Lee R. Schroeder is an Ohio licensed attorney with Schroeder Law LLC in Ottawa. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at lee@leeschroeder.com or at (419) 523-5523. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.
Most people have at least some debts in their life as much of our economy’s spending is based upon borrowed money. Usually our debt is manageable as those who lend us money typically won’t lend us more than we can afford to pay back. However, sometimes sicknesses, job losses and other unforeseen situations put in a financial position that won’t allow us to pay off our debt. So what happens when you can’t pay off your debts?
Statistically, only a few of us are debt-free. Debt is a big part of our society because a very large part of our economy’s domestic spending over the last several decades has been based upon borrowed money.
Usually, we are able to handle our debt. Ideally, those who loan us money will not loan us more than we can repay. However, sometimes an illness, a job loss or other unforeseen circumstances put us in a position where our debts cannot be repaid when expected.
Read more about dealing with debt in Lee’s article in the Lima News here: Legal-Ease: Dealing with debt
Source: LimaOhio.com, “Legal-Ease: Dealing with debt,” by Lee R. Schroeder, January 23, 3016