Many dependable people are now plagued by financial issues that keep them awake at night, damage their health, and destroy their family life. While no one wishes to throw in the towel, it may be advantageous for all parties involved to start from scratch. Why do so many individuals contemplate Chapter 7 or Chapter 13 bankruptcy? Here are some points to consider:
- Housing crisis: Over the past several years, the valuation of many homeowners' homes has declined drastically. In some areas of the country, such as Arizona and Nevada, the value of homes is now half of what it was several years ago.
This was an unfavorable choice for everyone, as many lenders were providing loans to anyone with a heartbeat. Now, if a property owner wishes to sell, they are likely to lose money or even pay the bank to leave. People who must relocate may have no option but to allow their home to go into foreclosure.
In the event of a catastrophic illness or catastrophe, individuals without health insurance may be financially devastated. Even a single surgical procedure or hospital stay can result in tens of thousands of dollars in medical and hospital expenses. Absence from work can result in temporary income loss or permanent job loss. Even individuals with health insurance may discover that their portion of the bill is astronomically large.
- Divorce: Couples who decide to dissolve their marriage through divorce may soon find themselves on the verge of financial ruin or declaring bankruptcy.It's difficult enough to pay the bills with two incomes, but attempting to do so with a single income can result in deep red ink.
There have been layoffs in numerous industries and enterprises across the nation. Families may be left without a safety net when unemployment benefits expire. Not having an employment can be made more stressful by mounting debt.
Numerous consumers have been pulled into the credit card debt culture of permanent debt. It is so simple to scan a plastic card at the grocery store, gas station, department store, and elsewhere. Even thrifty consumers will be astounded by how quickly these bills add up. Once a person develops a habit of paying with plastic, it is simple for them to become entangled in the quicksand.
Numerous individuals are under extreme financial stress. The economy has deteriorated, taking with it many individuals' tranquility, marriage, employment, residence, and savings accounts. No one intends to declare bankruptcy, but it is sometimes necessary. Chapter 7 or Chapter 13 bankruptcy may be the best method for a person and his or her family to start over.
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