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Will bankruptcy get rid of all of your debt?

| Apr 6, 2020 | Bankruptcy

If you are dealing with drowning debt and are considering filing for bankruptcy in Ohio, you may be wondering whether or not it will solve your financial problems permanently. While bankruptcy may allow you to get rid of a bulk of your debt, depending on the type of debts you have and your spending habits, it is not a one-size-fits-all solution.

Understanding the role of filing for bankruptcy in your effort to reduce your debt and restructure your finances, is critical to your ability to implement new habits that will allow you to avoid similar problems in your future.

Changing your habits

The minute you decide to file for bankruptcy, assess which habits caused you to end up in this predicament. Are there things you could have done differently? What changes can you make to avoid unnecessary debt? A good starting point is to make a list of your needs and wants. Structure a plan that enables you to meet your needs, save some money and have a little extra to spend when you have met your financial goals. Regularly assess how effective your plan is to determine if modifications need to be made.

Preventing new debt

According to Discover, one way that you can avoid debt is to be creative and strategic in how you choose to use unexpected money. For example, if you get a bonus at work, rather than spend it right away or even put it into your savings account, consider investing it into something that will build interest over time and help prepare your finances for the future. You would also benefit from setting a credit limit for yourself so you can monitor to make sure you do not overspend on credit accounts.