Debt is a topic of considerable discussion among many Minnesota residents. Nationally, especially as the presidential cycle is again rolling around, it’s debated in terms of the type of programs the government should and should not fund. On the personal level, most individuals understand living debt free is a desirable goal yet also realize that is impossible but for a select few. The salient issue then becomes delineating between good debt and bad debt and working diligently to avoid the latter.

Personal finance experts point out that mortgage debt and debt incurred to finance higher education are typically categorized as good, or acceptable debt and credit card debt as bad. A car loan could go either way; while a car in the majority of instances may be deemed necessary, a high ticket make or model may be viewed differently. A significant problem that affects many is the student loan crisis. Although considered acceptable and necessary to propel one to future success, the staggering costs of a college education place most new graduates in a precarious financial position.

As a result, many people literally live paycheck to paycheck and are one unexpected expense away from a problem. Even millennials, who are generally regarded as more financially savvy than previous generations about debt are not immune. In fact, as a general trend, people are acquiring more and more unsecured debt as they grow older. Further exacerbating the problem is the decreasing purchase power of the U.S. dollar and the common acceptance of credit card debt as a normal way of life in the 21st century.

Anyone can find themselves upside down financially without any fault of their own. Under such circumstances, a consultation with an experienced bankruptcy lawyer might be helpful in understanding one’s rights and responsibilities.