Because they live on a fixed income, senior citizens are especially vulnerable to credit card debts, which can quickly spiral out of control. For many of these elderly borrowers, bankruptcy is a powerful tool, offering a way out of debt and providing invaluable peace of mind. Unfortunately, worried about the example they would be setting
Although bankruptcy can give you a fresh financial start, it’s important to understand what types of debt you can and cannot discharge. Filing for Chapter 7 bankruptcy can help you regain your financial footing as long as most or all of your debt is dischargeable. Some examples of dischargeable debt are: Credit Card Debt Credit card
Chapter 7 bankruptcy, also called “straight bankruptcy,” is the most common type of bankruptcy proceeding because it allows you to discharge most debts, meaning that you are no longer responsible for paying them off. Filing for Chapter 7 bankruptcy is often the fastest way to get out from under a debt you can’t to pay. However not
There is a lot of talk about filing for bankruptcy on the Internet, but not a lot about what happens afterwards. After a successful filing with the help of a bankruptcy lawyer, you can expect: Discharged Debts: For most borrowers, the most attractive result of filing for bankruptcy is the elimination of most unsecured debts.
Does anyone know why? I was interviewed by the Republican-American recently with this quandary, but it is what they left out that tells the story. You can see what they printed here. But what was said was more expansive. The banks are running out of homes to foreclose with more than 5 million families losing their
Bankruptcy, credit, budgeting, debt collection and taxes are just a few of the topics we discuss at Money Go Roundtable. There are now 19 episodes of Money Go Roundtable up and released through iTunes. What started out as a six episode experiment with Consumer Attorney Jay Fleischman has now blossomed into a full-fledged podcast series.
April 15th is rapidly approaching and we all know what that means – that’s right tax return deadlines. Maybe you have already filed your tax return with the IRS and your state (assuming you have a astate income tax). Maybe you are trying to decide whether or not to file because you know you will owe
The results of a recent study released by Professors Robert Lawless and Jennifer K. Robbennolt of the University of Illinois Law School seems to suggest that people who file for bankruptcy would fare greater chance of success if they would apologize for getting into debt. Really? I mean really. What this study suggest is wrong on
So it’s tax season time again. After the end of January, everyone gets their tax papers and receipts together and attempts to get their tax refunds. And so also, anyone who has defaulted in any debt in the last year needs to watch out for some traps. The first is the concept of ‘charge-off‘. Street knowledge
When you are in financial stress, it is hard to think of anything but dealing with the problem at hand. Human nature is to deal with the present before dealing with the future. After all tomorrow never comes, right? This is precisely when you should be thinking about the future most of all. By dealing only