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Is bankruptcy the right debt relief option?

Dealing with creditors can take a toll on a person's life. Let's face it...trying to manage a mountain of debt is stressful. Letters and calls from creditors are not the only troubles many people can face after a financial setback. Repossessions, foreclosure--even deficiency judgments after a foreclosure are sometimes possible. The list can go on with wage garnishment and bank account seizures.

The cycle can easily start, especially in light of the nation's economic woes over the past few years. Job losses, a divorce or a medical issue can be all that it needed to send the household budget down the drain. Yet many people plow through, juggling many debts in the hopes things will turn around.

While it is a good thing to remain positive and look to the future, a financially distressed individual may be able look to the future with a fresh start after bankruptcy. Many Cincinnati area residents may put off making the decision to file bankruptcy for any number of reasons. It is important to consider options to find debt relief, but avoiding the problem altogether may not produce better results than making an informed decision on how t o proceed in the face of debt.

One commentator recently discussed bankruptcy in an article carried by Fox News. He says that there is evidence that filing for bankruptcy does not carry the financial stigma that it once did. The recent Great Recession has affected Americans all over the country, and in the current economy, bankruptcy is a viable option for getting a fresh start.

With the number of people who have declared personal bankruptcy in recent years, the legal process to achieve a fresh start under the bankruptcy code does not mean that a person's credit score is doomed for life. Many debtors are able to rebuild their credit after bankruptcy through careful management of limited credit, especially in these economic times.

An experienced Cincinnati bankruptcy lawyer can explain how the process works and what options may exist for individuals under the bankruptcy code. It is true that a bankruptcy will remain on a person's credit reports for many years. However, juggling unmanageable debt may not provide a path to freedom for the debt, and a credit score may also be adversely affected with new defaults and bad credit issues as the debts continue to mount.

Source: Fox News, "How to know when it's time to declare bankruptcy," Robert Massi, June 30, 2012

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