The Financial Times recently reported a rising trend in credit card and revolving account lending in the United States, something that experts say is concerning because of the current economic and political environment in the country. Some economic experts believe that the increased lending could create future issues for banks, and borrowing repeatedly in a questionable economy can certainly create stability issues for individuals and families.
After you file a petition for bankruptcy, you'll receive notice that a 341 meeting is scheduled and that you must attend it. These meetings routinely take place approximately 30 days from the day you filed your petition, and they are also referred to as the meeting of creditors.
One of the stars of Real Housewives of New Jersey, Teresa Guidice, recently went through bankruptcy proceedings, but the bankruptcy process ended in her going to prison on a year-long fraud sentence. This week, it was announced that the woman's bankruptcy case would be reopened.
Sometimes it seems like California celebrities have it all, but it's important to remember that these individuals can struggle financially as well. In fact, no one is immune to falling into debt problems. Recently, it was revealed that celebrity Aaron Carter is struggling under the brunt of $150,000 worth of debt. The young star appeared on the reality TV show "Life or Debt," where he confessed to his financial problems and that in 2013 he filed for Chapter 7 bankruptcy.
Earlier in April, the Department of Education announced plans to launch a new internet portal that student loan borrowers will use to make their loan repayments easier. When the new payment platform is released, borrowers will be able to use a single portal for payment of their loan debt.
It clearly seems to be the case that a high number of so-called millennials in California and across the country could benefit from a bit of education regarding their credit cards.
"Watch out, our eyes are on you."
The trade off for the "fresh start" you get by filing bankruptcy is that you have to let your creditors know you're seeking bankruptcy relief and may be wiping out your obligation to pay them. Consequently, bankruptcy cases are public record and creditors who have information about debtors are able to present that information to the Bankruptcy Court. This forces debtors to be honest about their circumstances.
Many of our Southern California readers might reasonably assume that they're sufficiently protected from the financial downside of any medical risk because of the health insurance card in their wallet.