Cincinnati, OH -- (SBWire) -- 08/06/2012 --Cincinnati Bankruptcy Lawyer R. Michael Smith is working hard to educate consumers on steps they can take to avoid loans that lead to bankruptcy through his website and a general awareness campaign. The highly experienced Greater Cincinnati bankruptcy attorney has helped hundreds of clients through bankruptcy since 1985.

The recent economic downturn fueled by the housing crisis has led to hundreds of thousands and potentially millions of homeowners that are left with underwater mortgages at best, and the need to file for bankruptcy in the worst-case scenario. Consequently, Cincinnati Bankruptcy Attorney R. Michael Smith has doubled his efforts to spread the word about how to avoid problematic loans through dedication of his website and a general information campaign. “Having observed so many clients driven to bankruptcy by unforeseen results from predatory loans, especially home loans, I wanted to double my efforts on advising consumers on what to avoid before entering into the loan,” said Smith.

One of several loans that Smith advises against is an adjustable rate mortgage (ARM) loan, which promises an initial low interest rate, but increases dramatically—often to the point where the homeowner cannot make the monthly payments. Second Mortgage loans as a way to obtain cash equity from the home to pay off credit card debt or medical expenses are also to be avoided according to the bankruptcy attorney. “When unsecured debt leads to bankruptcy consideration, the unsecured creditors are dischargeable in bankruptcy, while the second mortgage secured creditor is not,” said Smith.

The Cincinnati bankruptcy attorney’s campaign also warns consumers to avoid out-of-state lenders as they have no legal accountability to the state attorney general or local courts. As one of the most experienced bankruptcy lawyers in Cincinnati, R. Michael Smith has represented a great many individuals and small business clients in both Chapters 7 and 13. His experience and strong compassion have not only led him to help those going through bankruptcy, but to work proactively to advise consumers on home loans that may lead to personal economic collapse. “Many consumers have been caught up in the kinds of loans described above, and completely trapped by the unforeseen consequences, so I want to do everything I can to help them avoid those problems,” said Smith. For more information, please visit http://rmsbankruptcy.com/

About Bankruptcy Attorney R. Michael Smith
As a highly experienced Greater Cincinnati bankruptcy attorney, R. Michael Smith has helped hundreds of clients through bankruptcy since 1985. The attorney is known for his measured counsel and strong desire to help educate Cincinnati area residents about bankruptcy law and choosing the right bankruptcy attorney. He has been named to “Who’s Who in American Law,” is a former Law Clerk to an Ohio Supreme Court Justice, and is admitted to the United States Supreme Court. R. Michael Smith, Esq. Attorney at Law 4100 Executive Park Drive, Suite 9 Cincinnati, OH 45241 (513) 769-3700