For many people in Oregon struggling with insurmountable debt, student loans may comprise a significant portion of the overall burden. Across the country, over 44 million people collectively owe $1.5 trillion in student loan debt, forming the second-highest category of consumer debt. While home mortgages continue to take the lead, student loans outweigh credit card obligations for Americans nationwide. Despite the significant cost of student loan debt, it is one of the most difficult forms of obligation to discharge in bankruptcy.
Many consumers who are struggling with debt in Oregon believe that filing for bankruptcy would make their problems even worse. This is not necessarily true for those with a lot of unsecured debt since many people who file for bankruptcy find that their credit scores begin to go back up quickly after bankruptcy.
The number of personal bankruptcy filings declined by 1.8 percent in 2017. However, financial professionals say that Oregon residents and others who want to file for bankruptcy should spend time thinking through the entire process. This means considering what happens before and during a bankruptcy as well as what happens after a case concludes. For example, debtors must go through credit counseling prior to asking for bankruptcy protection.
In April, Oregon congressman Peter DeFazio introduced an act that would make it less difficult for people to discharge student loans in bankruptcy. These types of loans are presently not dischargeable in most cases although in a few cases, people have successfully done so. "Undue hardship" is the standard by which it is decided whether a student loan debt is dischargeable, and the proposed act would broaden that definition.
Many people in Oregon struggle to repay their student loan debts. Unlike other types of unsecured debts, such as credit card balances or medical bills, student loans are normally not dischargeable in bankruptcy. However, student loans may be dischargeable in some cases.
Carrying substantial amounts of debt can be a burden for many individuals in Oregon and elsewhere, regardless of age. However, those who are saddled with debt upon entering retirement may face additional challenges that often come with living on a fixed income. Since monetary struggles could have a devastating impact on the life of a retiree, those experiencing such troubles could find it helpful to speak with a bankruptcy attorney for advice on how to pursue some much-needed relief.
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.
Many individuals in Oregon and elsewhere may have experienced financial struggles that prompted a need to pursue relief. However, with little to no experience in the area, some may be uncertain of the options available to them and how each option might affect their financial futures. Those who wish to pursue relief through bankruptcy could take comfort in knowing the steps they can take to begin rebuilding their credit after the process is finalized.
For many individuals in Oregon and elsewhere, the decision about what to do with a tax refund can be a challenging task. Some may believe it is best to place their refund in savings in case of an emergency, while others might wish to make payments on debts and free up income. However, for those who are experiencing significant financial issues, a refund could be a means with which to pursue relief from debts through 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.