Millennials are often blamed for any number of things, including taking down entire industries. From credit cards to divorce, news articles have placed an enormous amount of blame on this generation of young adults. But could they also soon be responsible for eliminating things like Chapter 7 bankruptcy? While some people in California might be hopeful, it is unlikely that it will happen.
Borrowing money is not necessarily a bad thing. From taking out mortgages to buy homes or auto loans for vehicles, borrowing can often feel like a necessary part of moving forward in life. However, for some people in California, what might have felt like relatively safe approaches to borrowing can quickly spiral out of control. In such instances, Chapter 7 bankruptcy can be a viable option for debt relief..
Falling deeper and deeper into credit card debt is easier than some California consumers might think. After all, credit card companies generally make special offers to their customers, including things like temporary low interest rates, rewards points and more. Unfortunately, spending in order to earn those rewards might not pay off. Instead, it could be leading some people further and further into the kind of debt that only Chapter 13 or Chapter 7 bankruptcy can address.
Car owners in California often take pride in their vehicles, but some may be struggling to keep up with their monthly payments. While owning a car is often necessary for employment, some people could see a large chunk of their paycheck going straight toward their auto loan. Although it is possible to eventually pay off a car in several years and live payment-free, getting to that point can be difficult. In such cases, Chapter 7 bankruptcy might be a better option.
Credit cards are a convenient way to help bridge the gap between expenses and income. Unfortunately, these handy cards also make it incredibly easy to get into debt. While anyone of any age in California can find themselves in need of debt relief through Chapter 7 bankruptcy, some people could be have more of a need than others.
Getting ahead in life often feels impossible. California consumers tend to grow frustrated when faced with the limitations of their own finances during certain times of the year, particularly those that involve traditions centered around shopping. As data from the 2018 holiday shopping season rolls in, it is possible that some consumers might need to consider the benefits of pursuing Chapter 7 bankruptcy.
Even though the process helps individuals re-establish their financial stability, many people in California still view bankruptcy in a negative light. Perhaps because of this viewpoint, recent reports that bankruptcy filings recently hit a 10-year low might seem like good news. While some people might be avoiding Chapter 13 or Chapter 7 bankruptcy because they are handling their debts well, many others might be facing obstacles that prevent them from seeking debt relief.
Avoiding credit card debt is often easier said than done. Whether a California consumer racked up a bill because of a medical emergency, an unexpected bill, regular spending or any other number of situations, paying a large balance off can be difficult. With the average household credit card debt on the rise, Chapter 7 bankruptcy might be the best option for those who are struggling.
Advanced medical care is truly a triumph of the technological age. Unfortunately, many of those advances have come with a hefty price tag. California patients often receive hefty bills after seeking treatment for serious medical issues, leaving many wondering if Chapter 7 bankruptcy could help them handle lingering medical debt.
When debt reaches a certain point, it can become an all-consuming concern, penetrating every aspect of a person's life. This can make some people in California feel desperate and willing to try virtually anything to free themselves from past-due notices and harassing creditors. However, consumers have options that do not require drastic measures. Chapter 7 bankruptcy is often quite effective at discharging debt.