Category: Personal Bankruptcy

Contrary to what many people think, filing for bankruptcy may be good for you and improve your financial situation.  Chances are that if you are considering bankruptcy, your credit is already suffering, and you are probably sick of being harassed by bill collectors and creditors, and faced with possible wage garnishments, evictions, lawsuits, and foreclosures. Not only does all that activity stop with bankruptcy, but bankruptcy can help your credit. Many of your debts will be eliminated, and although there will be an initial setback in your credit rating, after bankruptcy… CONTINUE READING

When you are feeling financially strapped, it may be tempting to use your credit card to pay your rent or mortgage. Credit cards allow you to postpone coming up with the money for payments, and you can get rewards like cash back or miles for using them. Unfortunately, there are also costs and consequences for credit card use that can get you deeper into financial trouble. People who don’t pay what they owe in a timely fashion or only pay the minimum balance on credit cards wind up in situations… CONTINUE READING

Despite anything you may have heard, bankruptcy does not ruin your credit forever, and it is still possible to get a loan after a bankruptcy discharge.  In reality, bankruptcy -- a legal way to have many debts forgiven -- is a new beginning, and it can give you a fresh financial start.  There are things you can do after a bankruptcy discharge to begin rebuilding your credit. Bankruptcy will stay on your record for up to 10 years after filing, but there are still ways to rebuild your credit and live… CONTINUE READING

Credit card debt can be bad for your health as well as your pocketbook, but if you aren’t paying off what you owe each month, you have plenty of company.  According to the American Bankers Association, 43 percent of card holders carry a balance each month, and the Federal Reserve reports that outstanding card debt has hit its highest point ever, surpassing $1 trillion in 2017. It’s not surprising that this situation leads to health issues. Owing money and paying high interest rates leads to increased stress, anxiety, and lack of sleep --… CONTINUE READING

If you are struggling with mounting debt, you are not alone. Too many Americans are faced with debt that they cannot meet, and much of this is due to problems posed by our society. Nationwide, data reported by the Urban Institute in a new national map of indebtedness, shows that 33 percent of Americans hold debt that is currently in collection, with a median amount of $1,450. Being in debt can cause problems in all areas of your life, from being less productive at work to arguments over money at… CONTINUE READING