Being unable to sleep at night because your finances are keeping you awake is no way to live. You do have options to help you get out of the financial crisis. You deserve to live a life without worrying about creditors harassing you. Bankruptcy is one option that you might exercise. Consider these points before making your decision.
Losing your job because of illness or injury sends you into a downward spiral. Your income stops when you lose your job. In some cases, workers' compensation payments help, but they usually aren't what you need to cover the basics. Add in the medical bills that you might have coming in and the situation can get dire. If you are facing a sea of debt, you have options to consider. Bankruptcy is one of those options.
Most people facing overwhelming debt want to file for Chapter 7 bankruptcy, due to the fact that it offers an immediate clean slate, but many don't qualify. For this reason, they need to learn more about Chapter 13.
The thought of filing for bankruptcy is enough to scare many people. While this isn't something you want to do, it's good to know that the process can help you improve your financial situation.
The answer is complicated. Generally speaking, student loans are exempt from bankruptcy discharge unless the borrower can show undue hardship and the onset is caused by some exceptional circumstances such as a serious illness or permanent disability.
Pennsylvania residents may be concerned about the recently announced interest rate increases for American Express cardholders. While it is legal for the company to raise their rates, there are certain guidelines that credit card issuers must follow. The CARD Act, which was signed in 2009, changed the way credit card companies can do business and gave consumers several protections.
Buying on credit has become the norm for Pennsylvanians. Nationally, the average person holds over $2700 in credit card debt. Unfortunately, with interest rates ranging from 13 percent to 20 percent annually, items purchased on credit can end up costing up to three times their value.
Pennsylvania residents may be interested in the financial difficulties of one energy company and how they are seeking to resolve the issues. Like many who are in need of debt relief, they have turned to bankruptcy as the solution to their problems.
Many Pennsylvania residents who have credit cards are bound by agreements to enter into arbitration instead of being able to file lawsuits against their credit card companies. Although arbitration is touted as a less expensive and quicker method to resolve disputes than court litigation, these clauses generally favor the credit card companies while preventing consumers from being able to file class action suits.
Using credit cards can create financial challenges especially if consumers do not watch their spending and do not understand how interest is calculated. Credit card users with consumer debt who experience unemployment, reduced income and increased expenses may face creditor harassment because of delinquent payments. Consumers in Pennsylvania and across the country who are making only minimum payments on a credit card to their credit card company could benefit from understanding how credit card interest is calculated.