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June 2014 Archives

Chapter 7 can help individuals, companies in debt

Typically, no one’s goal is to accrue large amounts of debt, but it happens for a variety of reasons. For some people in Pennsylvania, an unanticipated medical problem can cause a person to rack up tens of thousands of dollars of debt, or more. The loss of a job can also result in high amounts of personal debt, or poor economic conditions can cause a business to linger in the red. Chapter 7 bankruptcy protection is available to those who need a way out of their seemingly hopeless debt situations.

Personal credit card debt totals thousands of dollars on average

There’s good debt in Pennsylvania, and then there’s bad debt. Good debt, such as a mortgage, eventually leads to an asset once the debt is paid in full. When it comes to credit card debt, on the other hand, a person typically ends up paying more than necessary for a purchase over the long haul without getting any more benefit from doing so. People are generally aware that credit card debt is worth targeting first when trying to get out of debt.

Theater files for Chapter 7 bankruptcy

People in Pennsylvania may enjoy a night out at the theater -- an opportunity to enjoy creative entertainment while supporting the arts. However, one long-time theater in a different state has filed for Chapter 7 bankruptcy due to being unable to continue on. Chapter 7 bankruptcy is a helpful solution for discharging debts that have become too large to handle.

Bankruptcy may be vialble solution for those with college debt

For members of the 2014 graduating class in Pennsylvania, now is the time to start looking for work. Many will face the reality of having to begin paying on their student loans in the fall as well. Those who have credit card debt along with college debt may feel overwhelmed. Bankruptcy, however, may help the person to regain a sense of control over what appears to be a dire financial situation.

Bankruptcy may help those facing huge medical debt

People in Pennsylvania generally have some control over their lives: For instance, they can choose who to marry, where to live and what career to get. However, one thing a person can’t control is whether he or she falls ill. Learning that one has cancer or other serious conditions can be upsetting, and finding out how much medical debt one has to accrue in order to get the necessary treatments can be even more unsettling. Unfortunately, many more families today than ever before are unable to pay their medical bills upfront due to health plans with high deductibles; in their cases, bankruptcy might prove to be an advantageous option.

Personal bankruptcy can help to address massive debt

When things are going well at the job and at home, a person may feel on top of the world. However, in an instant, that job may be taken away, or a person may fall ill and rack up thousands of dollars of medical debt. When debt gets out of hand, bankruptcy is a helpful option in some cases in Pennsylvania.

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