Frankfort residents who are drowning in debt and do not know where to turn should consider the advantages of personal bankruptcy. Before moving forward with the process, however, it is vital to understand certain aspects of it and if it is a viable alternative. For many, there could be a misplaced belief that the filing will automatically result in the debts being discharged. That is not always the case. Creditors can object to the discharge. Knowing the facts about these issues is imperative to a successful filing or finding another way to get out of debt if personal bankruptcy is not possible.
People can quickly become overwhelmed with debt. Sometimes finances become tight when a job is suddenly and unexpectedly lost. In other instances, the onset of a serious medical condition leaves a family struggling to get by. There are some debt options that may help prevent one from becoming overwhelmed, but even these options pose financial risks.
Life is full of changes. Some of them are planned for and expected, but others can take you by complete surprise. This is often the case with the onset of a sudden medical condition, loss of job or even the filing of divorce. Each of these scenarios can throw your finances into upheaval, making it difficult for you to make ends meet. Oftentimes, individuals who find themselves in this position find themselves too prideful to seek adequate debt relief options, but the truth is that these options, including personal bankruptcy, are often the best way to secure your financial future.
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.