In the United States, it’s said that 10 out of every 1000 people file for bankruptcy each year. Those who do file make this financial decision for several different reasons. Some of the most common include overextended credit, inability to make payments to creditors, and debts that outnumber the financial value of personal assets. If…
Credit is king in the modern age. It can affect your ability to borrow funds, invest in real estate, and whether or not you can add that fancy credit card to your wallet. Sometimes a credit burden can become overwhelming. When debt accumulates to the point where you have no other choice but to file…
You park your car before you head into the supermarket. An hour later, you return to where you originally parked to find your car is gone. Your heart races. You dial 911. “Help, I think someone stole my car!” Relax. More often than not, your car wasn’t stolen; your car was likely repossessed. Still, that…
There’s a lot of doom and gloom surrounding bankruptcy, but in reality, bankruptcy is a solution to a problem, not a problem in and of itself. If you’ve filed for bankruptcy, there’s still hope for your credit being repaired in the future; you just need the right plan to get back on track. A qualified…
Using a credit union is generally a positive experience. They were established as an alternative to traditional banks, serving their community with more affordable options. Credit unions offer lower interest rates along with membership status to everyone they serve. Being a member comes with the privilege of being a part of the one-person-one-vote system of…
Filing bankruptcy can be a tedious process to do on your own, which is why it is imperative to choose the right lawyer when seeking legal counsel. To ensure your case goes in qualified hands, you must show due diligence by making your selection with proper consideration, and not on a whim. There are many…
When filing Chapter 7 bankruptcy, you should avoid a few things to ensure the smoothest process possible. Bankruptcy is a legal decision a person makes when it becomes apparent that a debt situation is looking unrecoverable. It’s often one of the most challenging financial decisions in a person’s life; therefore, if you’re facing bankruptcy, you…
Spring cleaning often means getting rid of things in your home that you no longer need. The process can also include making sure your finances are in order. Use the time during spring cleaning your home to examine your budget, how much money you bring into your home, and how much money you’re spending on…
Filing for bankruptcy is extremely emotional and stressful. Often, years of hard work and a lifetime of possessions are subject to repossession by creditors because of a failed ability to repay debts. In that kind of situation, it can be tempting to try and save as many assets as possible. One strategy people try using…
It is evident that credit scores depend on an individual’s previous and recent financial status. But who is in charge of keeping track of all the information about one’s financial condition? The answer to this question is quite clear: the credit reporting agencies. These are companies that have the mandate to gather and compile data…
