Prospective college students have many responsibilities, from figuring out which school they want to attend to submitting an application and adjusting to life as a college student. However, the financial demands of college can be significant, and may even prevent some students from going to college in the first place. In order to address high tuition, many students and their parents take out student loans (which can be very difficult to pay off and may raise additional concerns related to unmanageable debt). However, financial aid eligibility, in some instances, may be affected by a previous bankruptcy.
For many people in Ohio who have gone to college in the last 10 to 20 years, the burden of student loans may continue to weigh on them, especially if they went on after receiving an undergraduate degree to pursue advanced or professional degrees. Regardless of the nature of a person's degree or line of work, they may well experience severe financial challenges that make them consider filing for bankruptcy. However, discharging student loan debt via a bankruptcy has to date been difficult if not impossible for many consumers.
Many in dire financial straits fear bankruptcy. Facing a possible bankruptcy can be stressful but there is no need to be afraid of the process. Unexpected medical bills and loss of income are two common causes of bankruptcy. These reasons are often out of one’s control, and the wise financial move could be filing bankruptcy.
Filing for bankruptcy can shake your financial foundation no doubt, but there are certain periods of your life when its presence could be even more impactful. At Debra Booher & Associates CO., LPA, we are committed to educating people in Ohio about how bankruptcy works and how utilizing it as a resource under dire circumstances is something that can be fully recovered from.
If you are struggling with debt, you may be feeling overwhelmed. It may seem hopeless to keep making small payments to chip away at a large balance.
It is natural if you are feeling nervous about your upcoming meeting with your creditors in Ohio. However, you should realize that your meeting with your Chapter 7 bankruptcy trustee and your creditors is not complicated and proper preparation can help ensure that the meeting is a success. The U.S. Courts website explains what you can expect and how you should prepare for your meeting.