Articles

Dealing with debt can be a particularly frightening experience, especially when one believes he or she is about to lose everything. However, individuals buried in debt need to know that they may have several options available to them, including some options that may actually help protect their assets from unrelenting debt collectors.

Indeed, bankruptcy is one alternative that many people use to safeguard their property and obtain a fresh financial start. Specifically, bankruptcy law in Colorado permits individuals to "exempt" several assets and property from the bankruptcy estate in certain situations, meaning they can keep this property following the bankruptcy process. However, the law regarding these particular exemptions can be quite complex to navigate.

One of the most commonly-held misconceptions about filing bankruptcy is that it will ruin a person's credit score for life. Many people who are in dire financial straits hesitate to seek the protection of bankruptcy because they believe that it will put them in an even worse position financially. Instead, they fall further behind in their bills, amass more late fees and have more accounts go to collections. The truth is that it is possible to rebuild credit after filing bankruptcy by following some simple steps.

Several types of debt, including mortgage, credit card and student loan debt, have doubled or increased even more among seniors in recent years.

Many people in Loveland have heard recent reports of student debt rising higher and credit card debt growing again. It's clearly not uncommon for Americans to face debt problems today, but it can be easy to believe that some Americans, including the elderly, are fairly removed from these problems. Sadly, though, recent data indicates even elderly Americans are struggling to stay financially solvent.

A recent report showed that the way young adults use credit is changing. According to FICO, which created the FICO score that is often used to make loan decisions, fewer young Americans today are using credit cards. According to the FICO data, 16 percent of adults between the ages of 18 and 29 did not have credit cards as of 2012. This reflects a significant increase over 2005, when only nine percent in this age group were cardless.

When an individual becomes overwhelmed with debt, there are often a number of underlying issues. While there may be many factors in the financial equation that leads to burdensome debt, often, there is a single exacerbating concern that pushes people over the edge into real trouble. In Northern Colorado and across the nation, for many years this primary concern entailed sinking home values coupled with crippling mortgage payments.

In today's economy, it is no surprise that many Americans struggle with debt. Business is still not back to where it once was, and although the economy is improving, there is still a long way to go. Because of these difficult times, it is also no surprise that credit card debt is on the rise.