You may never have imagined that one day you'd be considering the option of filing for bankruptcy. The word has had a negative connotation for many years. However, contrary to what some people believe, it doesn't mean that you'll never get credit again or be able to fulfill your dreams. Indeed, with some vigilance and hard work, bankruptcy can be a step forward for you financially.
A lot of Americans are getting an unwelcome surprise when they file their taxes this year. Thanks to recent changes in the tax laws, they're getting a smaller refund than they're used to or -- worse yet -- they owe the Internal Revenue Service (IRS) a considerable amount of money. The Government Accountability Office (GAO) anticipates that over a fifth of Americans will owe money to the IRS this year.
Some people who have filed for bankruptcy believe that they don't have to file income taxes. They often believe that the bankruptcy trustee will handle it. That's a dangerous mistake to make.
New data just released by the New York Federal Reserve Bank indicates that over 7 million Americans are at least 90 days past due on their auto loans. That's a record number -- higher even than in the post-recession years of nearly a decade ago.
Lady Gaga has had a level of success in her 32 years that most artists can only dream of. Now she's got two Oscar nominations for A Star Is Born -- including one for Best Actress. Gaga, who was born Stefani Germanotta, became a very wealthy woman thanks to her album sales and concert tours.
The federal government shutdown is nearing the one-month mark, and some 800,000 federal employees have now gone without their first paycheck. They're becoming seriously worried about how they're going to continue to make ends meet and support their families. The shutdown has also caused ripple effects across communities -- impacting many private business owners and service providers.
You promised yourself that you were going to take it easy on the spending this holiday season. However, things got away from you. You spent a little more on gifts than you intended. Your kids outgrew their formal Christmas outfits from last year, so you had to buy new ones. You saw some holiday decorations you just had to have.
One of the primary concerns that people considering Chapter 7 bankruptcy have is whether they'll be able to keep their vehicles. After all, we rely on our cars to get to work, chauffeur the kids to school and other activities, go grocery shopping and so much more.
You filed for bankruptcy years ago. Now, due to a series of unfortunate events, you find yourself considering it once again. How soon can you file for bankruptcy a second time? How many times can you file for bankruptcy over the course of your life?
Bankruptcy doesn't have to be the end of your ability to get credit. It can provide a fresh start to a healthier financial future unencumbered by mountains of debt. However, that won't happen overnight. It takes time, patience and careful planning to repair and rebuild your credit.