In the early stages of financial distress, many Arkansas residents firmly believe that the situation is only temporary and that it will be possible to fulfill any outstanding financial obligations. They don't consider Chapter 7 bankruptcy as an option or feel that it is a last ditch effort, at best. As time goes on, things may shift and that optimism can fade. This is especially true for consumers who have tried and failed to work with their banks to have a loan restructured.
A recently published article looks at the issue of institutional racism and discusses the financial challenges faced by many African American families. According to the authors, black families in Arkansas and across the nation continue to suffer from disparities within the court system, which can lead to serious financial troubles. For some, bankruptcy is the most viable solution and can provide a chance to start anew and build a stronger financial foundation.
After the excitement and joy of handing out presents to loved ones over the holidays, the reality of overextended credit card debts may hit some Arkansas consumers in January. No one wants to face a credit card lawsuit, and when the bills start arriving, consumers may explore remedies that will provide a quick solution. A popular choice at the beginning of every year is said to be 0% balance transfers on credit cards. Although the potential of quick debt relief without interest may be appealing, there are several pitfalls to consider.
When faced with financial difficulties, many in Arkansas fail to understand the power that bankruptcy can have. Others understand the benefits of Chapter 7 bankruptcy, but they feel that filing is some sort of mark of failure. Many people assume that individuals who seek bankruptcy protection are somehow irresponsible or cannot achieve any level of success.