Whenever a person is experiencing severe financial problems, he or she might wonder whether to file for bankruptcy. Determining whether or not to file is not an easy decision for most people, as there are consequences of filing, but you might be able to find the answer to this question by analyzing the following three questions. How Much Will It Cost to File? The first thing you might want to evaluate is the costs of filing for bankruptcy.…
Read More »When things go wrong with your finances it may not matter how much income you have coming in. People of all income levels get their financial situations in a mess and a high level of pay might not mean you are immune to making mistakes. The problem is that if your income is too high you won’t be able to file for a chapter 7 bankruptcy. Read on to learn more about this unfortunate situation and how you can cope with it.…
Read More »Dark days can seem never-ending when your finances are in trouble, but a decision to file for bankruptcy is your first step towards sunshine. Not only will you find some immediate relief, you will have one of those rare “do-overs” where you can review and makes changes for the better. Read on to learn a bit more about recovering after a chapter 7 bankruptcy filing. How did you get into such a mess?…
Read More »If you’re in the process of paying a business loan off, you may be wondering if paying the debt back early is going to be to your advantage. There are a variety of different factors you need to consider before paying off a business loan early. Below are four things you need to think about to determine if it’s in your best interests to pay your loan off early rather than follow the pre-established repayment schedule:…
Read More »Just about everyone has debt, and those with a high debt amount may think that their only choice is bankruptcy. But it may be possible to manage this situation if your debt-to-income ratio is at a reasonable level. Understanding your debt-to-income ratio and its effect is crucial for managing your financial health. The Nature Of Debt-To-Income Ratios Debt-to-income ratios indicate how much of your monthly income goes to your debt payments.…
Read More »People think they’ll never fall behind on their debt payments until the day they do. Although getting caught up on past due payments can feel like an impossible task, it is possible to get your finances back on track. Here are two options you can take advantage of to help you resolve your past due balances and start fixing your credit: Ask About a Forbearance Program Creditors don’t like it when people fall behind on their debt payments.…
Read More »Just the act of a bankruptcy filing can make some people feel embarrassed, but that might pale in comparison to the thought of making an appearance in public before a bankruptcy judge. You already feel a bit sheepish about your financial situation, and you know that taking responsibility for your situation is important. Fortunately, this dreaded appearance in bankruptcy court is usually nothing to be worried about, so read on to learn more about your chapter 7 federal meeting, known as the creditor’s meeting.…
Read More »Chapter 13 bankruptcy is a type of bankruptcy that allows you to repair your credit by repaying some of your debt. Chapter 13 bankruptcy is best for those with a high income or with many assets that can be liquidated. If you are trying to decide whether or not to file chapter 13 bankruptcy, here are some of the advantages and disadvantages for you to consider. Advantages Avoid Foreclosure…
Read More »Most people who receive Social Security disability (SSDI) payments are living from one paycheck to the next. Unfortunately, sometimes the disability payments are not enough to cover all the bills they have accumulated. Because of this, sometimes people who are receiving SSDI are threatened with garnishment by creditors for debt repayment. Thankfully, there are several ways you can protect your SSDI from garnishment. Here’s what you need to know. Set Up an Electronic Transfer Account…
Read More »Chapter 13 bankruptcy is an option for Americans seeking relief from a variety of debts, and that includes tax debts in most cases. In general, debts of all kinds, including back taxes owed, are divided into one of two categories: non-priority and priority debt. The laws providing for Chapter 13 bankruptcy delineate how tax debts are categorized. Below is more information on how to know if your tax debt will be considered as non-priority debt or priority debt:…
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