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Bankruptcy may help individuals who feel overwhelmed

When struggling with financial issues, many Ohio residents may feel alone. They can see their family members and friends having the ability to buy new items, go out to dinner or go on trips, and they are struggling just to meet daily needs. However, individuals in this type of situation are hardly alone, as numerous people face money issues, and many find help through bankruptcy.

To put this scenario into more perspective, Americans are carrying a total of approximately $4 trillion in debt. That amount has increased by $1 trillion in less than a decade. According to reports, approximately $1 trillion come from consumer debt like outstanding credit card balances, and almost $1.6 trillion come from student loans. The remaining $1.2 trillion are associated with auto loans.

Of course, even though others are struggling, having debt issues is a very personal experience. One woman spoke about her experience in which she faced financial issues for 18 years before filing for bankruptcy and finding the help of a credit counselor. She had approximately 10 credit cards that she had been using since she was in college and had accrued more than $20,000 in debt, and feeling overwhelmed prevented her from seeking help for many years.

Fortunately, Ohio residents facing similar circumstances do not have to feel hopeless. They may want to take this example and understand that they may also be able to reach stable financial footing by filing for bankruptcy and reviewing other debt relief options. Because each case is different, individuals may want to discuss their particular cases with knowledgeable attorneys.

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