still a significant number of people and families struggling with staying current with payments and being hounded by creditors.
No one wants to file for bankruptcy. The word itself seems to have social connotations as well as financial, as if a person is admitting failure. However, the truth is far from that assumption; bankruptcy can be the beginning of a path to success out of debt and harassment by creditors.
Bankruptcy is always a difficult prospect, but it can be a way out of financial trouble if it is done properly and at the right time.
Deep debt is always a difficult thing to get out of, no matter how easy it seemed to get in. More Americans are facing various types of debt, including insidious consumer debt, which can ruin credit for years and cause lifelong financial problems.
Filing for bankruptcy can be a daunting prospect for individuals and families. The idea of losing control of one's finances is never attractive. Moreover, the idea of letting a trustee settle their debts and have access to their property makes many debtors ill at ease.
Bankruptcy can easily feel like failure when someone is facing the prospect, but it has many qualities for debtors that make it a fresh start. It is a way out of overwhelming debt that respects debtors' rights as well as creditors' needs when dealing with property and assets.