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November 2015 Archives

Bankruptcy can follow a long period of familial generosity

For many in Arkansas, having the financial ability to help loved ones in times of need is a privileged position. Individuals who have worked hard and managed to get ahead are often happy to lend a hand to a family member when he or she needs a monetary boost. In a perfect world, that generosity is reciprocated if and when the need arises. For some, however, the end result of a lifetime of helping others is personal bankruptcy, an outcome that few anticipate.

Loan consolidation or bankruptcy? There is no need to choose.

Financial strain can strike virtually any family, even those who are college-educated. In fact, heavy student loan debt can contribute to money troubles and make it difficult to meet debt service obligations. For some in Arkansas, loan consolidation offers a path to more manageable student loan debt. While many people believe that bankruptcy and consolidation are completely unrelated financial tools, the two often work in conjunction.

How to know when bankruptcy is the best option

Debt tends to creep up on a person little by little. It can begin with a student loan, a credit card, a financed furniture purchase, or the sudden death of a vehicle and the unplanned auto loan that follows. Many address their debt on a monthly basis, looking only at the minimum payment that will keep accounts in good standing. When a significant financial event disrupts one's budget, it quickly becomes apparent that debt relief is a necessity. For many in Arkansas, personal bankruptcy is the best possible tool to reach that goal.

Is debt settlement your best debt relief option?

For many in Arkansas, living with a heavy load of credit card debt is akin to being a lobster in a pot. The situation seems fine for a while, but the temperature is slowly rising, even as the lobster is unaware that he is being cooked. Before long, the water is at a boil, and there is no turning back for the unfortunate crustacean. The following tips are offered in the hopes of giving borrowers the tools needed to evaluate their credit debt, and to know when it is time to crawl out of the pot and seek debt settlement or bankruptcy.

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