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.
If you're considering bankruptcy or have already made the decision that it's the best alternative for getting out from under overwhelming debt, the next step is determining which type of personal bankruptcy to choose -- Chapter 7 or Chapter 13.
Medical debt is the leading cause of personal bankruptcy in the U.S. The number of uninsured Americans has dropped significantly since the implementation of the Affordable Care Act (ACA). However, even with health insurance, a serious illness or injury can wipe out a family's savings and put them in serious debt.
Gambling debt can impact every part of a person's life. It's not unusual for people with a gambling problem to have considerable credit card debt and to take out home equity and other loans to support their gambling addiction. Some people gamble themselves and their families into dire financial straits.
One of the reasons that many people hesitate to file for bankruptcy is that they assume they won't be able to get credit again for a very long time. A bankruptcy will stay on your credit reports for a decade. This will impact your ability to qualify for credit cards, loans and other credit products. However, you can still begin to rebuild your credit immediately.
As Americans live longer, many are finding that their retirement savings isn't enough to last them through their senior years. The fixed income provided by Social Security and other government programs often isn't enough to get by. Consequently, many people are still paying off debt and even taking on more of it well into their 70s and beyond. Sometimes they do it for their own needs and sometimes to help family members.