Protecting Your Rights And Your Future

Bankruptcy still offers an effective path to a fresh start

| Sep 20, 2014 | Credit Card Debt

Surveys indicate that the credit card crisis nationwide, and including in Arkansas, has not ended. There may be more people watching their step and using credit more judiciously these days, but according to one survey by a national credit counseling foundation, a full 20 percent of those surveyed indicated they had to rely on credit cards to make ends meet. Thus, it’s clear that some consumers will benefit by the bankruptcy remedy, which is an effective and powerful way to wipe out large amounts of unsecured credit card and medical debt very quickly.

Filing bankruptcy is also a curative remedy for many people. Consumer credit counseling is a requirement of the process, and many consumers learn the value of conservative budgeting of their monthly finances. That’s why the theme of getting a “fresh start” by filing a personal bankruptcy is not a hollow or empty slogan.

In fact, eliminating large amounts of unsecured credit card debt, medical bills and other unsecured loans in a quick and permanent manner has an energizing effect on many people. It can be the impetus that some people need to get out from under the paralysis that heavy debt imposes on the spirit. The experience appears to help many people find a greater sense of ability and maturity in their future decisions about when, where and how much credit to take on.

It is necessary for anyone residing in Arkansas or elsewhere who is contemplating the bankruptcy remedy to learn as much as possible about the law, the details, and the options involved. There are consequences, benefits and detriments that should be fully investigated. The remedy may not be for everyone facing financial challenges, but it has proven to be an effective opportunity for a new lease on life for many others.

Source:, “It takes a credit card just to keep up for some families, poll says”, Lois M. Collins, Sept. 12, 2014