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Study involving new doctors shows debt may influence opportunities

There can be little question that financial considerations are an important aspect of our daily lives. When people suffer financial distress, choices must be made on how to adjust the household budget. Debt can have strong influences on many aspects of our lives. Generally, people in Ohio who are burdened by large balances of unsecured debt, such as credit card debt, medical bills and the like may also have various secured debts that combine to make it difficult to put food on the table and heat the home.

In addition to many debts that may be an issue to consider in a bankruptcy filing, many people have student loan debts that are much harder to discharge in bankruptcy. The student loan issue has been a hot topic as student loan debt has soared in recent years. A new study says that student loan and other debts taken on by medical school students may have an influence on where the young doctors may decide to practice going forward.

The American Academy of Pediatrics conducted the study, which says that the average debt burden of medical school graduates soared about 34 percent between 2006 and 2010. The study authors say that young doctors who may have planned to pursue a practice in a specialty field may not be able to pursue that field, due to the increased costs associated with training for a specialty field.

The study finding may not seem that dramatic for many who struggle everyday with a high debt load and do not qualify to be a doctor in a non-specialty field or otherwise. But the concept does highlight that our country's economic woes may affect many decisions all across the occupational spectrum.

Many Cincinnati area residents may find that huge debt loads require day to day choices. Bankruptcy is not an answer for every possible situation. But many Ohio residents may find that obtaining meaningful debt relief under the Bankruptcy Code can provide a true fresh financial start. A lawyer who works with personal bankruptcies can explain the pros and cons associated with filing for chapter 7 or chapter 13 relief.

Source: Reuters via Chicago Tribune, "Debt may influence young doctors' career plans," Genevra Pittman, Jan. 7, 2013

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