If you are an Ohio resident who is finding it hard to stay on top of your finances, know that you are not alone. Many people across the state and nation are struggling under the pressure of mounting medical and other debt, and if you count yourself among them, you may be wondering whether filing for bankruptcy can help you find the relief you seek. At Kennel Zeigler LLC, we have a comprehensive understanding of the bankruptcy process, and we have helped many clients better understand it and make educated decisions about whether they may want to proceed.
Bankruptcy is complicated and commonly misunderstood, and Nerdwallet reports that there is also a lot of misinformation circulating out there about the process and what it all means. Recognizing common misconceptions about bankruptcy may help you cut through the noise and make an informed decision about whether filing might be the right step for you. So, what are some of today’s commonly heard bankruptcy myths?
For starters, some people mistakenly believe that paying off debts slowly is always a better option. Ultimately, however, this depends on how far in debt you truly are. If you have debts that are equal to more than 50 percent of your annual income, you may never be able to get yourself above water once you factor in interest, late fees and the like. In such a situation, trying to pay down your debts may prove fruitless.
Another common misconception about filing for bankruptcy is that doing so involves admitting personal failure. On the contrary, the majority of people who file do so because they cannot get ahead of overwhelming medical debt, and accruing medical debt is rarely avoidable. Many other bankruptcies result because wages have not risen alongside inflation, rent and home prices, leaving many Americans in financial duress. Find more about bankruptcy on our web page.