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Bankruptcy

#AskanExpert: Too Many Credit Cards, How do I Avoid Bankruptcy?

Q. I have gotten myself into too many credit card payments. The amounts owed are relatively small but I have 13 of them! I just missed the monthly payment on 3 of them. Can I get a loan to pay them? I also have a loan for $2500 and have been charged almost $1800 in fees since February. Is there anything I can do to save myself from bankruptcy? Dear …Read More

#AskanExpert: Will Husband Filing Bankruptcy Impact My Credit?

Q. My husband and I have a credit card together. I just found out that he has been using the card and there’s a large amount due. He is filing for bankruptcy. We have no other cards together or other accounts together. I can’t afford to pay the minimum requirement on the card. He has just started the bankruptcy process; I did not file. Do I have any options to …Read More

#AskanExpert: Should I Use a Credit Repair Company to Fix My Credit?

Q. I filed for bankruptcy, but my case was dismissed. It’s been 16 months since the dismissal. While I was protected during the bankruptcy process, all accounts were closed and not sold to collection agencies. Should I hire a credit repair company to help clean up the mess or should I leave it alone? Right now, I only have one account in collections and maybe 10–12 that have late payments.   …Read More

What You Should Know Before Filing for Bankruptcy as a Military Member

If you’re a service member or military veteran considering bankruptcy, you’re not alone. According to the National Bankruptcy Forum, more than 750,000 Americans file for bankruptcy each year, as do 1 in 10 active-duty personnel.   There are pros and cons to filing when you’re in the military. While you enjoy certain advantages over filing as a civilian, an improperly handled bankruptcy may have an impact on your security clearance. …Read More

The Benefits of Credit Counseling

NFCC-certified consumer credit counselors are experts that can tailor confidential programs to meet the specific financial needs that you may be facing. They are equipped to help you with an array of financial issues,whether you need help paying off debt, managing your student loans or help understanding your specific financial situation. They are here to help so you can get on the road to financial freedom. Services available at our …Read More

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

5 Tips for Managing Credit Card Debt Before Considering Bankruptcy

Credit cards are exceptionally easy to break out and use for items that we want or need. Unfortunately, a little too easy. Many people are faced with credit card debt that seems insurmountable. Once the steep interest rates begin to grow, even responsible spenders may begin experiencing difficulty meeting even the minimum payment on time. According to Value Penguin, Americans 35 year’s old and younger lug around an average of $5,808 in credit …Read More

Credit Counselor Nitzsche: Once Helped, Now He Helps

By Cliff Goldstein Like a lot of young adults, Thomas Nitzsche was able to get approved for several credits cards with high spending limits when he was in his early 20s. And like a lot of people, Nitzsche soon found himself buried under a mountain of debt. “I always maintained good credit, but I was facing about $10,000 in combined debt,” Nitzsche says of that stressful period a decade ago. …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