Recently on our legal forum a user asked, “How do I get out of debt?” Debt or accumulating debt is simply a function of spending more than you make, and when this problem persists and debts accumulate well above what you are able to pay, you will eventually find yourself in a financial crisis. So at the most basic level, to get out of debt you simply must earn more than you spend.
If you are considering filing bankruptcy it is likely you are facing a financial crisis. The thought of paying hundreds of additional dollars to hire a bankruptcy lawyer may seem impossible. Recently on our bankruptcy forum a user asked, “If I file bankruptcy will I have to pay for bankruptcy upfront?”
If you are facing a financial crisis the first step is to admit you have a problem. Next, you will need to organize your finances and determine how much money you owe. Recently on our legal forum a user asked, “If I have a lot of debts how do I find out how much I owe?”
Credit scores are used to help lenders assess the risk of lending money. A credit score is supposed to determine a consumer’s likelihood to repay a loan or credit line based on their past credit history and current credit status. Credit scores are used by a variety of businesses including banks, credit card companies, auto dealers, and retail stores, and they are one of the primary indicators of a person’s creditworthiness.
Bankruptcy laws were tightened in 2005 under the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). This new law was passed by Congress on April 14, 2005, and signed into law by President George W. Bush on April 20, 2005.
The job market is anemic and college graduates cannot find work. To make matters worse, according to Fox News, there are currently $1.11 trillion in student loans outstanding and $121 billion of them are 90-plus days delinquent or in default. Experts now suggest what many of us have known for years, we should expect the government to push for a taxpayer bailout of the government-subsidized student loans program.
Have you updated your will lately? It’s something that’s easy to forget between making school lunches, shuttling children to numerous practices and helping with homework. But even if you remember to update your will, according to a recent report by Fidelity, there’s something else that you might have forgotten: updating the beneficiary on your 401K accounts.
How do you get rich? If it’s something you’re interested in exploring you might want to start by analyzing some of the qualities of the richest Americans. Although some come by their wealth by luck or they inherit it, it seems most of those who are rich have a few characteristics in common. Continue reading
CNN reports we may be in for a bumpy ride. Despite what the administration keeps peddling, according to the Bureau of Economic Analysis, the economy is down for the first quarter of 2014. In fact, “the gross domestic product, the broadest measure of economic growth, fell at a 1% annual pace.” Economists remain optimistic, however, claiming it’s likely to bounce back this spring and summer, but for those of us that feel like the country never really came out of the recession we may need a few more practical steps to increase our savings.