Could declaring Chapter 7 bankruptcy improve my financial situation?
A recent report by SmartAsset, a financial technology company, ranks residents in Lima, Ohio among the savviest at handling debt. In creating its rankings, SmartAsset considered credit scores, average personal loan debt, mortgage foreclosure rates, and credit utilization among residents in various cities across the country. This interesting study provides a unique look at the financial state of individuals across Ohio and could serve as an incentive for those who are struggling financially to develop a positive solution to their financial woes.
Lima ranked second for most debt savvy in Ohio and 126th nationally. Cincinnati came in first in the state, while Toledo came in third, followed by Columbus, Cleveland, and Dayton. The average debt of residents in Lima was $28,363, with foreclosure rates a low 12.8 percent, credit utilization at 27 percent, and the average credit score of 674.1. Overall, bankruptcy filings were also down in the region. Lima’s high ranks are likely the result of several intertwining factors, including an improving economy, creditor’s increasing ability to determine whether a debtor is solvent, and the ease of paying bills with technology, among other considerations.
Exploring Chapter 7 Bankruptcy
Part of being debt savvy is knowing when it may be beneficial for you to declare bankruptcy to escape from your crushing debt. Each year, millions of Americans will file for bankruptcy to allow themselves a fresh financial start. If you are struggling to maintain payments on your substantial debts, it may be time to meet with a Miami Valley, Ohio Chapter 7 bankruptcy attorney to explore your options.
The aim of a Chapter 7 bankruptcy is to eliminate your unsecured debts so that you can start over on your path to financial freedom. Unsecured debts are those debts that you have not pledged your property as collateral in exchange for the loan. Most credit card debt is unsecured, as are medical bills and money judgments. The first step towards determining whether Chapter 7 bankruptcy is your best option is scheduling a consultation with a bankruptcy attorney who will conduct a thorough review of your financial situation.