One of the most common threads between our blog posts is the economic recession and the broad range of effects it’s had on the country. In addition to the financial pressures created by elevated unemployment rates, the residential real estate market also took a plunge during the downturn. Homeowners, who may have been dealing with other debts, suddenly had an underwater property, meaning that they owed more on their mortgage than the home was worth. In this situation, lenders may have moved forward with foreclosure action.
Many people eagerly await pay day. For those living under tight financial conditions, losing a portion of a paycheck means that meeting basic expenses for rent and groceries might be impossible. Many people, unfortunately, can face wage garnishment from creditors if they fall behind on bills, which can put them in an even tighter financial bind.
When a couple is considering bankruptcy, it's likely that they just want to find relief. For many couples, however, it wasn't possible to make a joint bankruptcy filing -- that is, until recently. U.S. Attorney General Eric Holder recently announced that the federal government will provide same-sex couples will additional legal recognition, including the ability to file personal bankruptcy together.
As we move further into the new year, many people are aware of the effects of the holiday season. For many people, this means focusing on their physical health to recover from holiday meals and others might take on their financial health by tackling debt accumulated during the holidays.
Most people are probably aware that personal bankruptcy is a legal option for consumers overwhelmed by debt. At the same time, though, most people have serious misconceptions about what actually happens during the bankruptcy process. Those who file for bankruptcy are generally allowed to keep many of their assets, which might be a pleasant surprise for some readers.
Life can throw many twists and turns. Being laid off can suddenly send a person with relative financial security into deep debt, as financial commitments pile-up. However, many people have been through similar issues and have found relief.
Americans file personal bankruptcy for many reasons. However, a new study shows that medical bills play a big role in personal bankruptcy filings.