If you are one of the many Ohioans whose credit card and other consumer debts have accumulated to the point where you can no longer afford to make the payments, you may be considering Chapter 7 bankruptcy as a last resort for saving you from complete financial ruin.
If you are a single mother, then paying the bills to keep your family afloat is likely one of your top priorities. However, there may come a time when it all gets to be too much. Every day brings a new bill payment request, and you cringe every time the phone rings in case a collector is calling. You are stressed and unsure how to pay the rent or the electricity bill. Your kids are stressed too.
Although filing for bankruptcy is scary, there is a light at the end of the tunnel. One thing you can be certain of is that your credit rating will take a hit. However, it will also go down if you remain in debt, so you are better off finding relief through bankruptcy.
If you are facing insurmountable debt and wondering how to get your life back on track, bankruptcy may seem like the last option you want to consider. Too many people assume that it will destroy their credit and doom their financial future when in fact the opposite is sometimes true. Chapter 7 bankruptcy, in particular, can provide debtors with a fresh start financially through liquidation.
Chapter 13 bankruptcy is a viable option for getting out of debt for both individuals and businesses. In 2010, the United States saw over 400,000 Chapter 13 bankruptcies filed, and a majority of those were from families.
If you are considering bankruptcy options for debt relief, it can be overwhelming trying to determine which is the best chapter for you. Each person’s financial situation is different, so there is no one-size-fits-all solution. Whichever one you choose, it is important to ensure that you file your petition correctly and have what you need to follow through.
As a single mom in Ohio, you may find it hard to manage your household, raise your kids and pay your bills comfortably. Although you are working full-time, your income may not be enough for you to make ends meet. Instead of stressing out and losing sleep over your situation, you should learn what actions you can take to get yourself back on track.