Debt Free in 2017 - Consider Bankruptcy
When the clock struck 12:01 a.m. on January 1, 2017 people across the United States stood back, took stock of the past year and set their resolutions for the New Year. Some resolved to lose weight, others to quit bad habits like smoking and others still resolved to spend more time with family or travel more. A few resolved to get organized financially by spending less and saving more. If you, like many others, have been struggling with debt this past year (or years), then
If you fail to plan, you plan to fail:
If you fail to plan, you plan to fail: Most bankruptcies are a result of an unforseen event such as divorce, illness or the loss of employment. The problem with that statement is that “unforeseeable” events are all but unforeseeable. Yet, most people fail to plan for life’s “What Ifs,” i.e., “What if I lose my job?” or “What if I get sick and can’t work?” and that’s the real problem. One of the most common mistakes we encounter in our office is people’s tendency to spend mo
How to avoid filing for Bankruptcy. (Life is what happens while your busy making plans)
How can you avoid filing for Bankruptcy? 1. Live below your means and save money for a rainy day. 2. Stay healthy and make sure all your family does the same. 3. Don't barrow money you can't pay back within three months. 4. Drive a paid-off dependable used car. 5. Don't get a divorce. 6. Any other uncontrollable and unrealistic goal of your choice. However, life is what happens while your busy making plans. If life happens and you find yourself in the
How to decides between Chapter 7 or Chapter 13 bankruptcy?
Many clients come to our office, for a free consultation, and already have in their mind that they want to file for a Chapter 7 rather than a Chapter 13 bankruptcy. Realistically, how would you know without a thorough understanding of all bankruptcy laws, rules and local practices? The answer is, you really don't always know what's best in your specific circumstances. Many things need to be considered. The following is a very non-exhaustive list of the factors utilized by
Bankruptcy is a very powerful and flexible tool.
A bankruptcy can be a very powerful tool in dealing with your creditors: - A foreclosure sale may be stopped temporarily or permanently. - A mortgage may be modified, in its duration, in its interest rate and/or its principal balance. If you are behind on your mortgage payment bankruptcy may help you modify the terms of your loan or give you up to five years to catch up on your mortgage arrerage. - A second mortgage may even be eliminated all together or reduced to its secure
REBUILD YOUR CREDIT AFTER BANKRUPTCY
Rebuilding Your Credit after Bankruptcy Obviously, the idea is to file once and get it right so that you never have to file again. Here are some tips on reestablishing your credit rating so that you can make bankruptcy filing truly a financial turning point and a fresh start: Apply for gas credit cards and store cards at businesses where you would normally just pay cash. Pay charges back in full each month or at least pay in a timely manner. Do not carry large balances on th
Taking control of your finances in 2015: Is 2015 the year you will take control of your finances by eliminating your credit card debt? A Bankruptcy can give you a fresh start. With all of the daily living expenses (including the new legal requirements of "Obama Care") it is getting harder and harder to make ends meet. The best way to deal with paying for everyday living expenses, from the ever shrinking paycheck, is to eliminate or reduce your old debts. Our office, Frei