Graduation season may inadvertently invite financial challenges

In Mississippi and across the nation, during the month of May the minds of many are on school - in particular, graduation. By mid-May, many college seniors have already graduated and countless high school seniors are likely eagerly anticipating their own upcoming graduations. While the time is typically a hopeful one, there may be accompanying financial challenges that can cause families to review their money situation and take serious stock of their financial future.

For parents of soon-to-be high school grads, the prospect of college tuition may be a daunting one. Financial aid can only go so far, and many families are left with the prospect of both staggering student loans and sizable parental loans. The idea of taking on more debt can be overwhelming for families already in need of debt relief. Consequently, the prospect of personal bankruptcy may arise for parents wondering how they can get a handle on the debt they already have. Both Chapter 7 and Chapter 13 bankruptcy can allow a filer to better prepare for the future by securing a fresh financial start.

Young adults who recently graduated college may be facing huge debt struggles of their own. While most student loans are not dischargeable via individual bankruptcy, many other forms of debt can be discharged or reorganized. Credit card debt, medical bills and many other common forms of debt can be discharged through individual bankruptcy. With fresh financial footing, grads may be better-equipped to repay their student loans and other financial obligations.

There may be many different, valid reasons why an individual would consider filing for bankruptcy. Whatever the cause, a Southaven bankruptcy lawyer can serve as an informative resource. Attorney Heidi S. Milam has dealt successfully with bankruptcy cases for over 15 years. Her solution-oriented approach benefits clients by focusing on the most positive ways in which a case can be resolved. Results might include keeping one's home or vehicle or getting debt re-structured into an achievable payment plan. Filing for bankruptcy can also put an end to creditor harassment once and for all. With the expenses of summer right around the corner, it may be a fitting time to consider one's financial and legal options.

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