As a continuation of Tips for Avoiding Credit Card Pitfalls That Could Damage Your Credit (Part 1), here are some additional tips on responsible credit card management. While these tips can be helpful to young adults who may be getting their first credit card, they may also be effective for those who have recently filed [...]
Tips for Avoiding Credit Card Pitfalls That Could Damage Your Credit (Part 1)
Whether you are getting your first credit card ever or you are getting your first credit card after filing for bankruptcy, following these tips regarding responsible credit card management can help you avoid some of the most common pitfalls that can damage your credit and put you in a bad financial situation. By following these [...]
Is It Better to Invest in Your Savings or Pay Off Debt? (Part 2)
As a continuation of Is It Better to Invest in Your Savings or Pay Off Debt? (Part 1), the following are some additional questions to ask yourself when you are deciding whether it’s a better idea – from a financial standpoint – to use extra money you have to build up your savings account or [...]
Are you a farmer or rancher in debt problems?
If the answer is yes, you have some unique bankruptcy options that are available ONLY to farmers/ranchers and professional fisherman. But Chapter 12, in the simplest sense, is reserved for debtors who have significant farming income and debt. While they are similar to Chapter 13s in that they require a regular income and a re-payment plan based [...]
Is It Better to Invest in Your Savings or Pay Off Debt? (Part 1)
When you get a windfall of money, for example as a gift, a bonus or maybe even through a raise, whether it is better – from a financial standpoint – to invest the extra money into your savings or to use it to pay down your debt will depend on a number of factors. Here [...]
Steer Clear of These Debt Consolidation Pitfalls (Part 2)
As a continuation of Steer Clear of These Debt Consolidation Pitfalls (Part 1), here are some additional tips that can help you avoid common debt consolidation traps that may ultimately land you in more debt and increase your financial woes. Keep a close eye on your interest payments: Unfortunately, many debt consolidation loans offer the [...]
Steer Clear of These Debt Consolidation Pitfalls (Part 1)
Debt consolidation loans can be double-edged swords for debtors who are seriously struggling with debt. Although debt consolidation loans can reduce the interest rates on some debt, lower monthly payments and consolidate debt payments into a single monthly payment, there can be a downside to debt consolidation loans, and some debt consolidation traps can leave [...]
Make Your Tax Refund Work for You: Smart Ways to Use Your Refund (Part 2)
As a continuation of Make Your Tax Refund Work for You: Smart Ways to Use Your Refund (Part 1), the following are some additional tips on how you can use your tax refund to improve your financial standing. Invest in your retirement account: Like your savings account, your retirement account needs to be invested in [...]
Make Your Tax Refund Work for You: Smart Ways to Use Your Refund (Part 1)
The annual federal tax refund most people receive tends to be the biggest sum of money that they get each year, according to a study conducted by Turbo Tax. Here is an overview of some smart ways to spend such a substantial amount of money in order to make this money work for you and, [...]
A Closer Look at Bankruptcy Fraud
Because filing for bankruptcy is within the jurisdiction of the federal courts, committing any act of bankruptcy fraud is considered to be a federal crime that can be met with harsh punishments if the accused is ultimately convicted of this crime. In general, bankruptcy fraud is any act in which a person filing for bankruptcy [...]
Defaults on Student Loan Debt Increase in 2013
While investing in getting a higher education can be essential to increasing your future earning potential, the current economic situation and anemic job market has made it incredibly difficult for college graduates and others to secure any sort of job – let alone one in their field of study or specialization. As many people struggle [...]
Unemployment Claims up Nearly 8 Percent in March 2013
Unemployment claims throughout the U.S. increased by approximately 28,000 – nearly 8 percent – in March 2013, marking the highest rate of new joblessness claims in the U.S. since November 2012 (according to the U.S. Department of Labor). This harrowing fact was announced much to the dismay of economists and politicians who had actually expected [...]
A Financial Checkup & Financial Habits to Avoid
While you may be diligent about regularly checking up on your health, when it comes to doing a financial checkup, you may not be so consistent or eager to look at how you are spending your money and what you should stop doing in order to put yourself in a better financial position. However, by [...]
Bankruptcy Filings Increase during Tax Season
A study conducted by the University of Chicago, Columbia University and Washington University found that there is a significant increase in the number of bankruptcy filings during tax season (specifically between the months of March and May) than during the other months of the year. Researchers found that the primary reason for such as spike [...]
Debt Repayment Strategies: Prioritizing Your Debts (Part 2)
As a follow up to Debt Repayment Strategies: Prioritizing Your Debts (Part 1), here is a look at what would be considered to be lower priority debts that may be able to be put off until you have dealt with higher priority debts, such as tax debts and mortgage payments. Credit card debts: Although it’s [...]
Debt Repayment Strategies: Prioritizing Your Debts (Part 1)
While it’s important to pay off all of your debts, these days, it’s common for people to be facing an overwhelming amount of debt and to be forced to decide what is most essential to pay off first and what can wait a bit until you are better able to make a payment. When it [...]
Bankruptcy Alternatives for Seeking Debt Relief
While filing for bankruptcy is a smart choice for many people who find themselves overwhelmed by debt, for others, pursuing a bankruptcy alternative may be a better solution – especially if these individuals have filed for Chapter 7 bankruptcy within the past 8 years or for Chapter 13 bankruptcy within the past 2 years (as [...]
Important Changes to Bankruptcy Law (Part 2)
As a follow up to Important Changes to Bankruptcy Law Part 1, here are some additional key changes that the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ushered in. Understanding these changes will be essential for those who filed for Chapter 7 bankruptcy in (or within a few years before 2005) and are [...]
Important Changes to Bankruptcy Law (Part 1)
A number of changes to U.S. bankruptcy laws were enacted near the end of 2005 when President George W. Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act into law. While it may seem like discussing these changes is a moot point since the law has been in place for nearly eight years (it [...]
What Can Happen If You Default on Your Student Loans?
Student loan default is a real crisis for many recent – and not so recent – college graduates, as many are finding it difficult to obtain jobs that will cover their costs of living and their monthly student loan payments. Between rent or mortgage payments, car loan payments, credit card payments and other day-to-day expenses, [...]
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