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When is bankruptcy your best option after divorce?

Divorce can have a devastating impact on your credit and your financial situation as a whole. Sometimes, spouses pile on debt to joint credit cards on their way out the door. In other cases, people who relied on their husband or wife to make all the financial and investment decisions learn too late that they were reckless with that money. Divorced spouses can find themselves with more debt than they can pay off and credit scores so low that moving on with their life can be extremely challenging.

Why are bankruptcy filings increasing among senior citizens?

Americans are living longer, but those golden years are too often marred by financial hardship. In fact, a recent study by the Consumer Bankruptcy Project (CBP) found that bankruptcy filings among senior citizens have increased fivefold in recent years.

When can you discharge a tax debt in bankruptcy?

People often assume that if they file for bankruptcy, among the debts they won't be able to discharge is income tax debt. That's not entirely true. Under some circumstances, you may be able to do so whether you are filing Chapter 7 bankruptcy, where a person's assets are liquidated to pay their debts, or Chapter 13, which involves a multi-year payment plan.

Study: Young adults are the ones with the most medical debt

As we get older, the amount of money we spend on health care generally increases. That's only natural. Our bodies start to break down and don't work as well as they used to. Sometimes, years of unhealthy living or perhaps old injuries from our youth catch up with us.

Chronic health conditions and out-of-pocket expenses

Chronic health conditions can have many impacts on families. This includes financial impacts. Such conditions can subject families to major out-of-pocket costs. These expenses can have a lot of time to build up with chronic conditions. Such costs could expose families to financial struggles, particularly low-income families.

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