It is often said on this blog that unexpected life events can result in huge financial distress. This is very true for one family that discovered their child had a learning disability. After one couple’s son was extensively tested, it was discovered that he had an auditory processing disorder. However, his scores were not low enough to allow the family to receive special education services.

To give their son a chance at a college education, they used their salaries to pay for private schools that could accommodate his learning disability. Credit cards were used to pay for the essentials of life. By 2010 the couple owed over $80,000 on 20 credit cards. In despair, the couple went to a credit counseling company to get their finances under control. After four years, the parents were able to pay off their high credit card debt and rebuild their credit score. The two are now looking forward to a life without debt.

It is often said on this blog that unexpected life events can result in huge financial distress. This is very true for one family that discovered their child had a learning disability. After one couple’s son was extensively tested, it was discovered that he had an auditory processing disorder. However, his scores were not low enough to allow the family to receive special education services.

To give their son a chance at a college education, they used their salaries to pay for private schools that could accommodate his learning disability. Credit cards were used to pay for the essentials of life. By 2010 the couple owed over $80,000 on 20 credit cards. In despair, the couple went to a credit counseling company to get their finances under control. After four years, the parents were able to pay off their high credit card debt and rebuild their credit score. The two are now looking forward to a life without debt.

During debt counseling, the couple were given a set payment schedule and advised that if more than two payments were missed, they would not be able to continue with the program. Thankfully for them they were able to make all of their payments. However, if they were not able to make all their payments, there would still be another option.

Bankruptcy is a viable option for many people not as lucky as this family. There are different types of bankruptcy. Chapter 7 can give debtors a fresh financial start and stop creditor harassment. Chapter 13 bankruptcy can allow those who qualify to make manageable payments. A bankruptcy attorney can help potential filers determine the best legal plan.

Source: The Huffington Post, “We Paid Off $90K of Debt in 4 Years,” Gerri Detweiler, Sept. 18, 2014

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