Bankruptcy: How Far Will Consumers Go for Relief?

Many individuals in Ohio and across the nation may be aware of how stressful it can be struggle under the weight of debt. However, they might not be fully aware of just how much of an impact financial strain can have on their lives until they are forced to confront the issue head-on. While studies suggest that many consumers would be willing to go to great lengths to be free from the burdens of debt, some may still be reluctant to pursue this relief through outlets such as bankruptcy.

According to reports, as many as 46 percent of those who took part in a recent survey admitted that dealing with debt has caused them to experience high levels of stress. These studies also indicate that a significant number of those surveyed also assert that financial hardships have forced them to put off certain goals. Many consumers also admitted that their issues have left them with little to no emergency savings and that they would struggle to deal with even minor unexpected expenses.

This study also asked consumers what they would be willing to give up in exchange for relief. While their answers varied anywhere from choosing to eat out less frequently or giving up on taking a family vacation, some even stated they would give up their right to vote if it would help their situation. While cutting down on expenses can be helpful in certain scenarios, in some cases, a more long-term solution could be necessary.

Problems with debt can have a significant impact on a person’s quality of life. Those who wish to keep similar concerns from disrupting their plans for the future may find it helpful to obtain guidance on all their available options for relief by consulting with a bankruptcy attorney. An attorney can evaluate the circumstances a client in Ohio is facing and assist him or her in forming a strategy to pursue relief from debts through the necessary outlets.