Texans may have read a 2013 report saying that an average American is currently more than $225,000 in debt. While bankruptcy filings declined last year, it is still relatively easy to miss a house or credit card payment due to unforeseen circumstances, such as loss of employment or family emergency. Debt accumulation may be an unavoidable choice.
It may seem almost impossible for a person to live without debt. Many people own credit cards and hence have some debt. Many Texans try to pay their debts as quickly as possible, but for some it may prove very difficult to be debt free.
Sudden loss of assets to bankruptcy can be quite painful. However, declaring bankruptcy may be necessary due to various factors, such as sudden illness and medical bills associated with illness or sudden termination of employment, an ugly divorce or uncontrollable credit card debt. Foreclosure and bankruptcy are the two financial disasters that most every Texan wants to avoid during the course of the person's life.
There are many people in Tyler, Texas and other parts of the country, who are still feeling the aftereffects of the economic downturn that strained the finances of corporations and individuals all over the world. And although various reports suggest that the troublesome financial situation is drawing to its close, many people in Texas still file for Chapter 7 bankruptcy or Chapter 13 bankruptcy protection every month.
Credit cards make purchasing products easy. With a simple swipe of the plastic, it is possible to purchase just about any product without necessarily having the funds to pay for it. It is because of this ease, perhaps, that so many in Texas and throughout the U.S. struggle with credit card debt. Credit card debt can accrue quickly and once someone is caught in a web of debt, it is oftentimes difficult to escape.
A federal program that helped around 1.2 million homeowners struggling with their mortgages is set to expire this year.
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.