If you can spend money, you can get into debt. However, not all forms of debt are the same. Some are the result of an unforeseeable emergency, while others stem from unwise spending and charging habits. Some debts can be discharged through personal bankruptcy, and other types are non-dischargeable. You may want to consider filing bankruptcy for certain types of crippling debt, while it may be smarter to restructure and repay other debts. It can help you and other New York residents to make informed decisions before making a decision regarding your debt.

Lifehacker has outlined some of the most common debt types you can end up owing, as well as tips for dealing with each:

  • Credit card debt – Financial professionals recommend not adding to your credit card debt as you tackle what you have. You can try to negotiate a lower interest rate or pay more than the monthly minimum to pay down this debt.
  • Student loans – Federal student loans can’t be discharged through bankruptcy in most cases. You may want to look into deferring your loan payments or working out an income-based repayment plan with your loan counselor.
  • Medical bills – Always check your medical bill for mistakes, as an incorrect medical charge can be costly. You can ask about negotiating your bill or discussing subsidizing and repayment plans with a medical bill advocate.

Being in debt can be frustrating and disheartening, but fortunately, there are effective ways to handle it. Since competent counsel is recommended, this post should not replace the advice of a lawyer.