Selling your house can be more complicated than it looks. There are some common roadblocks that often arise during the process and can derail the sale if not handled properly.
Let’s start with a scenario. Bob has had a tough year with a divorce, a job lay-off and medical bills from his daughters’ unexpected surgery. To add insult to his injury, Bob’s ex-wife took his hunting dog. In one year, he has lost his wife, job and dog. Yes, Bob has had a county music kind of year.
Bankruptcy is typically a consideration for people who are overwhelmed by debt and seeking a way to discharge or restructure it. If you are in this situation, the last thing you want to do is jeopardize your source of income and potentially worsen your financial situation. Many people wonder, though, whether filing for bankruptcy will have any effect on their job or future career prospects.
Perhaps you have worked hard for many years. You have accrued a nice sum in your pension or 401(k) account that should see you through retirement, which is still a few years off. So, it is natural to worry about what happens to these funds if you file for bankruptcy.
Question: I have never been someone who spends a lot of money. Luxury items are just not on my list. About three years ago, I got a new job that seemed very promising and stable. Finally, we had enough cash to get some new items around the house that we had needed.
Declaring bankruptcy sounds scary, and many people worry that they will lose everything if they do. However, bankruptcy was designed to help you. The government wants to pull you out of financial trouble and help you make a fresh start. Therefore, they allow you to keep a number of items that are considered necessities. At the same time, extravagant items may be taken away or simplified. So what does that mean for your current house?