When a person is overwhelmed by credit card debt, it can have a negative impact on every area of life. From unexpected medical expenses to a prolonged unemployment period, people may find themselves dealing with the impact of circumstances beyond their control. When this occurs, Maryland readers may find that bankruptcy protection is a viable and beneficial option.
Credit cards are relatively easy to get, and Maryland readers may know that many banks are currently lending to consumers at an alarmingly high rate. In a three month period, banking establishments lent $18 billion to consumers, much of it in the form of revolving credit such as retail store credit cards. While some may view this as a positive sign of the economy's health, credit card debt can quickly add up and become a burden for consumers, increasing the number of people filing for consumer bankruptcy.
There are few things in life that can be as overwhelming and confusing as receiving a notice of foreclosure. When a person is unable to meet his or her financial obligations, it is easy to fall behind with mortgage payments, leading to calls from creditors and the threat of losing the home. Fortunately, there are options available, and one of them includes the bankruptcy option of the wage\-earner plan.