When you received your well-earned degree, you didn’t anticipate the hardships you’d experience in the years to come. The market has been anything but kind to your field and the competitive job market has left little room for opportunity. You’ve had to make difficult choices between paying student loans and the mounting medical bills. Needless to say, you aren’t alone. Over 44 million borrowers in the United States are carrying similar burdens with the graduating class of 2016 averaging $37,172 in student loan debt.
If a person in West Virginia has health insurance, it may still be hard to pay medical bills that he or she incurs to treat a medical condition. According to the Kaiser Family Foundation, 43 percent of adults with insurance said that they struggled to pay their deductible in 2017. Overall, 43 million Americans have medical debt according to the Consumer Financial Protection Bureau.
According to information from the United States Census Bureau, the credit agency TransUnion and the Federal Reserve, people in Maryland and the rest of the country repaid $40.3 billion of credit card debt during the first three months of 2018. The amount represents the second-highest payoff amount in a single quarter since the $44 billion that was paid off in the first quarter of 2009.
Virginia fans of rapper Lil' Kim might have heard that she recently filed for Chapter 13 bankruptcy. She did so just before her home in New Jersey, a gated mansion worth $2.3 million, was foreclosed upon. The house is set to be auctioned on June 29.
Filing either a Chapter 7 or Chapter 13 personal bankruptcy allows Virginia residents with overwhelming debt to take control of their financial situations and offers them the possibility of a fresh start. Filing a Chapter 7 petition may be the fastest and most straightforward way to escape crushing debts, but individuals with incomes that qualify them for this kind of debt relief sometimes choose to pursue Chapter 13 bankruptcy instead. This is because a Chapter 13 petition allows them to pay down their debts while retaining possession of assets like cars or homes that are secured by loans or mortgages.
Having a large amount of debt can be a shameful feeling. It may make you feel like you are bad with money. According to a NerdWallet study, the average American household has $15,983 of debt on credit cards. Clearly, you are not alone in this country. It is not always just credit card debt that adds up either. Often, people are laboring under mortgages, student loans, car payments, and medical debt.