Do you have stress over finances? If you do, you’re not alone. According to a recent survey by PricewaterhouseCoopers, financial stress is the highest it has been in the last five years. The causes of financial stress certainly vary from household to household, but involve a relatively predictable group of concerns.
One survey which polled over 7,000 individuals in all 50 states found that the most common causes for financial stress are inability to pay off debt, concerns about not being able to retire, and not having enough money to handle an emergency. Wisconsin was among the states for which the most common answer among participants was not being able to fund an emergency. Part of the reason for this may be that the median household income is slightly lower in Wisconsin than the national median, though there are probably various factors at play here.
Paying off debt is certainly an important financial goal. There is a difference, of course, between having feeling the pinch from debt and being on the verge of financial collapse. Not all debtors have equal struggles. Those for whom burdensome debt is threatening their ability to pay for food, housing, utilities and other necessary expenses should consult with an experienced bankruptcy attorney to determine their options for debt relief.
The two main forms of personal bankruptcy are Chapter 7 and Chapter 13 bankruptcy. Both of these forms of bankruptcy protection have different goals and requirements. Debtors who do not have a regular income are not going to be able to complete. On the other hand, debtors with too much income will not qualify for Chapter 7 bankruptcy. An experienced advocate can help a debtor determine whether bankruptcy is right for his or her situation, and if so, which form of bankruptcy is appropriate.