With prevalent financial concerns such as credit card and medical bills, many individuals in Oregon and elsewhere have found themselves facing significant financial issues. Living under the weight of debt can be harrowing, and without experience in the area, many may be uncertain how to work their way back toward financial stability. Although there are numerous outlets for relief, some consumers may find bankruptcy to be the most viable option available.
When it comes to bankruptcy, most individuals may give little thought to the process until they begin to struggle under the weight of debt. When it becomes an option, some may still feel somewhat intimidated by the prospect of filing, whether due to the complex nature of the process or to the impact it could have on their future. However, while it can be difficult to consider, the relief one might obtain through bankruptcy could be substantial.
While many or most of a person’s unsecured debts may be eligible for discharge in Chapter 7 bankruptcy, others may not. However, the relief provided through bankruptcy could free up income and make other financial obligations less burdensome. Since choosing to file for bankruptcy is a major decision, those who are considering it as an option may find it advisable to seek guidance before entering the process.
With a multitude of factors to account for, and little experience in such intricate matters, some may be uncertain of how best to approach their financial concerns. Those who are dealing with substantial amounts of debt may find it beneficial to consult with a bankruptcy attorney early in the process. An attorney in Oregon can help inform a client of what to expect from the process and assist him or her in choosing the best path with which to pursue financial relief.
Source: CNBC, “For some consumers, bankruptcy is the solution to crushing debt“, Sarah O’Brien, April 7, 2018
