As we've discussed on this blog before, while divorce can be an emotionally trying time, it can also be a financially difficult time, too. Marriage dissolution often leaves individuals facing money woes, and quite frequently, those financial difficulties contribute to the divorce itself. When debts owed become too overwhelming to keep up with, it may be time to consider bankruptcy. But how does that play out when one is considering divorce?
Most of us think of our golden years, the years when we age into retirement, as a time of life that is defined by freedom from work, time constraints and financial obligations. The reality is far different, though. In fact, a recent study conducted by the Consumer Bankruptcy Project found that since 1991 the number of individuals age 65 and older has tripled.
A significant portion of the American population carries student loan debt. This debt is taken on in hopes of bettering one's self and increasing the chances that he or she will find a well-paying job in a field they enjoy. While some of these individuals are able to graduate or leave school with minimal debt that can be easily paid off, others find themselves struggling to make their monthly payments for years or even decades.
Millions of Americans find themselves saddled with debt, oftentimes due to no fault of their own. Trying to find a way to get ahead of this debt can be an overwhelming task. Realistically, many are unable to do so even though they try for years, sometimes even decades to get caught up on past due payments. By waiting to fully address their financial hardship, individuals put themselves at risk of facing long-term financial difficulties and a significant financial toll that is often associated with the stressors of debt.
Millions of Americans are currently facing financial hardship. Some are there due to excessive credit card debt that spirals out of control due to extremely high interest rates, while others owe hospitals and doctors tens of thousands, even hundreds of thousands of dollars for treatment of a medical condition. American society has prided itself on this image of individuals pulling themselves up by their bootstraps to overcome even the most challenging situations. However, the truth is that it is simply unrealistic for many Americans to do this when it comes to paying off debt.
Dealing with financial issues can be overwhelming and emotional. Although many people hold a negative perception of personal bankruptcy, it can actually provide a significant amount of debt relief to those who successfully pursue it. It is important for those facing overwhelming debt to consider the different bankruptcy options available to them before going this route, though. We hope that this post will provide a little more insight into Chapter 13 bankruptcy, which is often referred to as the wage-earner's plan.
Financial woes can strike people from all walks of life. The rich, middle-class and the working poor can all find themselves facing overwhelming debt that leaves them unable to make ends meet. Oftentimes, this financial struggle arises from the onset of unexpected costs, particularly medical expenses. Other times, individuals are suddenly left in a tough position when they suddenly lose their jobs or their income is significantly decreased in some other way.
At one point or another, most Americans face some sort of financial hardship. Oftentimes this comes when an unexpected medical condition is suffered, a job is lost or some other major life change occurs. Although most people are aware of bankruptcy, they often neglect to consider it as a viable debt relief option. One reason is because of the stigma attached to bankruptcy. Another reason is that many believe that bankruptcy is a process that only benefits the wealthy.
Many Illinois and Indiana residents take pride in their ability to effectively manage their finances. This is why when they face financial difficulties they often choose to try to fight their way out of their hole rather than seek financial relief. Although, personal bankruptcy may be able to provide these individuals with a way out by giving them the fresh financial start they need.
Facing financial challenges can be frightening. It often forces hardworking individuals to make financial decisions that hurt themselves and those they love. Your transportation, for example, may become unreliable, and one mechanical breakdown may put you in a position where you have to decide between fixing your car and paying your rent or mortgage. This is an overwhelmingly stressful situation and one that you should not have to face.