AuthorJim Mielke

Everyone from retail chains, to individuals with medical and credit card debt, and even entire cities can file for bankruptcy. Bankruptcy is sometimes the only way out of debt and while it may have negative short-term effects, it provides a solution to a problem that so many of us will struggle with at some point in our lives. Financial experts and attorneys define the most common debt as “unsecured”. An example of very common unsecured debt is accrued credit card and medical debt. As we know, This doesn’t always happen as a result of a direct mismanagement of our funds. Life can throw us curve balls in the blink of an eye and put us into financial trouble quickly. A perfect example of this our country’s current crisis, the Covid-19 pandemic. There are also things to consider when deciding whether or not to file bankruptcy such as how it may impact your credit, how long the process takes, and the debt thresholds each type of bankruptcy requires. As every situation is different, so let’s discuss each of the most common types.

In 2019, decluttering was all the rage.  Marie Kondo and The Minimalists became household names.  However, did you know that decluttering is also an important thing to do with finances?  Many people are overwhelmed by their own financial situation because they either do not understand it or it is just…messy.  One of the easiest things you can do to help yourself is simplifying your financial life.

With the unemployment rate jumping from 3.5% to 4.4 % and multiple non-essential businesses forced to close, the job market is getting unattractive by every measure. Yet, amid this grim situation caused by the coronavirus pandemic, there is still demand for people especially those on the frontlines like online retail, delivery, and health. A number of companies especially the retailers are still hiring despite the prediction that the unemployment rate will still climb higher. Though not all employment opportunities are ideal, they are out there!

The coronavirus pandemic has left quite of wreckage in its wake, some of which is financial uncertainty and unemployment. Despite the government relief granted under the CARES act, a lot of people are frightened by the uncertainty this period poses. The unemployment rate has increased drastically with predictions of further increase and lots of people are behind on their loan repayments. With the insecurity, most people wonder when it is the right time to file for bankruptcy. Bankruptcy shouldn’t be considered a bad thing as it can be the best step to take you out of financial ruin. So, what should you consider when the idea of bankruptcy surfaces?