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Rapper files for bankruptcy, then poses with stacks of cash

Some Arkansas readers are familiar with the work of the rapper known as 50 Cent. The entertainer, whose legal name is Curtis James Jackson, is also an actor, and has appeared in multiple movies and television projects. Jackson filed for bankruptcy last year, but is now being called back to court to discuss photos that he posed for and then posted on social media. Those photos show him posing with large stacks of cash.

Many senior citizens require discharge of debts

Many people envision their retirement as a time to step away from the demands of their career and refocus their energies on more personally fulfilling goals, such as family, hobbies and travel. For some Arkansas residents, retirement looks nothing like this ideal, and is defined by financial turmoil. In such cases, taking proactive steps to bring about the discharge of debts is the only way to regain a strong financial foundation and find peace in one's later years.

Choosing between medical debt negotiation and bankruptcy

After a serious illness or injury, many Arkansas residents are left with a lasting reminder of that experience. While some will have scars or lingering physical reminders, many more will face staggering volumes of medical debt. When considering how to address a mountain of medical bills, consumers have a few choices. They can try to negotiate lower rates that would make repayment a possibility, or they can choose to move toward personal bankruptcy.

Could small debt lead some African Americans to bankruptcy?

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.

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.

Current cases could impact bankruptcy and student loan discharges

Most Arkansas residents are aware that student loan debt is virtually impossible to get rid of via bankruptcy. However, that could change based on the outcome of two very important cases making their way through the courts right now. If one or both go before the U.S. Supreme Court, the outlook for consumers burdened by heavy student debt could improve, and bankruptcy might become a more appealing option.

Scam did not result in the discharge of debts

Arkansas consumers who are considering debt relief services should be aware of the proliferation of scams within that industry. An example is found in a recent judgment imposed by the Federal Trade Commission against one company. The operator of that fraudulent debt relief scheme will now have to pay $7.9 million in restitution to consumers bilked by the scam. While participation in the company's plan did not lead to the discharge of debts, those affected may receive some form of compensation as a result of the recent federal court action.

Bankruptcy can help older people with student loan debt

Not every Arkansas resident with high levels of student loan debt is in their 20s. In reality, many older people remain saddled with these accounts.  It is estimated that people over the age of 65 hold $18.2 billion of the nation's student loan debt. As retirement nears, it becomes increasingly important to eliminate debt and save for the future. Bankruptcy offers one path to reach that goal.

Bankruptcy can be a safer path than debt settlement

Faced with financial difficulties, many Arkansas residents will go to great lengths to extricate themselves from high levels of debt. For some, this will include considering bankruptcy, as well as an initial attempt at debt settlement, a process by which consumers pay one monthly sum to a company that in turn negotiates debt terms and makes payments to one's creditors. While there are certainly some reputable debt settlement companies to be found, the industry is rife with scams, including one run by a  company called World Law Group, which was recently subject to a preliminary injunction.

Would you sell an organ to achieve discharge of debts?

Being overburdened with high levels of debt is a serious issue for many Arkansas residents. This can be especially difficult for young adults who have emerged from college with excessive student loan debt. Moving through one's 20s and 30s while struggling to pay down debt can be a challenge, and many people postpone making other significant life choices while they turn their attention to debt management. For many, there are few things they would not do to achieve the discharge of debts, including selling a vital organ.

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