Financial challenges such as a sudden medical bill or termination of employment may require individuals to seek debt relief, especially if he or she is a homeowner. A bankruptcy is a common way to stop foreclosure proceedings, and homeowners may also receive help from the nationwide foreclosure settlement.
Bankruptcy filings lessen for 2012
When an individual can no longer manage to keep up with debt payments, filing for bankruptcy can prevent aggressive debt collection practices like wage garnishment and even excessive phone calls. Bankruptcy usually discharges, or voids, all of the debt associated with the filer.
More people taking out student loans, avoiding credit card debt
Americans are becoming increasingly more confident in the economy. This, in turn, is spurring increased spending and new borrowing. According to the Federal Reserve, people are taking out more auto and student loans but have shown less willingness to take on credit card debt.
Dairy farmers may face bankruptcy
Farmers across America battled a harsh year. The drought they experienced left them with less produce, forcing the cost of crops like corn to rise. Coupled with this, Congress failed to renew or update legislation known as the farm bill, which sets agricultural policy for the country. While this has been difficult for all farmers, many of the programs have continued. However, dairy farmers, including those in Wisconsin, are in a unique position because they are not covered.
