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Bankruptcy protection may allow a fresh financial start

Consumers in Maryland may agree that credit cards are necessary evils in the lives of most people. While many individuals have resorted to bankruptcy protection due to overwhelming credit card debt, those little plastic cards have helped many consumers to buy homes and cars. Not that consumers use credit cards to purchase such items, but the responsible use of credit cards can lead to higher credit scores that are vital in applications for car loans or mortgages.

While credit cards have led to mountains of unmanageable debt for some, this type of debt is not necessarily always bad. Credit cards can assist individuals to reach goals such as improving education, buying a first car and more. However, when times are hard and events such as job losses, unanticipated medical expenses and other calamities cause financial problems, credit cards may be used as a means of survival.

In an already difficult financial situation, a consumer may not be able to maintain payments on credit cards, and after missing the first deadline, his or her credit score will be adversely affected -- even if the payment is only one day late. When credit cards are used as emergency funds, the spiral of debt can become overwhelming in no time. Fortunately, help is available under the U.S. Bankruptcy Code.

Maryland consumers may not know that most bankruptcy filings follow unanticipated events such as pay-cuts or employment terminations rather than irresponsible spending as is often perceived by many. The most sensible step for a consumer would be to consult with an experienced bankruptcy attorney who can explain the details of bankruptcy protection and the available options. This information may allow a consumer to make informed decisions and start proceedings that may lead to a fresh financial start.

Source: deseretnews.com, "John Hoffmire: Credit cards: Love them and hate them", John Hoffmire, April 26, 2016

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