As I performed my usual morning ritual of sipping coffee and scrolling through the latest news, I couldn’t help but notice one name all over the news: Michael Vick. His name has no doubt been newsworthy over the last few years, but what had he done this week? All of the news stories sported the same headline: Michael Vick’s Bankruptcy Had Been Approved.
In terms of bankruptcy… Continue reading
Having trouble developing a budget? You’re not alone. Millions of Americans try to handle their finances without listing their expenses—and get into trouble. A budget helps you establish your options, see what exactly you are spending money on, and see what you will be able to afford.
Start with a list of your total income. Include income from your job after taxes, alimony, child support, benefits, pensions, etc. Any… Continue reading
According to a report from RealtyTrac, foreclosure filings continue across Christian County, Missouri, but are not as prominent as they were in 2008.
For the first half of 2009, there were 79 foreclosure filings in the county, which is a decrease of 28 percent from the 100 the county had during the same period in 2008.
That accounted for one filing out of every 375 households… Continue reading
As I was reading the news this morning, I started noticing some famous names tied to bankruptcy. Actor Stephen Baldwin, baseball star Lenny Dykstra, and actress Kim Basinger have all filed for bankruptcy protection recently. We often think of bankruptcy as excluding the famous and successful celebrities—but that isn’t true. Who else has filed bankruptcy?
Cyndi Lauper filed for bankruptcy after her first attempt to get into… Continue reading
Clients often seem more panicked when a collector threatens to ruin their credit. My 15 years of experience has taught me that it is mostly creditors that bother with reporting you to the credit bureau. By the time you are threatened about ruining your credit by a collector, you have probably already been reported. Therefore, it is important to not let this threat make you change your list of priorities… Continue reading
We discussed high and low, but what about those debts in the middle of your list of priorities? Most debts fall into the high or low priority categories but there are a few that squeeze into the middle. Government student loans (not private student loans, those remain low priority) should be paid after you’ve taken care of your high priority debts.
The government, as mentioned in our… Continue reading
In our fifth installment on prioritizing debt, we will discuss the question that many people are asking themselves: Do I need an attorney? One way to find the answer to that question is to determine if you have legal defenses. Legal defenses give you an opportunity to fight back, which is important to consider. If your purchases may have turned out to be defective or creditors are asking you to repay more than your… Continue reading
Recently, my insurance agent passed this on to me by email. I see people every day that are at the end of their financial rope and come to be to learn how to file bankruptcy. I thought this story was very similar to what my clients need to keep in mind as they go through a difficult stretch in their life.
One day a young lady was… Continue reading
According to an article from ABC news, credit card companies will be heavily restricted in marketing student credit cards on college campuses in Illinois. Governor Quinn signed the new piece of legislation on Tuesday. The law will restrict credit card companies from giving out free gifts to encourage students to apply for the card. It also states that any
Since we have covered the debts that are high priority, which ones can you put down a little lower on your list? Loans that are not tied to your most important possessions can be of lower priority. These loans include credit card bills, doctor bills, store accounts, etc. Because these loans don’t involve any collateral, creditors cannot collect valuable possessions
