Gregory Starkey, Attorney at Law

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June 2013 Archives

Overwhelming debt causes car maker to file for bankruptcy

Many people say that starting a business is a gamble. The saying may be true, but without the risk, our communities would not grow and our economy would stagnate. Yet, for many, their businesses do not turn out the way they hoped and they find their business drowning in overwhelming debt. Those who are struggling with debt should consider their options to find debt relief. As one business has recently found, a Chapter 7 bankruptcy may be the best route.

Credit card debt drops amongst U.S. youth, but still a problem

As the economy continues to struggle and Americans find themselves facing financial challenges, credit cards have often been the go-to source for covering unexpected expenses, whether it be health care, car troubles or costs arising from unemployment. Yet, with skyrocketing interest rates and fees, credit card companies prey on these down-on-their-luck individuals, making it nearly impossible for them to pay back the money they spend. Those who make the minimum payments may find themselves falling deeper and deeper into the credit card debt hole. But one group of Americans seems to be avoiding the trap.

Young cancer patients filing for bankruptcy at higher rates

Life often throws unexpected curveballs. Sadly, all too often those unexpected events involve either deep physical or emotional pain. Perhaps one of the worst unexpected life changes involves a devastating medical diagnosis like cancer. As if finding out you have cancer is not bad enough, the expenses associated with the necessary medical care can be astronomical. A new study has found that these increasing costs have had disastrous financial consequences for young cancer patients.

Financial challenges lead to a rise in car loan difficulties

For many, owning a car is the only way to get to work, school and to see family. When unforeseen changes come about, whether from sudden unemployment or unexpected medical bills, paying for that vehicle can become difficult. Late or missed payments may result in financial challenges that may feel like they are impossible to escape. Additionally, an individual may face wage garnishment or repossession. Unfortunately, this is the case more and more frequently across America.