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Here’s an inspirational story for anyone who has filed for bankruptcy and felt overwhelmed by the burden of their debt.

Resurrected NFL star Michael Vick has bounced back from a prison sentence and a Chapter 11 bankruptcy case that included $18.97 million in debts owed to creditors. At present, according to TMZ.com, he owes less than $400,000 to creditors. (To put that in perspective, Vick earned about $11 million in his most recent season playing for the Philadelphia Eagles.)

While Vick’s debts and earnings are well beyond what most of us manage to accrue, his attitude toward bankruptcy and success in powering through provide useful insight about what it takes to get past a personal bankruptcy filing.

Beat Bankruptcy the Michael Vick Way

Follow the NFL star’s path out of bankruptcy to make your own comeback after debt has gotten you down:

• Keep bankruptcy in perspective. Michael Vick filed his Chapter 11 bankruptcy case in 2008, when a conviction on dog fighting charges landed him in jail. At the time, he was viewed as a disgraced star whose career was cut tragically short. But h

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While the news may not come as a huge surprise, recent research shows that people who suffer from chronic illnesses are more likely than others to have large amounts of medical debt.

And, in turn, people suffering from chronic diseases or those requiring long-term medical care may file for Chapter 7 bankruptcy more often in order to reduce their heavy medical debt loads.

In sum, the research portrays a stark picture of an American health care landscape that offers little aid to those who need it most.

According to data compiled by the Commonwealth Fund, and reported on MSNBC.com, Americans were more likely than citizens of other high-income countries to have problems getting medical care because of high rates of medical debt.

Some of the most interesting nuggets of information include:

• High costs of care. The Commonwealth Fund poll questioned 18,000 adults, and found that 42 percent of all Americans with health problems decided to forego medical care because of high costs.
• The burden of debt. In addition, of the adults with chronic health problems, more than 25 percent reported that they were unable to pay all or some of their medical bills.
• U.S.

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Tim Iacono provides a video clip rehashing the latest meeting between Eurozone leaders regarding how to solve the Greek debt crisis and wider concerns for the stability of the European currency union. Politicians have agreed the European Financial Stability Facility fund should be increased to $1.4 trillion to cover capital expenses that will be faced by banks and investors that are expected to take a as much as a 50% loss in a Greek bailout. The specific financial instrument that will facilitate this is still being debated, however, and one option may involve allowing China and Middle Eastern countries to buy into the debt.

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The Debt Diet is an online behavioral change program to help users get out of debt by putting aside $10 a day.  It was developed by Pro-Change Behavior Systems and Jean Chatzky, author of the best-selling Pay It Down and a coach on The Debt Diet series on the Oprah show.

Jean Chatzky read the applications solicited by Credit.com and chose 5 participants.  She got them started on The Debt Diet and is now speaking to them once a week, answering their questions and helping them to get off to a good start.  For their part, our participants are doing The Debt Diet exercises which include tracking their spending, negotiating monthly bills (using The Debt Diet scripts) and trying to modify their heavy-spending ways.  You can find The Debt Diet ($49.95) at jeanchatzky.com. The participants will blog regularly on Credit.com about their experiences with The Debt Diet.

Debt Dieting, it seems, is good for your waistline as well as your wallet.

I first noticed this phenomenon when I coached the Debt Diet for The Oprah Winfrey Show. Some of the participants not only seemed to be getting their financial acts together, they seemed to be getting their physical ones together, too. I’m

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Having trouble paying your bills? Getting notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?

You’re not alone. Many people face financial crises at some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or simple overspending, it can seem overwhelming. But often, it can be overcome. The fact is that your financial situation doesn’t have to go from bad to worse. If you or someone you know is in financial hot water, consider these options: realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy. How do you know which will work best for you? It depends on your level of debt, your level of discipline, and your prospects for the future.

Developing a Budget

The first step toward taking control of your financial situation is to do a realistic assessment of how much money you take in and how much money you spend. Start by listing your income from all sources. Then, list your “fixed” expenses — those that are the same each month — like mortgage payments or rent, car payments, and insurance premiums. Next, list t

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