What are the top 10 reasons someone in Columbus, Ohio would file for bankruptcy in 2018?
Due to various factors beyond your control it is sometimes necessary to consider filing bankruptcy. While bankruptcy is typically something that people try to avoid, it can also bring about many benefits. The following list details the top ten reasons why someone in Columbus or the central Ohio area would want to file for bankruptcy this year.
1. You are already working two or three jobs just to make ends meet and you still cannot get out of debt.
2. You are using credit cards as the method to make the payments on other credit cards. This just creates a vicious cycle that is difficult to escape.
3. Your wages have been or are getting ready to be garnished.
4.You are dipping into your retirement account to pay your bills. Your retirement account is, for lack of a better term, financial security blanket , that you can use to meet your basic needs when you are no longer able to work. It is not a wise decision to use this money for other purposes. In bankruptcy proceedings most retirement monies are excluded when evaluating your financial situation.
5. Your interest rates keep increasing. Missed payments lead to an increase in interest rates along with other penalties for being late.
6. Your work life and personal health are suffering due to high stress. Not being able to pay all your bills and continuing to have your debt rise, leads to high stress, which can lead to a lack of focus at work and poor health.
7. Your house is about to be foreclosed on. With the high cost of housing in Columbus, trying to find new and affordable housing will be difficult. Bankruptcy can help avoid foreclosure.
8. There are no other realistic options to pay off your debt.
9. Getting a fresh start. If you have an income and can pay your expenses, but can’t get out of debt, bankruptcy will allow you to start again and build good credit.
10. Stop the harassing phone calls and letters from bill collectors.
In general, bankruptcy can alleviate many financial challenges and give a person a fresh start financially.