Many Southaven residents have likely heard of the negative impact student loans have had on Americans' existing financial challenges. Countless college graduates, and even those who haven't finished their degrees, struggle with the need for debt relief. While student loans have financed public and private college educations for years, today they represent an increasingly sizable share of government-issued debt.
Filing for bankruptcy is rarely an easy decision for a Southaven resident to make. After consulting with an attorney, one's legal options can be clearer and a debtor may then be in a position to choose between Chapter 13 and Chapter 7 bankruptcy. Regardless of the type of personal bankruptcy, though, many debtors have questions regarding how easy it is to file and if they are eligible to move forward with the process.
Two of the most common questions surrounding bankruptcy are whether or not a person should file in the first place and, if so, what type of bankruptcy he or she should declare. One extremely important consideration when it comes to personal bankruptcy in Mississippi is the matter of timing. There are countless other factors, of course, that should go into such a serious decision. Nevertheless, the timing of debt repayment and the filing itself is of the utmost importance in answering bankruptcy-related questions.
Many different economic and financial factors impact a Mississippian's financial state. Sometimes no matter how much responsibility an individual takes on to rectify the situation, pulling oneself out of a bad financial situation seems nearly impossible. This is when personal bankruptcy can come into play.
Finances are a complicated matter. It can be difficult for a Mississippi resident to juggle income, expenses and savings -- especially when income is low or unstable and costs are constantly on the rise. The situation is only further complicated when solutions, like personal bankruptcy, are unfamiliar.
In De Soto, filing for bankruptcy when facing financial challenges is an option that is always available. While personal bankruptcy may be considered a desperate move, it is actually a strategy that many people use to eliminate debt and place themselves on better financial footing for the future.
There have been many recent developments in healthcare that residents of Mississippi should be aware of, particularly because these changes might have impacts on their financial situations. The Affordable Care Act has received most of the attention, but Mississippi's treatment of Medicaid should also be a focus for residents of the state. It is possible that it might be linked to an increase in personal bankruptcy.
Financial stresses can come from a host of different sources. In Mississippi, a recent study reveals that financial challenges are particularly linked to medical expenses. This study further shows that of those filing for personal bankruptcy in Mississippi, over half are doing so because of their medical debt.
Following the economic crisis in 2010, the United States government established a government agency to provide some government oversight and intervention in the economy. The agency is the Consumer Financial Protection Bureau ("CFPB"). It travels around the country and meets with different local communities in order to understand their financial challenges, including personal bankruptcy.
America often prides itself on encouraging and awarding those who pursue post-high school education. However, now this very source of pride is becoming a serious financial problem for those who are supposed to reap the direct benefits from education: students. The financial hardships stem from student loans, and are especially a problem for students living in Mississippi.