Tag Archives: PersonalFinance

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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Can Filing for Chapter 13 Bankruptcy Protect My Assets?

If you have defaulted on debts, then creditors may have a range of options they can use to recoup their losses. Many of these options could target your most important assets. For example, creditors may seek a judgment to garnish a percentage of your wages. In other cases, a creditor may foreclose on your home or seize your vehicle. Filing for Chapter 13 bankruptcy is one possible way to protect your assets from creditors. Chapter 13 bankruptcy can: Prevent collection attempts. After you file for bankruptcy, an automatic stay is issued that will temporarily halt collection attempts. This means creditors cannot foreclose on your home, seize your vehicle or garnish your wages unless they successfully lift the stay. Set up a repayment plan. Chapter 13 bankruptcy reorganizes all your debts into one payment plan that lasts for three to five years. In many cases, you may pay pennies on the…
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