Declaring bankruptcy can take quite a toll on your life, as well as your credit rating. Because of this, people tend to look at bankruptcy as the end of potential home ownership. While bankruptcy is a serious issue and should only be undertaken as a last resort, it is not the end of the world.
Bankruptcy is a painful process at any point in life, but it’s especially excruciating when you are at or near retirement age. There’s no time to recover and build retirement income. Unfortunately, seniors are declaring bankruptcy at an increasing rate. A recent study from the Consumer Bankruptcy Project found that the rate of Americans at
Has your rental application just been rejected? Determined to make lemonade out of lemons, you resolve to find out why you were rejected and change the situation so that your next application is approved. Assuming that you filled out the application correctly and made no obvious mistakes such as bringing your pet rattlesnake or a
Borrowers may file for bankruptcy when they no longer have the funds to pay their debts. While this may come from taking out too many credit cards and not properly budgeting, it may also occur due to a sudden illness, becoming unemployed, or any other type of unexpected financial situation. When an individual files for
The worldwide economic slowdown has begun to take a toll in yet another arena of worldwide finance: the default rate of corporate debt in emerging markets. Companies from emerging markets are defaulting on their debt at a rate of 3.8% — the highest level since 2009. Through November 2015, that represents an increase of 40%
Rapper 50 Cent is currently going through the unpleasant experience of personal bankruptcy. That’s right, the man named after money, the man who sang, “Have a baby by me baby be a millionaire,” is now in bankruptcy court. Like many before him in the entertainment industry, overspending and lifestyle issues put 50 Cent (real name:
How do you go from being on top of the world with a multimillion-dollar contract to filing for bankruptcy? By spending like it is never going to end. Former football superstars are finding that out the hard way. Studies have shown that a high percentage of NFL players declare bankruptcy after their playing days, and
Unless you have been in an isolation tank for some time, you know that Donald Trump is running for President of the United States. He of the iconic hair is particularly sensitive to discussions about bankruptcy, as his operations have declared bankruptcy multiple times. While the Donald may not like it, it’s fair to ask
The massive salaries and endorsements of sports stars do not guarantee a comfortable life — evidence suggests the opposite is true for many pro athletes. Sports Illustrated estimated that a staggering 80% of retired NFL players end up broke within the first three years after retirement. Fortune magazine cites research from the National Bureau of
Celebrities and money management don’t always go together well. From the entertainment field to athletes to reality TV stars, celebrities arrive at their wealth and fame armed with a spectrum of spending habits and financial skills. Some inherently know how to handle their finances, and others hire trusted people to manage their funds for them.
Antoine Walker had the world by the tail in 1996. He was coming off a NCAA championship season with the Kentucky Wildcats and was chosen by the Boston Celtics as the sixth pick overall in the 1996 draft. Fourteen years later, he declared bankruptcy with assets of $4.28 million and $12.74 million in liabilities. Walker
You should be enjoying the fruits of your labor in your later years, not worrying about how to pay back debt. Unfortunately, too many seniors find themselves with high levels of debt and uncertainty about their future. If you are in this situation or heading that way, consider these steps to reverse your slide into