Graham & Associates Law Offices, LLC | Serving all of Northeast Ohio

May 2014 Archives

Bankruptcy can help relieve massive student credit card debt

The threat of student loan debt has been widely reported, but it’s only one of the problems facing students who are trying to make their way in the world. The unfortunate truth about debt is that it is all compounding. Struggling to pay off student loan debts can also make it difficult to pay off other debts, such as credit card debts. Credit cards may seem like a godsend to students who are barely living within their means, but they don’t come without their own strings attached.

Student loan debts are financially crippling

There are many types of debt that United States citizens suffer through. This debt can affect their standard of living in a number of ways, potentially putting their homes, cars and lifestyles at risk. Some people accrue debt from unforeseeable circumstances such as loss of job or sudden medical complications. The future generations of our country may look as though they might be being set up for failure before they even have a chance to find their footing.

Chapter 13 bankruptcy offers a fresh financial start

While bankruptcy is an effective form of debt relief, it is not the ultimate answer to all financial problems, and it would be a lie to tell people that it doesn’t come with a bit of baggage attached. Individuals who have taken advantage of a bankruptcy filing may understand the wonderful debt relief and protection from creditor harassment that it brings, but being unable to pay one’s debt is something that could make future creditors nervous for years to come. This is especially true for people who filed for Chapter 13 bankruptcy and are still in the process of paying their debts off.

Doctors toughen up on debt collection

However carefully you plan for the future, it is all too easy to fall into debt. A sudden death, an accident, theft, all these things can change your financial situation in an instant. For people in Ohio and indeed across the United States, medical bills are a major contributing factor to financial concerns. You can’t help falling ill, but that cost can be great and now doctors are going to extra lengths to recover payments.

Bankruptcy offers protection and peace of mind

Most people think of bankruptcy only as a form of debt relief. While it's true that filing for bankruptcy can eliminate debt and help you overcome many of your financial challenges, it brings with it the added benefit of providing different kinds of legal protection. Filing for personal bankruptcy immediately stops creditor harassment and prevents many of your assets from being taken from you without a fair assessment.