With every year that passes by, the closer many of us get to retirement. This is meant to signal the end of your working years and the beginning of your well-deserved "celebration" of all that you have accomplished. This celebration is supposed to last you for the rest of your life, but in some cases it doesn't quite have this fairy tale ending.
One of the key questions that many people have when their debt hits critical mass is "what type of bankruptcy should I file?" There are many different types of bankruptcy, but two of the most common filings are Chapter 7 bankruptcy and Chapter 13 bankruptcy. So what is the difference between these two types of bankruptcy, and what do people need to know when filing either of them?
A recent study by CardHub.com found that people in the U.S. recently experienced a huge surge in credit card debt. Even though in the first quarter of 2014 consumers paid off $32.5 billion in credit card debt, they racked up a shocking $28.5 billion in the second quarter. That second figure represents the largest surge in credit card spending in the last six years.
One of the toughest things that a person who is in debt and is getting calls from creditors has to do is get in touch with those creditors. It's so easy to just bury your head in the sand and ignore the problem, hoping that, somehow, the calls will just stop and your debt issues will go away. It should also be noted that most people don't take this approach out of some sense of entitlement or laziness. To the contrary, they do it because they can't pay off their debt -- even though they want to -- and they are just embarrassed by their debt.