Families of Elite Olympians Often Have Ordinary Financial Problems
To the television viewer, Olympic athletes seem to be on top of the world. They are young, strong and highly skilled in their sports, with bright futures beckoning. But most athletes come from ordinary families with ordinary financial struggles. For example, the mother of a gold medal-winning gymnast filed for bankruptcy to help keep her […]
Tax Debt: What Effect Will a Bankruptcy Filing Have?
There are many types of debt. When health problems occur, even people with good insurance can find themselves in medical debt. And in this challenging economy, problems with credit card debt and mortgage debt are very common. And then there’s tax debt. If you owe money to the IRS or the Texas Department of Revenue, […]
Secured vs. Unsecured Debt: What You Should Know
Whether you considering bankruptcy or not, it’s important to know the difference between different types of debt. The kind of debt you have can affect your credit score, how much money you can borrow, and the interest rates of those loans. This post will describe the difference between secured and unsecured debt? Here is what […]
Student Loan Debt: Can Bankruptcy Resolve It?
You have heard that student loan debt is not dischargeable in bankruptcy. It’s true that is the general rule. But in certain cases, when there is undue hardship, it is sometimes possible to discharge student debt through bankruptcy. In fact, such a discharge just happened in a case in Buffalo, New York, involving a 64-year-old […]
Small Business Bankruptcy: Structure Affects Choices
In order to get the fresh start that bankruptcy can offer, you’ve got to consider which type would be best for you. Chapter 7 bankruptcy is often known as “liquidation” or straight bankruptcy because it requires clearing out all nonexempt property to satisfy debts owed to creditors. If they meet certain requirements, Texas consumers can […]
Creating and Keeping an Emergency Fund Can Be Tough
Create an emergency fund. Financial counselors are very clear on this point. They want us all to have at least several hundred dollars socked away to deal with unexpected needs. In fact, many counselors believe the fund should have more than a few hundred dollars. Some say it should be big enough to cover your […]
Tax Debt: Beware of Liens and IRS Levies
Tax debt is a recipe for trouble – unless you respond proactively to the problem. Don’t just let your wages become the object of an IRS tax levy. Here are some things to think about, as you consider filing for bankruptcy and other debt relief options. First, let’s consider the word “levy” and distinguish it […]
Bankruptcy and Taxes: Rebates Can Help Finance a Filing
Bankruptcy and taxes can go together in a couple of different ways. For people in search of debt relief, bankruptcy can potentially allow the discharge of income tax debt. This could include stopping an IRS tax levy. There’s another way as well. New research shows that many Americans who are short of cash are using […]
Reasons for Personal Bankruptcy Reflect Tough Economy
The tough economy means there are many reasons to consider filing for consumer bankruptcy. Debt takes many forms and the effect of all of those debts is cumulative. For example, if you are suddenly hit with major medical bills, it can become difficult to make your mortgage payments. The same is true of job loss. […]
How Do I Pay My Bankruptcy Attorney?
Filing for bankruptcy may seem intimidating. For most clients, their first question is, “How do I pay my bankruptcy attorney when I’m already in debt?” While the whole concept may seem overwhelming and discouraging, filing for bankruptcy can remove a huge burden from your life and ends up being worth every penny. Sadly, most people […]