Anyone can fall on hard financial times. Individuals may find they suffer from an illness that is expensive to treat, they may lose their job, or their income may be drastically cut. Business owners, too, can face harsh financial trouble. A sudden lack of demand or unexpected business costs can sour a business owner's financial security, making it difficult to live a normal life.
When an individual finds himself facing financial challenges due to a struggling economy, medical expenses, credit card debt, or other unexpected life changes, he may be stressed about how he is going to get out of his financial dilemma. Many who are in these situations consider bankruptcy, but may feel scared about going through the process. Fortunately, the process does not have to be frightening and the results of filing for bankruptcy may be better than choosing to forego bankruptcy.
There is bad news for loan holders. According to the American Bankers Association, U.S. consumer delinquencies worsened in 2013's second quarter. The composite index used to determine delinquency rates looks at eight types of loans including auto loans and personal loans. While auto loan delinquencies dropped, those delinquencies tied to personal loans and home equity lines of credit rose. Experts claim the delinquencies were propelled by slow job creation and minimal wage gains.
The cost of healthcare is expensive. Unfortunately, those who cannot afford insurance face even higher healthcare costs. When an individual must face high medical expenses coupled with other financial challenges found in this struggling economy, including unemployment or a drop in wages, he may be unable to make his payments. This burden, coupled with creditor harassment, can drive an individual facing financial difficulty into an extremely stressful situation and depression.
Nowadays with the sluggish economy, high unemployment, and stagnant wages, many individuals find themselves facing financial challenges. When one loses his job, has his income cut, or faces health problems, paying off debt can become difficult or, in many cases, impossible. Fortunately, these individuals may be able to find debt relief through bankruptcy. Yet, deciding whether to file bankruptcy or not, and if so what type of bankruptcy, may require a close analysis of how the bankruptcy will affect the filer's taxes.
Life often throws unexpected curveballs. Sadly, all too often those unexpected events involve either deep physical or emotional pain. Perhaps one of the worst unexpected life changes involves a devastating medical diagnosis like cancer. As if finding out you have cancer is not bad enough, the expenses associated with the necessary medical care can be astronomical. A new study has found that these increasing costs have had disastrous financial consequences for young cancer patients.
Retirement. The golden years. Relaxing on the porch, visiting with neighbors and family, telling stories to the grandchildren about the good old days. These are promises towards which Alabama residents spend a lifetime working. However, given struggles with credit card debt and other debts, some seniors may need to consider filing for bankruptcy as a way to protect themselves in their retirement.
Many around Alabama and the country mourned the recent passing of superstar country singer and songwriter George Jones. While many remember his smooth voice, heartbreaking lyrics and signature style, some might not know that the road to and through stardom was bumpy at times for the music star. Among the many difficulties that Jones had to overcome was a bout of bankruptcy.
In the midst of our current tax season, finances are at the forefront of most people's minds. Whether they owe the government or are in line to receive a hefty refund, many families are concerned with their bottom line. Though the economy may be turning around, according to some residents, many folks are struggling to keep afloat and stave on bankruptcy.
Popular singers can raise the roof with soaring melodies, make us smile with charming lyrics and break our hearts by singing the beautiful ballads. Dionne Warwick has touched many people throughout the decades through her musical creations. Unfortunately, her recent encounter with bankruptcy will most likely leave her singing the blues.