Monthly Archives: January 2025
Over 60 and in Financial Peril? Read This Post.
Many people over 60 grew up with Puritan values, such as hard work and limited government. In terms of personal finances, these values mean pull your own weight and, if things go wrong, don’t expect a government bailout. Therefore, many people in this age group are extremely reluctant to file bankruptcy, even if there’s… Read More »
Should I File Chapter 7 Bankruptcy?
If you have excessive unsecured debt, you should at least consider filing Chapter 7 bankruptcy. Credit card debt, the largest form of unsecured debt, plagues many Americans. When times get tough, or when unexpected expenses arise, many families charge living expenses on credit cards. With an average interest rate of 25 percent, the “charge… Read More »
Chapter 7 vs. Chapter 13 Explained
Fundamentally, Chapter 7 and Chapter 13 are the same. Both kinds of consumer bankruptcy offer a fresh start to an honest but unfortunate debtor. Honest debtors are forthcoming about their financial situations and cooperate with court personnel, including the trustee (people who manage bankruptcies for judges). Unfortunate debtors file bankruptcy due to circumstances beyond… Read More »
Can I Consolidate Credit Card Debt?
Most people need to do something about credit card debt. The average credit card debt load has increased to over $7,200 per cardholder. That’s more money than most families can comfortably repay. IN some cases, consolidating credit card debt is the best approach, especially if your credit card debt is significantly below the average…. Read More »
