Bankruptcy: Overcoming the Stress of Debt Early in Life

Debt can come in many shapes and forms, each of which can place a young individual under significant financial burdens. Those who experience prolonged periods of hardship early in life could suffer a lesser quality of life in the process. Individuals in Ohio who face similar challenges could find it beneficial to explore the available options of relief with the guidance of a bankruptcy attorney.

With the extensive costs of pursuing a higher education, many young individuals are starting the rest of their lives with a substantial financial weight on their shoulders. High monthly payments can cause an individual to be less capable of saving, which could prove devastating should an emergency occur. The financial instability of a similar situation can also lead to harmful levels of stress that may affect one’s life in numerous ways.

While student loans are a significant concern for many, a great deal of younger individuals may also be saddled with significant amounts of credit card or medical debt. These can leave one struggling to keep up with monthly obligations, and the situation may only grow worse as time passes. Even the implementation of a strict budget may do little to rectify similar financial concerns, and in some cases, a more permanent resolution may be necessary. While bankruptcy may do little to assist with student loans, one’s unsecured debts may be eligible for discharge, which could relieve a great deal of financial stress.

Individuals who struggle with overwhelming amounts of debt early in life may wish to pursue relief, but they could be uncertain where to turn for guidance. Those who experience similar hardships could benefit from speaking with a bankruptcy attorney for advice on each available option for relief, as well as the potential outcomes. An attorney in Ohio can address a client’s financial concerns and provide advice on how to pursue a healthier financial future through the necessary outlets.

Source: 11alive.com, “Budgeting: Why do younger workers have so much financial stress?“, Maurie Backman, Nov. 19, 2017