Throughout the last decade, the American economy bounced from the most significant financial depressions in 2008 to one of the most profitable days in the DOW's history in 2018. But what effect has this shift had on older Americans?
Filing for bankruptcy often feels like a massive defeat because you cannot solve your outstanding debts by yourself. You have to use bankruptcy as a way to alleviate the stress of creditors and credit cards bills piling up at your door.
There is an assumption that bankruptcy protections are only necessary for those who have extremely low income. This population is certainly at risk of overwhelming debt, which is why Chapter 7 bankruptcy exists. If someone's income is below the state average and their debt is high, Chapter 7 bankruptcy can help that person build a new start. However, debt issues are common among those with higher incomes as well. Overspending is a common issue.
There can be many reasons for wanting to modify your mortgage loan in New York. Perhaps you are struggling to pay for your repayments, have encountered a change in lifestyle such as a loss of job or increased medical costs or you want to dedicate your income to other priorities.
When debtors begins to consider bankruptcy, it usually doesn't take too long for them to discover that Chapter 13 offers many of the same protections and debt relief of other bankruptcies, without requiring those who owe to get rid of all their property. While Chapter 13 is not available to all debtors, those who qualify may find that it offers the flexibility they need to get their finances back on track without starting at ground zero, financially speaking.
It only takes one serious incident to put your family in a position of financial hardship. Divorce or a sudden layoff from work could leave you charging all your expenses for a few weeks. That can result in struggling to catch up on your mortgage, credit card bills and monthly car payment. You may find yourself struggling to make the monthly minimum payment while the principle balances of your accounts grow.
When an individual becomes overwhelmed with debt, it can seem impossible to recover. If you have found yourself in this position, you are not alone. Many people in the Rochester area have found themselves struggling to make ends meet due to out-of-control debt. Fortunately, there are options available to help you get your finances back on track.
For most people who think of bankruptcy, Chapter 7 is what comes to mind. Filing Chapter 7 bankruptcy allows those in debt to discharge their debts without a repayment period. There is also Chapter 13, which allows a person overwhelmed by debt to work with creditors. By creating a workable payment plan with a time limit, Chapter 13 allows for repayment and debt forgiveness for those who don't qualify for Chapter 7 bankruptcy.
If you are facing an overwhelming amount of debt, you could be receiving constant calls from collection agents and creditors. You may feel like you are in an impossible situation and that there is no way to climb out of the debt hole that seems to be swallowing your life. However, there are options. Filing for bankruptcy may be the best course of action you can take to get your debt under control.
If you live in Rochester and have found yourself with more debt than you can handle, you are not alone. Many people find themselves in similar circumstances due to a sudden reduction in income or surprise expenses that drain savings and checking accounts. The most important thing you can do is to be proactive when it comes to getting your debt under control. For some this might mean a meeting with a mortgage lender to discuss options. For others, this could be filing for bankruptcy.