Bankruptcies are big business in America, with one in five cases lasting six months or more.
And while many of the victims can recover their lost income or assets in a few months, there are other financial problems that can drag on for years.
Here are some of the big ones that can affect your retirement and finances.1.
Bankrupt AccountsYou could be out $2,000 on a home loan.
Or lose $2 million on your car payment.
The cost of settling your debts could be more than $1 million.2.
Bankrupted credit cardsIt could take six months to settle your credit card debt, while you could lose $1,500 on your credit line.3.
Bankrolled home loansYou might owe $1.3 million on a mortgage or be in the hole for more than you can pay off.
And you might even be left with a debt you don’t even understand.4.
Bankroll debt with a credit cardYour credit card balance could balloon into a debt of more than twice your income.
And it could cost you thousands of dollars a month.5.
Credit card debt with other debtYour credit and debit card bills could balloon to more than your monthly income.
Your credit card bills can add up quickly and you might have to pay them off every month.6.
Credit cards on auto loansIf your car was repossessed, you could owe more than half of your auto loan.
And the amount you’re on your auto insurance could balloon even further.7.
Credit Card debt with medical billsYou might have trouble paying for your medical bills.
You might owe more money than you earn and could lose a chunk of it on medical bills that are out of your control.8.
Credit checksYou could get a check from the bank for more money.
And a credit check might cost you $2 or $3.9 million.9.
Debts with auto loansThe value of your car could go up if your car is repossited.
And if you don