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Tag Archives: Bankruptcy

Ask an Expert: What are the Consequences of Bankruptcy?

Q. What are the consequences of bankruptcy?   Dear Reader, Bankruptcy is a legal process that can eliminate many of your debts and even help you keep some of your property. It is the fresh start some people need to rebuild their finances, yet it has long-term negative consequences.   For instance, a bankruptcy will stay on your credit report for 7–10 years, depending on the type you file, even …Read More

The Different Chapters of Bankruptcy Explained

Most people in the United States are familiar with the term bankruptcy. Bankruptcy, handled in the federal courts, can help a person get rid of any debt they have or make a plan to repay it. However, can you tell the differences between each of the different chapters of bankruptcy? There are six chapters of bankruptcy in the United States, Chapter 7, Chapter 9, Chapter 11, Chapter 12, Chapter 13 …Read More

Why it Matters if a Credit Counseling Agency is NFCC®Certified

As part of Financial Literacy Month, we are doing a series on what it means to be certified by the National Foundation for Credit Counseling, why it matters, and when you should seek credit counseling. The National Foundation for Credit Counseling® (NFCC®) was founding in 1951. It is the nation’s first and largest nonprofit dedicated to improving people’s financial wellbeing. Membership with the NFCC demonstrates a member’s commitment to provide a …Read More

Elderly Mom Destitute With Credit Card Debt

By Erica Sandberg Erica, My mom is 77 years old. She lives in a one-bedroom apartment and has no assets (no car in her name, no IRA, no stocks, no retirement income, absolutely nothing). She lives entirely off her Social Security check each month. However, she managed to rack up about $15,000 on a credit card that she can no longer pay. She has no savings left. I consulted a …Read More