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3 Reasons Why Bankruptcies May Affect Mental Health One of the most widespread results of filing bankruptcy appears to be a profound impact on mental wellbeing. An incredible 75% of people who file report they became depressed during or after the process. This isn’t an encouraging picture, especially when you consider that many who filed…

Divorce, Location and Bankruptcy – How are They Linked? Recent studies show that: • Bankruptcy is more prevalent in urban areas than rural locations. • Divorce rates are higher in urban areas. • Divorce often leads to bankruptcy for one or both parties. • Arguments over money are among the chief reasons cited for divorce….

College Students Account for Almost 20% of Bankruptcy Filings A recent study concluded that 19% of bankruptcy filers are college students. While this may be initially surprising to some, it’s both a sign of our troubled economy and an increased awareness of bankruptcy as a legitimate means of debt relief. Let’s face it; if you’re…

How Do 89% of Filers End Up Getting Credit Cards? It’s true: the majority of those who file for bankruptcy not only receive credit card offers on a regular basis, but most actually qualify for and receive cards. While it doesn’t happen to everyone, credit card companies may actually seek out those individuals shortly after…

Nearly Half of the General Public Believes Bankruptcy is Acceptable – Good or Bad? Recent public polls show that, unlike in past decades, filing bankruptcy is widely believed to be a viable plan to settle financial difficulties. 43% of the people polled said bankruptcy is an acceptable and easy way to settle monetary problems. In…

Statistics on the Average Person Filing for Bankruptcy are Important Indicators According to a recent study by Harvard Law School, the average age of individuals filing for bankruptcy is now 38 years. This is comparatively younger than previous findings. There are probably several factors responsible for this fact, one of which may be that the…

4 things NOT to Do When Filing Bankruptcy We can all thank Robert J. Freeman for providing us with an example of exactly what NOT to do when filing bankruptcy. The 56-year-old television evangelist has been sentenced to more than 2 years in prison after the court found him guilty of obstructing bankruptcy proceedings. This…

The 3 Requirements for an Individual to File Chapter 13 Bankruptcy I’ve stated in previous posts that there are requirements that must be met for an individual to file a petition for debt reorganization under Chapter 13 of the Federal Bankruptcy Code. Today, I’m going to tell you what those requirements are as well as…

The Top 5 Reasons Professional Athletes and Celebrities Go Bankrupt Jamal Lewis, the retired pro football player and former Super Bowl champion, has filed for bankruptcy protection. Among the ex-NFL player’s listed assets are are five homes, a 401k valued at $500,000, part ownership in a water park in Ohio valued at $6 million, and…

Revised Projections Still Show Slow Economic Growth for 2013 Quarter One Recently revised Federal Reserve growth projections for 2013 show 2.4 percent to 2.9 percent rather than the previously estimated 2.2 percent to 2.7 percent growth. Ben Bernanke, Chairman of the Federal Reserve, stated that the Fed would stay on their course of keeping interest…

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