Debt is a fact of life for nearly everyone. In fact, having some debt helps establish and improve your credit rating when you make regular, on-time payments. Debts fall into two categories: secured debt and unsecured debt.
According to a recent study, more than 65% of college seniors in 2017 graduated with student loan debt. The total student loan debt in the United States is estimated at about $1.53 trillion. It’s no wonder that nearly one in four Americans have student loan debt.
You may be getting calls from bill collectors or face foreclosure. When you are overwhelmed by debt, filing bankruptcy is often a lifesaver. Bankruptcy gives you an opportunity to get a fresh financial start. But, before you file for bankruptcy, you should take some steps to help ensure that your bankruptcy goes smoothly.
Life does not always go as expected. Even when you try your best to be financially responsible, you can find yourself drowning in debt due to medical bills, losing your job, divorce, high credit card interest rates, and other financial disasters.