If you are thinking about filing Chapter 13 bankruptcy to manage your debt, you probably have a lot of concerns. For example, what will happen to your car if you file? Bankruptcy can be a scary thought, and you might be worried about losing your assets. Generally, you can keep your car in Chapter 13, but there are exceptions.
What would you do if I offered you a debit card that worked with your student loan accounts? You're going to want it because it gives you immediate access to your student loans. If you direct deposit those funds, they'll take a week to clear. Same goes with a paper check, except that one of those will take 21 days to clear. Wouldn't you rather use this debit card so you can have your money now?
No one is exempt from losing a job, developing a medical condition that requires serious care or getting a costly divorce. Unfortunately, many people find themselves in situations that cause debt to rise even as they cannot pay it down. Spending irresponsibly is not the only reason that people get in over their heads with debt. Bankruptcy can be a valuable option on the way to a fresh financial start, and you may need to consider it if you are dealing with any of the following.