We all know the spending temptation that is engendered by the holiday shopping season. Advertising and intensive marketing campaigns in Arkansas and nationwide make it difficult to use credit cards conservatively. Many persons who are trying to keep a tight budget may stray into the grip of credit card dependency, and some may encounter dire financial hardship in the process.
The medical care system in most states, including in Arkansas, remains unaffordable and a financial burden of major proportions to many consumers. The most surprising aspect of the problem is that even people with seemingly adequate health insurance are finding it necessary to file bankruptcy to survive medical debt. Clearly, medical debt has become a leading source of consumer bankruptcy filings nationwide.
In Arkansas and all other jurisdictions, studies show that people in all age brackets file for personal bankruptcy protection. The age group that contains the highest number of bankruptcy filings is the 25 to 44 age bracket. According to a prominent financial economist and university professor, a person can indeed rebuild his or her credit rating after bankruptcy.
There appears to have been a variety of arrests of police officers on criminal offenses throughout the country in the past few years. Some of the arrests were for participation in drug trafficking operations, while others were related to sex offenses, including sexual assault and contact with minors. These types of cases have also been ongoing in Arkansas.
When residents of Arkansas look into the question of filing for bankruptcy debt relief, they will generally learn that there are two basic types of filings for consumers with consumer debt. These are Chapter 7 and Chapter 13. Most consumers generally file a Chapter 7 bankruptcy, which is a powerful and even miraculous relief for certain overburdened consumers.
Arkansas residents contemplating a bankruptcy will often ask how the filing will affect their job. With respect to one's current job, no employer can fire or make employment decisions based on a bankruptcy filing. Furthermore, the employer will usually not even know that an individual has filed for bankruptcy.
More and more, the habits of consumers and the conveniences of shopping make the use of credit cards more prevalent than using cash. That is particularly true for online purchases, which are dependent largely on credit or debit cards. The fact is that these habits lead to overspending in some cases, and when the pattern is repeated over and over again, the individual or married couple may face a frustrating financial stranglehold. In order to obtain debt relief, there are several options, including bankruptcy, in Arkansas as well as in all other states.