Much of the focus on bankruptcy is about how to reduce or eliminate your debt and have a fresh financial start. While it is important that you have good information on the right bankruptcy approach for your situation, there is more you need to know. Since 2005, U.S. bankruptcy law has required that consumers take a credit counseling course as part of their bankruptcy filing. Understanding what this means and how to go about it can save you time and money.
After spending most of your career saving for retirement the idea of your hard earned money being taken away is devastating. Retirement accounts are essential to maintain the life you built, therefore the fear of creditors can keep some people from choosing to file bankruptcy. Believe it or not you are protected by the law, and you should not let this fear dictate your future.
Bankruptcy isn't a declaration of failure. And it's certainly not a permanent mark against your financial record. After bankruptcy, when you're enjoying freedom from the debts that made your life hell, you can start to build a better financial future.
Sometimes the closer you are to a problem, the harder it is to solve. This is especially true when emotions are involved, because they tend to cloud our logic and prevent us from making rational decisions.
In a recent post and many times in the past we have discussed the problem of student debt and the way that it impacts other types of borrowing and debt. When recent graduates emerge from college, an associate's degree program, or graduate school with high amounts of debt, it is essential that they find work in order to start paying down that debt on time. Unfortunately, the lagging economy is making it more difficult for graduates to find jobs that make their investment in higher education profitable from the start.
A recent study found that people who are diagnosed with cancer are 2.5 times more likely to declare bankruptcy than those who are not diagnosed with cancer. The study tells many Florida residents what they already know too well - that medical debt can lead to serious financial problems in the midst of a health crisis.
Payday loans are a frequent cause of trouble for struggling debtors, both in Florida and throughout the United States. The short-term loans often carry significant fees and interest rates that greatly exceed those which apply to most credit card agreements.
A recent lawsuit alleges that a company called the National Mortgage Help Center is s scam. The lawsuit was filed by a company that says it actually assists borrowers around the country with loan modification services, but that they were suffering from unfair competition from the "fictitious" services of the NMHC.
A recent report from the AARP revealed that, in the United States, people who are 50 years of age or older carried more debt than those who are 50 or younger. People over 50 have an average balance that is about $2,000 higher than the younger people, raising concerns about spending, debt, and retirement.
A spokesperson from the Internal Revenue Service told reporters recently that Florida residents are owed about $61 million in unclaimed tax returns from 2009. Over 62,000 Floridians did not file an income tax return that year and would have received a refund if they had.