Most people have trouble managing their money from time to time. Many work their way out of it, while it can be overwhelming to others. Whether you have a lot of money or not, the principals are the same. You cannot spend more money than you make. This concept can be especially difficult to manage when you have applied for credit or taken out a loan for an especially big purchase. Creditors analyze applicants' ability to pay back loans, but sometimes, unexpected situations come up in people's lives that make them choose which debts they will pay. Sometimes people let their discretionary spending get out of control and they do not have money to pay for necessities including food, shelter, and debts. In either scenario, exploring the possibility of bankruptcy is a reasonable approach to finding a fresh start.
For example, 30-year old former NFL and University of Texas quarterback Vince Young recently filed for Chapter 11 bankruptcy protection in January 2014 in Houston. While Young listed his estimated assets between $500,001 and $1
million, he listed his estimated liabilities as between $1,001,000 and $10 million. Despite his wealth, his income and assets exceeded his debts. This shows bankruptcy potentially can provide relief to anyone despite their income level.
If you see your income is not meeting the required amounts you need to pay for basis necessities and debts, you should seek debt counseling from a qualified professional as soon as possible.