To say “every American has debt” is not so far from the truth. According to some reports, American consumers owe $11.63 trillion in debt as of Sept. 2014. That is more than half of the country’s national debt.
Although debt is not inherently evil, it has reached unbearable levels for many Americans. For some, proper budgeting and prioritization of purchases can help; for others, however, bankruptcy might be worth considering.
The bankruptcy filing rate is at its lowest point in seven years for most everywhere in the country, except for the Land of Lincoln and a few other states.
November 2014 filings were down 16 percent, when compared to November 2013. Much of the decrease was due to a much lower commercial bankruptcy filing volume. These new filings were down 27 percent. One observer pointed to a combination of high filing costs, low consumer spending and low interest rates as being primarily responsible for the decline.
A recent article published by the Association of American Retired Persons Bulletin (AARP) exposes a new crisis in our country. It appears that seniors are under siege due to delinquent property bills and haunted by credit collection agencies ready to either secure the debt or take control of the home through a tax lien foreclosure.
You fought the good fight, but it was not enough. Due to financial hardship your family home has gone into foreclosure status and you are now facing eviction in your home state of Illinois. Not only are you reeling from the emotional pain associated with losing your home but you are also regretting not contacting an experienced foreclosure attorney at the onset of your financial difficulties. Now you are left wondering what happens next.
Bankruptcy, as defined by LendingTree, LLC, the nation’s leading online lender exchange, is a complicated situation that can open the door to a personal or business “do-over” without the burden of insurmountable debt but not without possible financial consequences.
It may be easy to briefly define bankruptcy but for those facing the reality, the situation can raise numerous questions, especially when it involves your Roth IRA.
Children are observant. They tend to sense when something is wrong. The continual phone calls from creditors, the heated arguments over money, less trips to the grocery store and even less money spent on family fun. Even more so they noticed a change in you. Emotions are running high and they have been walking on eggshells.
Filing for bankruptcy is not an easy decision. While it is true there are repercussions to filing for bankruptcy, your future is probably not as bleak as you are envisioning. Your financial and psychological recovery from bankruptcy will be easier if you approach it with a positive attitude.
While the unemployment rate has been trending downward since the apex in the beginning of 2010, it does not mean that everyone is in a better economic situation. If you are still struggling with a personal financial crisis, then there are certain steps you can take to get back on the right track.
Most people do not have an idea of the type of debt that they have, and some debt can be considered good, depending on what kind it is. It is important to know the difference between the different types of debt, specifically secured and unsecured debt. Secured debt and unsecured debt may even affect your credit score.