It has now been several years since the recession, but like many Californians, you are still feeling the pinch in your pocketbook. You may have a steady job and appear to be doing fine to everyone else, but secretly you are struggling to make ends meet from month to month. It is understandable that your emotions are running the gamut from embarrassment to helplessness. Can a personal bankruptcy be the end of your troubles? How do you know when it is time to file for bankruptcy?
Bankruptcy is a term that can come with a stigma. You may feel uncomfortable or guilty if you are considering bankruptcy. However, going into bankruptcy can be a chance to start over and does not have to be a blemish on your reputation.
Student debt is a fact of life for nearly 50 million Americans. Some high-income earners stay on top of their debt or pay it off entirely thanks to stable jobs. Yet millions of others aren't so lucky, falling behind on payments that frequently total more than a mortgage.
Dealing with large amounts of debt is a difficult situation. While declaring bankruptcy can be an option to help people move on, many are reluctant to do so.
Being in debt is a horrible situation for anyone. Deciding whether to file bankruptcy is not any easier. Bankruptcy does offer a chance to move forward though. Some people considering bankruptcy are not aware that there are two types available: chapter 7 and chapter 13. Both types have pros and cons to weigh.