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Bryan P. Keenan

Bankruptcy may be necessary for those needing debt relief

The amount of money owed on credit cards today actually has decreased since the recession in 2008. However, Americans as a whole have more than $850 billion in revolving debt, which mostly includes money owed on credit cards. People in Pennsylvania might feel that their debts are swallowing them up, and they may seek debt relief, which is possible through the legal avenue of personal bankruptcy in our state.

Some people may feel frustrated since they can never seem to overcome their debt while other people don't have debt for very long periods and rarely use their credit cards. Interestingly enough, new research shows that a correlation exists between owing money on credit cards and not having health insurance. People who don't have insurance have a greater chance of being in debt on their credit cards compared with those who have health coverage.

However, even people with health insurance may still get into debt, particularly if they are trying to manage an ongoing sickness. High deductibles, co-payments and premiums contribute to outstanding credit card balances. In addition, people who have been out of work for two months or more have a higher chance of owing money on credit cards compared with people for whom joblessness is not an issue.

Higher education also often translates to lower debt on credit cards, according to the research. One significant finding of the research is that just because a household owes money on credit cards doesn't mean the people in that home are irresponsible. If a household lacks significant assets, it likely will end up using credit cards as a last resort. If a person in Pennsylvania feels down-and-out and sees no way of putting a dent in outstanding debt, a personal bankruptcy filing may be necessary to finally discharge this debt and start anew with one's finances.

Source: The Huffington Post, "What Drives Credit Card Debt?", Amy Traub, May 1, 2014

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Bryan P. Keenan & Associates, P.C.

993 Greentree Road
Suite 101
Pittsburgh, PA 15220

Phone: 412-923-4941
Fax: 412-444-0158
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