Much of the focus on bankruptcy is about how to reduce or eliminate your debt and have a fresh financial start. While it is important that you have good information on the right bankruptcy approach for your situation, there is more you need to know. Since 2005, U.S. bankruptcy law has required that consumers take a credit counseling course as part of their bankruptcy filing. Understanding what this means and how to go about it can save you time and money.
After spending most of your career saving for retirement the idea of your hard earned money being taken away is devastating. Retirement accounts are essential to maintain the life you built, therefore the fear of creditors can keep some people from choosing to file bankruptcy. Believe it or not you are protected by the law, and you should not let this fear dictate your future.
It's easy to fall into the debt trap, but not very easy to crawl out. For someone living paycheck to paycheck, a major life event like a job loss or unexpected medical bill can result in a growing mound of debt. To make ends meet, many people are often forced to turn to credit cards to supplement their income, even though they may be unable to make the minimum monthly payments.
Bankruptcy isn't a declaration of failure. And it's certainly not a permanent mark against your financial record. After bankruptcy, when you're enjoying freedom from the debts that made your life hell, you can start to build a better financial future.
Debt has a way of sneaking up on people. In the early stages, the problem may register only once a month as you make the minimum payments on your bills.
Sometimes the closer you are to a problem, the harder it is to solve. This is especially true when emotions are involved, because they tend to cloud our logic and prevent us from making rational decisions.
When an individual or family sits down to consider bankruptcy as an option to stop a financial downward spiral, that individual or family may not be fully aware of how a bankruptcy filing will impact the home foreclosure process. The thought of home foreclosure under any circumstances can be a frightening prospect, but this prospect can often be avoided by filing for bankruptcy. It is important for Florida residents considering bankruptcy to understand the how bankruptcy filings affect home foreclosures.
Credit card debt can impact every area of a person's life and finances. There are many solutions touted for those looking to take back control. However, Florida residents should know the difference between responsible and logical ways to handle overwhelming credit card debt and solutions that can result in deeper financial trouble.
A notice of foreclosure can strike fear in the heart of any home owner. For many in Florida, the crush of home foreclosure actions that came as a result of the recession meant many homeowners found it impossible keep a roof over their heads. However, for some Florida homeowners, that crush has meant the statute of limitations has run out, and some may be able to stay in homes for which they quit paying the mortgage.
Not being able to pay a mortgage or make the payments on a second mortgage can lead to fear and anxiety for any homeowner. Florida homeowners may be interested to learn how filing for bankruptcy can help in avoiding home foreclosure altogether. The type of help available and the right options for keeping a home vary according to each family's unique situation.