Debt – it can happen to anyone. Some think that those who bring in a “certain level” of income are immune to financial hardships, but that simply is not the case. Often times, we hear stories of wealthy individuals or huge corporations filing for bankruptcy because of uncontrollable circumstances or poor financial planning.
In a story released this week by The Guardian, we learned that even royalty isn’t immune to debilitating debt, as Sarah Ferguson, Duchess of York, is considering filing for bankruptcy after years of money woes. The article states that the Duchess is considering a number of ways to manage her personal finances, but has yet to settle on one option:
Ferguson’s spokesman said she was reluctant to declare herself bankrupt. “There is a number of options open to the duchess, of which bankruptcy is one. But it would be premature to say she is going into bankruptcy as the situation is being managed,” she said.
Many people around the world, no matter their income, are currently weighing their options for dealing with large amounts of debt. While bankruptcy is one alternative, it may not be right for you. Consider credit counseling or debt settlement as alternative to bankruptcy – these options take less time and have a smaller impact on your credit score and history.