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January 2016 Archives

Helping individuals deal with debt through personal bankruptcy

Dealing with financial problems can be scary. An individual or family might struggle to deal with their bills in the short-term, making it impossible to think about their situation in the long-term. The idea of bankruptcy might frighten some; however, bankruptcy is a realistic debt relief option that could be safe and reliable for many individuals drowning in debt. Whether a person's financial problems stem from credit card debt, medical debt or unemployment, filing for personal bankruptcy might be the best opportunity for an individual or family in Massachusetts to gain a fresh financial start.

Salem residents rank 421st in national credit card debt

Insurmountable credit card debt has caused untold amounts of stress and suffering for Massachusetts families. Even if a cardholder is able to pay the minimum monthly payment, finance charges will continue to accumulate, extending the amount of time it will take to pay off the balance.

Medical debt and available debt relief options

Unfortunately, life can bring financial challenges for residents in Massachusetts and elsewhere. While some of these can easily be overcome, when the health of an individual or a family member is depreciating, medical bills can become overwhelming. When health and wellbeing of an individual is the focal point, it can be difficult to see the financial repercussions; however, there are debt relief options available to those struggling with medical debt.

Sticking to a Chapter 13 payment plan will pay off in the end

Bankruptcy is still a viable option for many Massachusetts residents who have a regular income but find him or herself facing serious financial challenges. As it was discussed in a recent post, many people choose Chapter 13 because their income is too high to qualify for Chapter 7.