Tag Archives: Bankruptcy

Are You Prepared for a Financial Emergency?

A new survey published by Bankrate.com, a personal finance website, found that only 39 percent of Americans could cover a $1,000 emergency expense. Job loss, surprise medical bills, property damage or a chronic illness could very easily upend the financial lives of these individuals. There are many, many ways to prepare for a financial emergency. However, you could get the process started by using the following tips. Start an emergency fund: You could create an emergency fund to cover unexpected expenses. If you have a tax refund coming in the next few weeks, then you should consider adding it to your emergency fund. A good rule of thumb is to ensure that your emergency fund can cover you for six months. Have an emergency budget in place: You could create a budget that you would use during an emergency, such as job loss. Figure out which expenses you plan to…
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What Do I Need to Know About Bankruptcy?

Millions of Americans are living with limited savings, and the need to declare bankruptcy can come without any warning. One emergency room visit or the loss of a job could send you over the edge. The Federal Reserve found that in 2016, nearly 46% of American families would struggle to pay emergency expenses of just $400. If you are in an income zone at risk, having knowledge of bankruptcy when trouble arises is key. There are a number of misconceptions about bankruptcy, which I will notate below. 3 Common Myths Regarding Bankruptcy Bankruptcy means giving away your belongings: The loss of personal property, such as a home, can be devastating and many people think that filing for bankruptcy equates to giving away all personal property to the bank. When filing for Chapter 7 bankruptcy, a representative will be responsible for selling some of your property to repay creditors, but many…
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5 Myths About Bankruptcy (and How They’re Wrong)

You may feel like filing for bankruptcy is the lowest place you could be, but it’s just not true, and you aren’t alone. Well over a million Americans file for bankruptcy each year, yet most people don’t know much about bankruptcy. Let’s separate the facts from the fiction. The Most Common Myths About Bankruptcy Bankruptcy permanently ruins your credit score – After filing for bankruptcy, your credit will take a hit, but then it will start to rebuild. Many people who file for bankruptcy find that it suddenly becomes much easier to start repairing the damage that holding onto old debts did. All your debts with be discharged – It’s true that bankruptcy offers most people a chance to start over fresh, but there are some debts that can’t be discharged. Some taxes and child support payments, for example, will not be discharged. You will lose everything – Most people…
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