Bankruptcy might seem like it's uncommon, but the truth is that it happens more than you may believe. One of the most common issues leading to bankruptcy in America is health care. Despite the Affordable Care Act's intentions, costs have risen and driven more people into debt. This has led to a continuation of people filing for bankruptcy because of health care.
Bankruptcy is sometimes something people need to help them get their finances back in order. Unfortunately, bankruptcy has a bad reputation. It's seen as the ultimate sign that a person was bad with money. The reality is that many people end up struggling as a result of injuries, the loss of jobs or unexpected debt. Many times, a person's ability to be "good with money" has nothing to do with the bankruptcy at all.
If you need to seek bankruptcy, the chances are that you're struggling with overwhelming debt or a lack of income. It's possible to get the majority of the debt discharged in most cases. For example, if your debts are all medical or on credit cards, there's a high likelihood that you can have it discharged through a Chapter 7 bankruptcy. If you earn too much for Chapter 7, you can opt to go through Chapter 13 bankruptcy instead and make monthly payments to satisfy lenders.
As a 30-year-old person, you never thought you'd be facing the financial difficulties that you deal with every day. You've worked hard, but between student loans, credit card debt and medical bills, you don't think you'll ever be out of debt.
Our attorneys sympathize with all Lakewood area residents who are struggling with debt. Personal bankruptcy is an effective way of overcoming debt and it comes with other benefits such as getting a fresh financial start and putting a stop to creditor harassment.
Most people look at filing a bankruptcy as the end. They typically believe that accepting what feels like an extreme solution marks the end of their lifestyle, the end of their good name and the end of ever having access to credit again.
If financial issues contributed to the end of your marriage, you're not alone. A little under a quarter of divorces are caused by money problems and/or disagreements between spouses involving money.
Many Americans whose homes are worth considerably more than they paid for them have a comfortable amount of equity. However, when they decide to make renovations or upgrades, they're increasingly using their credit cards rather than applying for home equity loans.
If you feel like you're already drowning in credit-card debt, the Federal Reserve's plan to increase interest rates twice before 2018 is over isn't welcome news. Credit-card holders could be seeing the first of these rate hikes reflected in their interest rates as early as next month.
If you're struggling with debt and looking for a solution, you may be considering working with a debt settlement company. These companies claim to negotiate with your creditors to get them to agree to a lower payoff amount or to forgive the debt completely.