Friday, November 29th 2024, 4:17 pm
Personal bankruptcies have risen 16% compared to last year, highlighting ongoing financial struggles for many Americans.
Experts caution that waiting too long to file for bankruptcy can exacerbate financial challenges and delay access to critical protections.
Research from the Consumer Bankruptcy Project indicates two-thirds of individual filers endure debt challenges for up to five years before seeking help. Key red flags include:
Filing for bankruptcy typically requires legal assistance. The two most common types include:
Robert Lawless, a professor at the University of Illinois Chicago, emphasizes that bankruptcy eliminates debt but does not create income.
“Finding a better-paying job and changing spending habits should be part of the equation,” Lawless said, urging individuals to focus on long-term financial stability alongside bankruptcy protections.
Key Takeaway: Addressing financial struggles early and seeking professional advice can help individuals regain financial footing.
November 29th, 2024
December 5th, 2024
December 5th, 2024
December 5th, 2024
December 5th, 2024
December 5th, 2024
December 5th, 2024