The so-called Great Recession of recent years hit many North Carolinians the same way it did scores of millions of other Americans across the country.
In a word: hard.
Many people have of course clawed back from the tough economic times that grew manifest following the housing collapse and rampant job losses that began shaking the national economy a handful-plus of years ago.
But many people haven’t, with the continuing financial challenges they face owing in many instances to a perfect storm of adverse factors completely beyond their control.
Readers of our bankruptcy and debt relief blog know immediately what those factors are. Medical debt looms large, for example, as a primary debt catalyst for many individuals and families, with care costs being stunningly high — and growing exponentially — across the nation.
Student loan exactions, too, are a flat nemesis in the lives of millions of former students, who can find themselves paying back loans for many decades.
And the job market, while seemingly getting better, continues to feature dislocations and varied outcomes. Some people are prospering, while others are losing their homes through foreclosure.
As we note on our website at the long-tenured and family-owned bankruptcy firm of Wootton & Wootton, P.C., with offices in Durham and Henderson, filing for bankruptcy can be a viable and even compellingly logical strategy for fighting insuperably high debt loads, for a number of reasons.
Many debtors believe that it is essentially a lost cause when creditors begin closing in on them with threats and demands.
Those individuals need to know that there is indeed light at the end of the debt tunnel for people who act in a timely and purposeful manner to combat debt and regain financial traction.
For myriad reasons, bankruptcy can be the optimal option for doing that, with its proactive approach helping many debtor gain a fresh financial start.
A proven debt relief attorney can provide further information on the bankruptcy process and the benefits that can be secured through exercising this time-honored and constitutionally recognized legal remedy. Individuals seeking help with debt challenges might be pleasantly surprised by what they learn.