More and more Americans over the age of 65 are facing financial strife that is leading them into late-life debt, according to studies. The paper, "Graying of U.S. Bankruptcy: Fallout from Life in a Risk Society" contends that increased costs for health care, as well as the reduced income that comes with retirement, are weighing heavily on the over-65 demographic here in South Carolina and elsewhere. As a result, older people are becoming increasingly likely to choose Chapter 7 bankruptcy as a viable way to eliminate this debt in their golden years.
Borrowing money is integral to the American way of life. From buying homes to purchasing motor vehicles to acquiring goods and services with a credit card, many daily purchases in South Carolina are based on borrowed money. However, most people think of borrowing money in specialized manners, such as a mortgage or an auto loan. Increasingly popular is the personal loan, an old practice that is now adding to the average consumer's debt.
Things will turn around soon; one more bonus and the bills will be caught up. A better job is just around the corner. One or more of these statements will run through the South Carolina debtor's head as he or she considers what should be done to relieve the financial pressure. Rather than continue to worry and wonder how to pay off the debt, it may be time to take action and file for bankruptcy.
Home ownership is often asserted to be the "American dream." Many South Carolina residents look forward to purchasing their dream home; however, when financial struggles become reality, they worry that they will never be able to qualify for a mortgage. This simply is not true. In fact, many who file bankruptcy find that they are able to obtain a new mortgage within a few short years.
For many Americans, debt is simply an unavoidable fact of life. But what happens when debt piles up to the point where it is out of control? For many people facing this issue in South Carolina, personal bankruptcy is an option that may make sense. The most common of these individual bankruptcy types are Chapter 7 and Chapter 13 bankruptcy.
There are a number of misconceptions associated with filing for bankruptcy. Many South Carolina residents may be concerned that they will lose everything by filing. Or, perhaps they believe that all of their friends and relatives will discover that they filed. In reality, it is unlikely that friends or family will be aware unless the individual chooses to disclose the information, and more than likely, he or she will be able to keep most if not all of his or her possessions.
While contemplating the best way to handle one's financial dilemma, a number of concerns come to mind. The typical South Carolina resident is concerned with how the financial crisis will affect his or her ability to meet current financial obligations. Additionally, if filing for bankruptcy is the answer, how long will it take for his or her credit score to recover? Finally, will he or she be able to qualify for a mortgage at some point in the future?
Many people think that money makes the world go round, and unfortunately, they are often not wrong. In order to carry out tasks, meet basic needs and attend to many of life's obligations, money is needed. However, financial stability can be difficult to come by, and individuals who are struggling may not know where to turn. Fortunately, there are debt relief options like bankruptcy that may be able to help.
The bills are piling up, and the phone keeps ringing. The stress and anguish caused by not being able to stop the never-ending cycle of debt can take a toll on the typical South Carolina resident. For many, the answer to this apparent dilemma is found in filing for Chapter 7 bankruptcy.
Consumers overwhelmed by insurmountable debt often understand that bankruptcy is the most appropriate option for securing a better financial future, but many are hesitant to take the necessary steps for filing. People in South Carolina often worry that they will lose everything when seeking bankruptcy protections, and fear that they will be in an even worse position afterward. However, it is possible to keep certain exempt property during bankruptcy.