Chad Edward Cos LLC
A Baltimore bankruptcy, divorce and personal injury attorney with more than 18 years of experience.
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Choosing bankruptcy when you need financial security

Bankruptcy is something that many people look at with disdain, but the reality is that it can be beneficial to those with no other options. Before you look into bankruptcy, though, you should consider other options. Consolidating your debts, negotiating with your creditors and even getting a second job could help you get back on track without having to go into bankruptcy.

Is bankruptcy an option for school loans?

According to statistics, around 19 percent of people who file for bankruptcy are college students. It's a normal way of life in America to take out student loans, but those loans cost what a student would pay for college many times over by the time they're paid in full. It's no surprise that around one out of five people who file for bankruptcy are living the college life where incomes are scarce and costs are high.

Sometimes, student loans can be dismissed during bankruptcy

In many cases, student loans drag down the very people they were meant to help. Combined with the rising cost of school and lower-than expected wages, individuals are hit with the realization that their loans are higher, and more difficult to pay, than they expected.

When is bankruptcy a good idea?

While many people think that bankruptcy is something to avoid at all costs, the truth is that it can be a good idea for people in certain situations. There are many things to consider before you opt to enter into bankruptcy, but if you find that you cannot get out of debt and want to get a second chance to start over, it could be the right choice for you.

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