With summer coming to a close and fall starting up, there are certain things individuals may want to give some extra attention. This includes their financial affairs.
Accruing thousands of dollars in debt due to credit card charges, medical expenses and mortgage payments may directly cause significant health risks. Owing unsecured debt, or debt detached from specific property, potentially results in feelings of hopelessness and uncertainty among its victims. As it worsens the health of aging adults, debt may ultimately shorten your lifespan.
The decision to file for bankruptcy is never a simple or easy choice to make. However, many Maryland residents find that the benefits of bankruptcy offer the best available path out of unmanageable debt. Once the decision has been made to file for consumer bankruptcy, many wonder how long that choice will impact their financial standing, especially in regard to credit scoring.
One of the most difficult aspects of filing for personal bankruptcy is the fear of losing one's hard-earned and highly personal assets. Many people in Maryland put off filing for consumer bankruptcy for fear that they will be required to sell their belongings. In reality, however, most people are able to retain the majority of their belongings, and can also look forward to a fresh financial start once the bankruptcy process has concluded.
The world is constantly changing and is now moving at a significantly faster rate than in the past. This is why many people in Maryland and other states become upset when a historic business decides to close its doors. One town in the Northeastern United States is now feeling this way after learning that the local paper mill company which had been operating since 1907 has now filed for Chapter 7 bankruptcy, which will result in asset liquidation.
Sometimes, a series of events or just one crippling event can lead a consumer or business owner to a bankruptcy filing. Some Maryland residents can no longer afford to pay their monthly debts or their debts far supersede their household income. In cases like these, Chapter 7 Bankruptcy protection may be the most viable option for a new financial beginning.
Credit cards have long been instrumental tools for Americans to pay for things and "organize" (in a way) their financial situation. At the same time, credit cards can be very risky tools, ones that trap the user in loops of debt that are only spurred on by massive interest payments and late payment penalties. In other words, as helpful as credit cards can be, when they are misused it is inevitable that the user will experience some difficult financial times.
One of the major complaints about having debt (besides having it in the first place) is the strategies and tactics that creditors and collectors employ to try and get the in-debt party to pay up. Many years ago, this could range from constant phone calls at odd times; threatening tones from debt collectors; debt collectors who pose as lawyers or police officers; and numerous other heinous forms of harassment to force the in-debt party to pay. It didn't matter if the debt was legitimate or not because the whole point of these tactics is to wear down the individual so that they pay anyway.