Menu Contact
866-504-5969
662-655-1012
View Our Practice Areas

How some employers help with debt relief

Many working people living in Mississippi struggle with their finances. Living paycheck to paycheck, they find it difficult to get ahead of crippling debt. If an emergency strikes, such as a family illness or job loss, they may have difficulty affording food, utilities and shelter.

Some employers are aware of the situation and are working to offer financial planning benefits to their workers. These companies have contracted with third-party companies to provide benefits such as financial counseling, student loan repayment options, emergency loans and medical bill advocacy.

In many cases, these services offer real help. If financial counselors determine that a loan is a good idea, they can provide education to employees about the risks and benefits of borrowing. In some cases, these programs also offer paycheck deduction options that can help ensure on-time repayment and lower the risk of credit damage and late repayments.

However, there are limits to how effective financial assistance programs can be. While they may represent a solid alternative to bankruptcy, there are situations in which a person's debt is simply out of control. Unless the employee receives a significant wage increase or comes into a large amount of cash, he or she is unlikely to ever complete paying off the debt.

In such cases, bankruptcy might be a good option. Both Chapter 7 and Chapter 13 offer ways for financially insolvent individuals to resolve their debts and move forward in reestablishing their finances. Someone considering bankruptcy might benefit from consulting with an experienced attorney who could explain various debt relief options.

No Comments

Leave a comment
Comment Information

Don’t wait any longer.Request a free initial meeting now.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Get driving directions to our office.

O'Brien Law Firm, LLC
1890 Goodman Road East
Southaven, MS 38671

Toll Free: 866-504-5969
Phone: 662-655-1012
Fax: 662-536-7292
Fax: 662-796-0239
Southaven Law Office Map