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Bankruptcy may be beneficial to consumers with high debt

Being in debt in Pennsylvania can feel like being in an inescapable deep hole. The more a person may try to climb out of the financial hole, the more he or she may feel behind due to high credit card interest rates and inadequate income. There are a few signs that a person may benefit from filing for bankruptcy in order to finally remove his or her debt.

Individuals may use home equity loans to pay off credit cards and other debts. The challenge for some people, however, is to finish paying off their cards and avoid running the cards up again. If people have already used home equity loans, don't own homes or have negative equity, they may have no choice but to file for bankruptcy.

Another sign that bankruptcy may be necessary is if a consumer is constantly getting threatening phone calls or letters from debt collection agencies. This typically happens when a person’s debts are a month to three months past due. When debts are past due, this information is typically included on the consumer’s credit report. In addition, if a person doesn’t have enough savings to cover his or her debts or other financial emergencies that may arise, then bankruptcy may be the best solution.

Overwhelming debt can detract from a person’s quality of life, causing stress and feelings of helplessness. Fortunately, bankruptcy protection is available for consumers in Pennsylvania who need quick debt relief. By having one’s debts discharged in bankruptcy, a person can start over again monetarily and strive to have a much more financially stable life.

Source: azcentral.com, "7 warning signs you're heading toward bankruptcy", Russ Wiles, Aug. 4, 2014

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