Most people don't realize that they can go bankrupt waiting for social security disability to kick in to help with their living expenses. People think that if something happens that disables them, that they will be able to receive disability income to live on. In a recent New York Times article on social security denial, the problems leading to many bankruptcy filings are revealed.The period between a person realizing that they need to apply for social security and when they actually file can mean months without a paycheck. When they finally do apply, they wait for a decision which most often is denied. Many people give up, not realizing that it often takes several applications before they get their approval for payment, but it often takes the intervention of an attorney and several years before getting the payments due.
What experts are calling the next potential credit crisis surrounds a trend where American consumers are entering into larger automobile loans for longer terms. According to the Federal Reserve, the length of the average automobile loan is five years, four months, an increase in the average...