Debt is a four letter word that almost every person has had to deal with since the beginning of written time and history. Debt was talked about in the bible, by Shakespeare, and by tens of thousands of other authors since. The posts found in this category have to deal with either my personal relationship with debt, or the idea in general.
No one wants to file for bankruptcy. Yet, there were almost 800,000 total bankruptcy filings in 2016 alone—the vast majority of them by individuals. Even though this process is fairly normalized, it’s not something that you should take lightly. Here are five things you should consider before resorting to bankruptcy. Do You Understand What Bankruptcy Means? There are two main types of bankruptcy for individuals: Chapter 7 and Chapter 13. These two types of filings work a bit differently: Chapter 7 bankruptcy is the most common form of bankruptcy. In this situation, a person’s non-exempt assets are liquidated for cash in order [...]