Life comes at us in unexpected ways. Some people suffer unexpected health problems, or the untimely death of a spouse. As we know well in Texas, others find themselves in the path of a natural disaster that destroys a home and devastates a community. And in a tough economy, many millions of Americans have had to deal with an unanticipated loss of a job, foreclosure and bankruptcy.
Credit card debt and unanticipated expenses
Financial planners usually recommend that American workers consistently contribute a portion of their wages to savings and retirement plans. However, a recent survey suggests that many Americans might be operating on a very thin black line, without much financial cushion in the event of an emergency.
Bankruptcy and the housing market
A federal program that helped around 1.2 million homeowners struggling with their mortgages is set to expire this year.
When is Chapter 13 bankruptcy the right option for debt relief?
Just like any other major financial maneuver, declaring personal bankruptcy is a decision that should be evaluated carefully. However, people may get to the point that they simply need a strategy to get out of debt. For those who qualify, Chapter 13 bankruptcy might be the right option.
