Infographic: Life’s Three Biggest Money Blows
There are three major things that can destroy your financial situation and they are: foreclosure, bankruptcy and divorce. Foreclosure can completely destroy your credit score and a notice of default stays on your record forever. Bankruptcy can also be a difficult situation to go through; a Chapter 7 bankruptcy can remain on your record for ten years while a Chapter 11 bankruptcy takes five years to complete. Divorce can also deplete your money supply because couples that become divorced can lose a large percent of their net worth.
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