It is never easy to concede that it might be time to declare bankruptcy. The American dream seems to be open only to people not weighed down with unmanageable personal debts. But this is far from the case. Bankruptcy is supposed to be a fresh start that lets people find their way back to financial health.
If you're finding yourself dealing with a significant amount of debt, you know how stressful it can be. However, some kinds of debt have a greater impact on our quality of life than others.
No, "zombie debt" does not refer to the credit card balances owed by characters on The Walking Dead. It's debt that is, like zombies, dead. It's no longer owed. That may be because the statute of limitations for collecting it has passed, it's been discharged in bankruptcy or it's already been paid off.
If you are considering bankruptcy, you likely don't have substantial balances in your bank accounts. However, you may have one or more retirement accounts in which you've managed to save a fair amount of money over the years.
You always dreamed of a big, old-fashioned southern wedding -- or maybe that was your spouse's lifelong fantasy. Regardless of whose idea it was, you ended up tens of thousands of dollars in debt for the big day.
If you come to the conclusion that bankruptcy is the best way to improve your finances for a better future, it's time to push forward with the appropriate steps.
Filing for bankruptcy is one of the biggest financial decisions you'll ever make. While the process requires some effort, what happens after bankruptcy is every bit as important.
If you've come to the conclusion that filing for bankruptcy is the best way to escape financial trouble, there's no better time than now to take action. Proper preparation will put you on the right path to success while helping you avoid common mistakes that can cost you time and money.
Many debtors take advantage of their federally protected rights to file for bankruptcy protection when they are faced with mounting debts they are unable to pay. But that doesn't mean that all debtors in every circumstance will be able to file.
Many people neglect to even consider bankruptcy because they're concerned about losing their home. While it's a legitimate concern, there is no guarantee you won't be able to stay in your home after your bankruptcy filing is complete.