The holiday season can easily break the bank no matter your financial situation, but it can be especially difficult during bankruptcy. Whether you are considering bankruptcy or already in the process of filing, the thought of buying gifts and decorations can leave you feeling helpless.
The bankruptcy numbers in America are troubling. According to statistics from the United States Courts, 767,721 people filed for consumer bankruptcy in 2017. If you are experiencing financial troubles, it is clear you are not alone.
If you are thinking about possibly filing for bankruptcy, you may be wondering what type of bankruptcy filing might suit your specific needs. Many people who file for personal bankruptcy protection do so through either a Chapter 7 or a Chapter 13 bankruptcy filing, but there are some important distinctions between the two types.
Watching your marriage fall apart can not only devastate you emotionally, it can also significantly impact your finances. According to the Huffington Post, one of the most common reasons people file for bankruptcy is divorce. When you experience financial difficulties on top of the emotional strains of marriage, it can feel like everything is caving in on you.
If you are considering filing for bankruptcy, you may have concerns about whether there is a stigma attached to doing so and whether others might get the impression you are unable to manage your finances on your own. Contrary to popular belief, however, most people who file for bankruptcy do not get there because of reckless spending.
Chapter 13 bankruptcy is a solution many people seek when confronted with a burden of debt they cannot repay. This option is also referred to as a wage earner's plan because it is tailored to individuals with regular income who need to restructure their debt payment plan. According to statistics from the United States Courts, filings for Chapter 13 appear to be decreasing, but these three tips are still important.