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Personal bankruptcy may offer significant debt relief

Being burdened by significant debt can become immensely stressful, and it is capable of diminishing a person's capacity to enjoy everyday activities. Constant pressure from collection agencies can make you feel threatened, and it is incredibly taxing to live in fear of losing a vehicle, home or other possessions. Many Ohio residents struggle with debt from car payments, medical bills, student loans and credit cards.

If you're in this situation, you're not alone. Ohio currently ranks 36th in the country for financial stability. This rating considers several aspects of residents' personal situations, including health care, housing, employment and education. The state holds a higher rate of bankruptcy - 0.43 percent - than the national average, which stands at 0.37 percent. This status seems unlikely to change in the near future, as many in the state are on shaky financial ground. Nearly half of all residents lack the savings needed to get by for three months if they lose their current source of income.

If you find yourself unable to pay your bills each month, bankruptcy may be a good way to reduce debt and remove the constant stress of unpaid bills and collection calls from your life.

Bankruptcy allows you to restructure your debt i n order to make payments easier, and it can also relieve or eliminate pressure from collection agencies. Chapter 13 bankruptcy generally allows you to keep your car and your house while you begin to repay your debts in amounts that are more affordable for your current situation.

If you or someone you know is struggling with insurmountable debt, it may be time to consider filing for bankruptcy. It is possible to relieve several types of debt through this process. Regardless of your personal situation, bankruptcy can provide an opportunity for a fresh start that can reduce stress and discomfort in your everyday life.

Source: Dayton Daily News, "Ohio Ranks Among Worst for Personal Finances," Cornelius Frolik, Feb. 3, 2014

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