USA Today explains that even Americans who have good credit aren't necessarily doing well with debt. An average household, as of 2017, had $5,700 in outstanding credit- card debt.
There are a few kinds of bankruptcy that you can consider, Chapter 7 and Chapter 13. Each one has its own benefits and downsides, so it's important to learn what you can about them before you decide which to pursue.
According to statistics, around 19 percent of people who file for bankruptcy are college students. It's a normal way of life in America to take out student loans, but those loans cost what a student would pay for college many times over by the time they're paid in full. It's no surprise that around one out of five people who file for bankruptcy are living the college life where incomes are scarce and costs are high.
In many cases, student loans drag down the very people they were meant to help. Combined with the rising cost of school and lower-than expected wages, individuals are hit with the realization that their loans are higher, and more difficult to pay, than they expected.
If you are in debt and want to avoid bankruptcy, you may be considering working with your budget to start paying down your debts as quickly as you can. How you decide to do this can affect the outcome significantly.
When the holidays approach, you want to spend and buy things for the people you love. Unfortunately, if you're struggling with debt, that feels like the last thing you can do.
While many people think that bankruptcy is something to avoid at all costs, the truth is that it can be a good idea for people in certain situations. There are many things to consider before you opt to enter into bankruptcy, but if you find that you cannot get out of debt and want to get a second chance to start over, it could be the right choice for you.
If you've been following the downturn of the market for Toys R Us, then you may have heard that the store has filed for bankruptcy protection. It has been trying to make a profit for a period of time without making a dent in its debt, which now stands at $7.9 billion. In 2005, the store had gone through a leveraged buyout, and most of the debt is due to that situation.
Some of the most common reasons for turning to bankruptcy include divorce, medical bills and unemployment. Despite many people talking about bankruptcy as if it's a negative, it can be highly beneficial to those in need. There are two kinds you can try, including Chapter 7 or Chapter 13. With Chapter 13, you pay back what you owe over time. With Chapter 7, you have your assets liquidated and are left with no unsecured debt at the end of the process.
Your debts have grown over the years. They started small enough to pay off each month but got out of hand. Now, you can barely make ends meet despite having a great-paying job.