Americans have grown increasingly comfortable carrying personal debt. From high mortgages, car loans and credit card balances, many are walking a fine line between living a comfortable life and taking a financial tumble. One misstep, one serious illness, lost job or economic downturn and the debt-to-income ratio could fall, tragically, into the red.
Bankruptcy is not something confined to a particular age group or demographic. It is possible to be overwhelmed by debts at any stage of life, whether you are young and just starting out on your own, or a senior citizen on a fixed income.