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Bankruptcy: Studies suggest debt is an issue for all generations

| Feb 22, 2018 | Chapter 7 Bankruptcy

According to recent studies, most individuals across the nation are currently dealing with some form of debt. Individuals in Oregon who are experiencing financial concerns may find some level of comfort in the fact they are not alone. However, simply knowing that others feel their pain does little to fix the issue, and should these challenges persist, one might find it helpful to speak to a bankruptcy attorney for guidance in pursuing relief.

These studies were conducted using a variety of individuals ranging anywhere from baby boomers to millennials. The results in each category were roughly the same and suggested that nearly 80 percent of Americans were carrying some form of debt. However, the types of debt that are an issue for each generation differs slightly, with results suggesting that younger individuals hold higher mortgage debts and baby boomers carry higher credit card balances.

Regardless of the type of financial issues one faces, these studies suggest that the first step in reducing debts is to become aware of them. Upon organizing debts, a person can form a strategy on how to pursue relief. While the options available to each individual may hinge on the variables present, such as the type of debt involved and his or her ability to make payments, choosing the correct option can be a daunting task.

Dealing with the burdens of debt can be an intimidating experience, and persistent financial issues could cause a person to suffer substantially. Individuals in Oregon who wish to cut down on or eliminate debt loads could benefit from speaking with a bankruptcy attorney for guidance on the available outlets for relief. An attorney can examine a client’s financial situation and provide guidance in choosing a path with which to pursue relief and forge a path for a return to financial stability.

Source: USA Today, “It’s official: Most Americans are currently in debt“, Maurie Backman, Feb. 17, 2018

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The Law Office of Kim Covington is a debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 19 years.