Bankruptcy can be a sound way to resolve debt issues. In the case of a Chapter 7 bankruptcy filing, it can allow a debtor to liquidate assets in exchange for writing off some debt. Chapter 13, on the other hand, allows a debtor to keep his or her assets and shed unsecured debt if a payment plan is adhered to over the course of three to five years. This process isn't automatic, of course, so debtors need to be prepared to take the action needed to meet all of the requirements for a successful bankruptcy process. Let's take a look at the debtor's obligations during the Chapter 13 bankruptcy process.
Financial woes strike most businesses at one time or another. Sometimes, these money troubles threaten to shut a business down. However, such drastic measures aren't always necessary, as businesses can find debt relief options that allow them to continue operation.
Like many other American consumers, you may use your credit card to make purchases on a regular basis. And like others, you may use your credit card both as a way to pay for unexpected or emergency expenses as well as your daily needs. You may be able to manage your credit card debt effectively, paying off your balance each month and not accumulating interest, but that is not the case for others.
Cash seems to be quickly becoming obsolete as more and more consumers turn to plastic to pay for their purchases. While this may not be a big shift in spending when debit cards are used, the truth of the matter is that credit cards continue to be used at a significant rate. Many consumers enjoy putting off paying for their purchases, while at the same time earning rewards. Although this can be a benefit to using credit cards, the debt accumulated through this purchasing style can quickly get out of hand, thereby leaving an individual with insurmountable debt.
Texans who have to eagerly await their next paycheck just to make ends meet know the stress and worry that accompanies living paycheck-to-paycheck. There are many events that can force you to live this way, including the loss of a job, cut hours or unexpected demotion. The onset of an unexpected medical condition can also leave you struggling to get the money you need to pay the bills. Once you start falling behind on these bills, the overdue notices can quickly snowball, leaving you in a hole that only seems to get deeper and deeper.