If you view yourself as a truly independent and free-thinking person who makes your own decisions and doesn't follow the crowd, you might reasonably take some umbrage with a recent report that unceremoniously dumps most consumers together and essentially questions their thinking regarding revolving debt.
"[T]he middle class is eroded," financial services firm Morgan Stanley starkly concludes in a recently released report entitled "Mind the Inequality Gap."
Financial-related data periodically compiled and reported via a national survey contain a wealth of interesting -- and, some might say, baffling -- information, especially as relates to consumer-reported debt that is accumulated by individuals and families.
Being in control of high assets does not necessarily preclude the need for bankruptcy protection. If the sum of your debts matches the sum of your assets, then you may need to look into whether you qualify for Chapter 7, Chapter 13 or Chapter 11 bankruptcy.
You may already know that, once you file for bankruptcy -- whether it's Chapter 7, Chapter 13 or Chapter 11 -- an automatic stay is placed on creditor actions while you address your debt problems. That kind of protection is a major benefit provided under bankruptcy law.
If you are in debt and have missed one or more payments, you may have begun to receive calls, letters and/or emails from your creditors. If you are several payments behind, you may be receiving communications from debt collectors and collections agencies. Creditors and debt collectors may attempt to communicate with you so frequently that you begin to dread the sound of your phone ringing and the knowledge that the daily postal mail has been delivered.
Sometimes it can be truly difficult to determine whether or not you are in real financial trouble. Especially if you are young, you have recently assumed new major expenditures or if you are in the middle of a major life transition such as marriage, divorce, the diagnosis of an illness, job loss or recovery from an accident, it may be uniquely difficult to make heads or tails of your bills. However, a few signs should serve as red flags that it might be time to speak with an attorney experienced in bankruptcy and other forms of debt relief.
If you are struggling with overwhelming debt, you may be confused about which debt relief options are available to you. If so, speaking with an attorney experienced in matters of debt relief may be a good idea. While it is possible that the best option for your particular situation is to file for Chapter 13 bankruptcy or some other form of personal or business bankruptcy, it is also possible that the best option for your situation is far less intensive.
The holidays are over, but a significant number of Americans are still struggling with debt that they acquired during last year’s winter holiday season. If you are among them, it is important to understand that there are many things that you can do right now to start bringing your overwhelming debt back under control.
If your credit card companies demanded full repayment of your current debt load tomorrow, would you have enough money in your savings to cover the balance? According to a new Bankrate.com survey, the number of Americans who could eliminate their credit card debt tomorrow using only funds from their savings accounts currently stands at 51 percent. This means that nearly half of all Americans have more credit card debt alone than savings.