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Even financial pros need help with credit card debt

Is it possible for even a debt counselor to file for bankruptcy? Actually, the number of financial "experts" who file for bankruptcy might be higher than you think. Even though these individuals are trusted with others' financial health, they may find themselves in personal crisis because of credit cards or unexpected medical debt. One man explains that Pennsylvania debt counselors are just as vulnerable to credit card debts as other American consumers.

The man explains that he and his wife made "investments" in high-quality furniture, trips to exotic locations and a variety of other unwise purchases in their youth. They quickly built up about $20,000 in credit card debt, in addition to $40,000 in student loans. Further financial strain came along with their first and second children, whose presence meant purchasing a larger house in a good school district. They spent most of their income on daily expenses instead of saving. Further, the man explains that he paid only minimum amounts on his credit cards before accruing more debt.

Finally, the man decided to sit down and evaluate his finances as he might with a client. He was shocked by his current predicament. The family had little savings and interest rates were rising on their credit cards. The delinquent payments were adding even more stress. Mortgage payments were overdue, and the family was facing foreclosure. Ultimately, the man admitted that he and his family had no other choice but to file for bankruptcy.

Now, the man is optimistic about his future. He and his family share a one-bedroom apartment, but they are saving for the future. He has also seen that the bankruptcy has made him more credible for some clients. So, even debt counselors can be vulnerable to financial missteps. No one should be embarrassed about filing for bankruptcy, as it can provide a valuable fresh start. Those who want to explore their legal options may benefit from discussing their situation with a qualified bankruptcy attorney.

Source: Daily Finance, "I'm a Debt Counselor ... and I Filed for Bankruptcy" Dave Landry, Jan. 27, 2014

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