Students across Pennsylvania often gain more than a diploma when they graduate from college — they also gain a sizeable student debt. Some are able to find great jobs right out of school and are therefore able to pay back their student loans with reasonable ease. Others, however, may find they feel like they are drowning in debt. While it is rare, student loans can sometimes be partially or completely discharged through bankruptcy.
Credit card company solicitation of college students has Pennsylvania officials worried that the lure of easy credit might lead to delinquent payments and financial challenges. Credit in the hands of individuals who might not fully understand the consequences associated with high-interest credit cards.
A struggling economy can create financial challenges that may leave you with unpaid bills at the end of the month. Unexpected life changes, such as unemployment, serious illness or injury, can cause medical expenses and credit card debt to accumulate until you are in desperate need of debt relief.
Even with our recovering economy, small businesses across Pennsylvania are still feeling the effects of the latest recession. As such, it can feel like you have been struggling to keep creditors away, but perhaps you simply cannot do it anymore. If your business is failing, it may be time to file for chapter 13 bankruptcy.
An individual stricken with an unexpected medical condition could easily end up with unmanageable debt. This is particularly true when the illness leaves the person unable to work.
We recently published a blog post which addressed whether it is a requirement to hire a lawyer to assist with a bankruptcy case. We said that, while there is no legal requirement to have an attorney assist with the proceedings, the bankruptcy process can involve issues that may be confusing to the average person. A recent Pennsylvania case is a good illustration.
Dealing with overwhelming debt can often feel like you are drowning and don’t know which way the surface is. Chapter 7 bankruptcy is a way out; a rescue boat. While it may seem like the proper thing to do is to politely refuse rescue and swim to shore ourselves, sometimes the best option is the one that will get you out of the water the quickest.