Unanticipated Expenses Can Lead To Filing for Bankruptcy

Overwhelming credit card debt is not limited to certain income groups. In fact, in Ohio, it is not uncommon for families with higher incomes to accumulate more debts. In many cases, consumers choose to file for bankruptcy to obtain a fresh financial start. A family in another state explained their struggle to overcome their debt load.

The wife has a job in the financial department of a corporation, and her husband is employed as an automotive painter. Along with about $25,000 in credit card debt, they have unpaid medical bills totaling more than $6,000. They say their debt was manageable until the wife needed surgery to her hand.

Some of the medical bills had to be paid up front along with health insurance deductibles. Due to short term disability, she earned only 60 percent of her regular salary for the eight weeks of her recovery. They say that although they tried to avoid it, their credit cards had to be used to purchase groceries, gas and other basic necessities. Before long, they were hardly able to pay the minimum amounts on their credit cards.

The next step that consumers often take is to roll it all into a lower interest card, but even then, paying only the minimum can leave them in debt forever. This family’s story shows how an unanticipated crisis can cause mountains of debt. Ohio consumers who are in the same boat may benefit from discussing their financial dilemmas with an experienced attorney who can explain how filing for bankruptcy may offer the chance to get back on a secure financial track.

Source: keranews.org, “One Crisis Away: Despite Earning $90K, Family Is Drowning In Credit Card Debt“, Courtney Collins, Sept. 13, 2016