For quite some time, bankruptcy has been flashing across the headlines of newspapers throughout the nation. From major enterprises to low income families within Pennsylvania, bankruptcy does not discriminate in this struggling economy. Data has shown that many families that are at or below the poverty level are close to being in a situation where filing for bankruptcy would be necessary. Individual bankruptcy is often utilized.
Bankruptcy is a tool that can be used to relieve the pressures of major debts. There are different types of bankruptcy, each type designed to fit a unique situation. Though many in the region would qualify, bankruptcy is often forgotten among the majority of middle and working class families.
Plans are being developed to help families in the region achieve financial health once more. Bankruptcy should still be considered a viable option, and can have its benefits that lead to financial stability. Some programs from financial institutions are focused on providing support. To safeguard financial security in the region, panels are considering options which include reviewing the financial status of individuals and families, determine the abilities of these families to meet their financial responsibilities, create new opportunities for families that will help them to pay off debt and create a balanced budget.
In this recovering economy, bankruptcy may be necessary to relieve the pressures of major debt from credit cards, loans and medical expenses. For answers to additional questions, speaking to an experienced attorney may be beneficial.
Source: The News Eagle, “Are the region and its people bankrupt?”, Howard H. Grossman, September 30, 2015