Trusted Toledo Attorneys Here For You In Difficult Times

  1. Home
  2.  — 
  3. Chapter 7
  4.  — Eliminating your debts can be an attainable goal

Eliminating your debts can be an attainable goal

On Behalf of | May 26, 2016 | Chapter 7

Research suggests that Americans are currently drowning in debt that exceeds any level in postwar history. Most families in Ohio and across the nation have taken on a mix of financial obligations that might include a mortgage, auto loans, student loans, credit cards and medical debt. For many, the total amount of money owed far exceeds the amount of money coming into the home. Fortunately, there are options available to help in eliminating your debts.

Surveys and studies tell us that the average household has mortgage debt of more than $165,000. Student loan debt sits at an average of $48,000, and auto loans add on another $27,000. Credit card debt is estimated at $16,000, on average. Overall, that is a heavy load for many families to bear, especially in light of the fact that the average yearly income for most is just under $52,000.

That means that for some, more than half of their monthly income is going right back out to meet debt service obligations. Many families can maintain that balance for a period of time, but when something unexpected occurs, the balance is upset. That can come in the form of a job loss, illness, divorce or costly vehicle or home repair.

Once the scales have tipped and an Ohio family is unable to meet their monthly obligations, it might be time to consider an aggressive debt relief option. There are a number of choices available for eliminating your debts. Most importantly, there is a course of action that can meet virtually any set of needs.

Source:, “The Seeds of Revolt: American Families Owe Trillions of Dollars in Debt They Can’t Pay Off“, John Hayward, May 18, 2016