For millions of homeowners, the difficulties of the 2007-2010 Great Recession are easy to remember. In many parts of America, inflated home values plummeted, abundant business seemed to dry up dramatically, and unemployment skyrocketed. Home equity lines of credit became much more difficult to obtain, and once-ubiquitous refinancing money became far more scarce.

Recent years have been fatter for homeowners, with home values rising significantly and unemployment dipping to low levels. But are we headed for another burst housing bubble? Should you be more concerned about your personal debts? What if you’re considering bankruptcy in the wake of a personal financial problem?

The value of your home and your financial well-being

While it’s true that numerous indicators tell us that the housing market is cooling and that interest rates may be on the verge of moving north, the value of your house doesn’t have to correlate closely with your actual financial health. (Of course, if you’re in the real estate business or you work in a building trade closely connected to the housing market, a housing slowdown may affect your income. But that’s a different matter.)   

Some things are out of our control

Life happens to all of us. Difficult events like a divorce, a job loss, or a serious illness can cause us financial trouble during any economic conditions. These setbacks can leave us struggling with debts that bring feelings of powerlessness, anxiety and exhaustion. 

Help with debt relief

Debt can happen in “good” or “bad” economic times, and so can debt relief. If you’re considering bankruptcy to deal with serious financial difficulties, meeting with a professional can help you evaluate what options you have.