Experiencing high amounts of debt in Pennsylvania is one of the most stressful experiences a consumer may have. In some situations, the debtor simply can find no way out of his or her debt situation. In these cases, declaring personal bankruptcy may be a wise option. Here is a rundown on several common reasons people end up needing to go to bankruptcy court.
The most common reasons why people consider or seek a divorce
No two marriages are the same, and only you can say what exactly happened in yours to make you want a divorce. On the other hand, perhaps you can't quite put your finger on it except to say that time passed and you and your spouse drifted apart. If you talk to others who have ended their marriages, you might find that you share certain things in common.
Property division can impact a woman's financial situation
The dissolution of a marriage in Pennsylvania can understandably be perilous from a financial standpoint. Research shows that this is especially the case for women. Here is a look at what researchers have discovered about the financial impact of divorce on women and how those tackling matters such as property division can best protect financial futures.
More older individuals turning to personal bankruptcy
Many Americans, including those in Pennsylvania and other states, find themselves facing financial problems at older ages. Research show that, since the early 1990s, the number of people filing for personal bankruptcy at 65 years of age or older has tripled. The rise in personal bankruptcy among older Americans can be linked to several factors.
Property division can have adverse impact on business owners
Unfortunately, not all marriages in Pennsylvania work out long term. This can be particular devastating for business owners from a financial standpoint, as they may end up losing large percentages of their business assets due to divorce property division. However, a business owner can take a few steps to keep his or her business protected in the event of divorce.
Property division during divorce may involve college debt
The dissolution of a marriage may happen for a variety of reasons. However, an increasing common reason for divorce is student loan debt. In fact, it is this type of debt, along with other types of debt, that makes property division contentious during divorce proceedings in Pennsylvania.
