Many divorces stem from financial matters that just can't be resolved. When you are faced with mounting bills and tension that is leading to divorce, you might decide that you need to file for bankruptcy, too. The key here is that you don't want to do both of these legal matters at the same time because they can cause mutual problems.
If you live in Lexington and have found yourself struggling with debt, you are not alone. In fact, you probably know a friend, neighbor or relative that has had trouble managing debt and maybe even declared bankruptcy. While the term "bankruptcy" tends to carry many negative connotations, in reality, bankruptcy is a very effective tool for reorganizing your debt and getting your finances in order. Not only that, but it could help you avoid foreclosure on your home or possibly save your car from repossession.
As we grow older, it's only natural that our medical expenses become higher -- but these expenses can cause serious financial problems for individuals who are already struggling to make ends meet with their meager Social Security payouts.
Financial stability often plays a factor in whether someone can receive a government security clearance. The general reasoning is because the government believes that people suffering from financial problems could be more susceptible to bribes, financial influence and other forms of manipulation.
Many people rely on credit cards and other lines of credit to cover regular life expenses. When the bills from these credit accounts become overwhelming, there comes a point when you might realize that you need to do something. One answer to this is filing bankruptcy.
When you get into a serious financial jam, it can be difficult to extricate yourself from a mountain of crushing debt. But before you resign yourself to a life of living paycheck to paycheck and dodging creditors, rethink your relationship with money and credit.
Last week, the Senate repealed a rule put in place by the Obama administration that gave consumers additional protection from rapacious credit card issuers and banks. The tie-breaking vote was cast by Vice President Mike Pence. The vote rolled back the rule that consumers could take their grievances to civil court and not be limited to resolving their conflicts in arbitration instead of class-action lawsuits.
Everyone has done it at some point or another — made only the minimum payment on an open credit card account. Some pay only the minimum every month, and feel grateful they can afford even that.
Perhaps you've seen the writing on the wall for some time — the dismal quarterly profit reports, the slowly-shrinking workforce — or maybe it came like a bolt from the blue. But either way, the day that you read your own name atop the pink layoff slip will be a shock regardless.
There are many paths to consumer bankruptcy -- living beyond one's means, out-of-control spending patterns and fiscal mismanagement -- that are rooted in poor saving and spending habits. As such, with time and effort, couples and individuals can eventually get their finances back on track.