Blog

Buy-now, pay-later: A new take on an ongoing debt problem?

“People have long financed purchases … cars, houses, and in the 1800s, farm equipment, sewing machines, and other necessities. But the trendy modern version known as BNPL (buy-now, pay -later) has exploded lately, thanks to a combination of proliferating installment-plan offers and a buying frenzy during the pandemic, as people stuck at home turned to […]

You have questions, we have answers: What is a Chapter 7 Bankruptcy?

This is traditionally referred to as “straight liquidation” bankruptcy. This constitutes a complete discharge of your unsecured debt and is most useful if you own a limited amount of assets – and you are primarily only interested in getting rid of unsecured debts (such as credit cards and medical expenses.)

Holiday Budgeting: How will you spend your money and your time this year?

Heading into the holidays without a plan for your money can set you up for a financial disaster in the new year: “According to the National Retail Federation (NRF), shoppers plan to spend nearly $1,000 on average during the holiday season. Spending on gifts accounts for $650, while food, decorations, and other non-gift items make […]

You have questions, we have answers: How many credit cards should I carry?

Once you succeed in getting a credit card, you might be hungry to apply for many more cards. Not so fast! Having too much credit may have contributed to your debt problems in the first place. Ideally, you should carry one or two credit cards. Banks want to see that you can handle more than […]

You have questions, we have answers: Will I ever be able to get credit again?

Certainly! Many people are actually able to obtain credit while their bankruptcy is still pending. If you handle new credit wisely, you can begin to improve your credit score almost immediately.

You have questions, we have answers: What’s the first step in rebuilding credit? (Hint: You need a plan!)

To avoid getting into financial problems in the future, you must understand your flow of income and expenses. Some people call this making a budget. Others find the term budget too restrictive and use the term spending plan. Whatever you call it, spend at least two months writing down every expenditure. At each month’s end, […]

You have questions, we have answers: If I file for bankruptcy, what happens to my credit score?

There is no doubt – your credit score will go down as a result of a bankruptcy filing, but a credit score is only one component lenders use in determining your credit worthiness. Remember, lenders will also look at your income and your debt burden. If you have missed payments, have accounts in collections, have […]

You have questions, we have answers: If I file bankruptcy, won’t my credit be messed up for 10 years?

If you file for bankruptcy protection and relief, the case information is allowed to remain on your credit report for up to 10 years – but this is often times not the case. Something important to consider when filing bankruptcy is the immediate fresh start you receive from a bankruptcy discharge which allows you to […]

You have questions, we have answers: What about the companies I see on TV that say they will wipe out my debts without bankruptcy?

There are many unfounded claims being made by agencies that do not have the right to practice law. The Federal Trade Commission recently warned of these “credit repair” scams. The truth is, these companies depend on your creditors voluntarily agreeing to reduce your debt in exchange for a lump sum payment. Unlike legal debt relief, […]

You have questions, we have answers: What kinds of debt can I NOT eliminate in bankruptcy?

In most cases you cannot eliminate student loans, certain tax debts, secured debts (such as mortgages or car loans) for personal and real property that you plan on keeping, or court ordered domestic support payments. You also cannot eliminate some debts which were incurred within 60 to 90 days prior to the date of filing […]