Category Archives: Debt
What is “Reaffirming” Secured Debt?
With a Chapter 7 bankruptcy, you need to disclose whether you intend to keep or give back certain things, like your house or your car. If you want to keep something and continue paying on it, though, your lender can still choose to take it back unless you “reaffirm” the debt. Following are the pros […]
Bankruptcy Myths
We know that the decision to file for bankruptcy is a difficult one. You should have all the facts. Despite all the information out there about bankruptcy, many myths persist. Today we want to bust some of those myths. Myth: My credit will be destroyed for 10 years after filing for bankruptcy. First things first, […]
When Should I Disclose My Bankruptcy?
Bankruptcy is one of life’s more distressing and emotional events. Once it’s over, you will likely want to put it all behind you and never really think about it again. Unfortunately, at least for a while, you are going to have to sometimes disclose your bankruptcy. You certainly don’t have to tell everyone you meet […]
How Long Does Bankruptcy Take?
Once you have made the difficult decision to file for bankruptcy, your next question is probably, “How long will this take?” You are likely extremely anxious to know when you will be on your way to rebuilding your finances. Every case is different, but there are general guidelines on how long it might take for […]
Banks Paying Homeowners to Avoid Foreclosures
Banks, anxious to move troubled mortgages off their books, have started offering cash incentives to homeowners to sell their properties for less than what they owe – typically called a “short sale.” In the past, banks have balked or dragged their feet at short sales. However, lately, they have decided that short sales are more […]
Medical Bills and Bankruptcy
A serious illness can result in serious medical bills. In fact, CNN reports that more than 60% of people who file for bankruptcy file because of overwhelming medical bills. Most of those who file for bankruptcy are middle-class, well-educated homeowners. And, three-quarters of the people with a medically-related bankruptcy had health insurance. It’s scary to […]
Getting it All on Paper – How to Make a Budget
Congratulations! You’ve decided to make a budget. This is an important first step on the way to financial freedom. But where to start? It can seem overwhelming at first. But if you take it step-by-step, it’s relatively painless. There are many computer programs that will walk you through creating a budget, or you can make […]
Watch Out For That Holiday Debt
Even though the holidays are over, it’s never too early to get ready for next year. During the holidays, many people fall into debt, but with careful planning, you can get through without financial worry. I recently spoke to the Daily American newspaper about the growing problem of holiday—and everyday—debt. If you find yourself falling […]
Falling Behind on Debt—You DO Deserve Help
The dictionary defines debt as: something that is owed or that one is bound to pay. We have all been in some form of debt at one time or another. People accumulate debt for many reasons. Here are just a few: Job loss Medical bills Exhausted unemployment benefits Divorce/separation Victim of predatory lending Underemployment or […]
Credit Counseling vs. Hiring an Attorney
“We’ll help eliminate your debt!” “Free credit counseling!” “We’ll get you debt-free!” “Get relief for just pennies on the dollar.” Sound familiar? If you are having money troubles, commercials and ads like these might seem like the answer to your prayers. But is there more to this story than meets the eye? You might assume […]
