Financial Crisis Among Young Couples

Money handling should be one of the first things that every young couple should learn. A lot of couples do not have this skill and that is the reason why they get bankrupt even just a few months after they get married. If you to avoid this kind of situation, you have to recognize the main causes of financial crisis among couples and know how to deal with each.

Do not think for a moment that handling your money can be easier now that you are married since you can share the expenses with your partner. This kind of false mindset has led to the downfall of a lot of marriages. It has caused married couples to acquire liabilities that they can’t afford to pay.

There are various forms of liabilities. They can range from simple bank loans to overwhelming credit card interests that can lead to mind-blowing debts. Liabilities do one simple thing: take your money away. Eliminate liabilities if possible so that you can control the outflow of your cash.

The problem can

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Difference Between IVA and DMP

If you are like many people in the UK, then chances are that you have been having some financial problems recently. For some people, financial problems might mean that you have to curb your lifestyle. In other words, you will want to make sure that you are not going out to eat as much or buying fancy coffee beverages every morning. For other people, however, financial problems can actually lead to a serious rethinking. If you have creditors who have been hounding you for money, you need to make sure that you are not ignoring your problems. This is the worst thing you can do. In this article, you will learn about getting the best kind of bankruptcy advice.

The first thing you should know about most bankruptcy advice is that you are going to be confronted with two main choices. You can choose an IVA or a DMP. First, an IVA stands for an Individual Voluntary Arrangement. This is an agreement that you will reach with your creditors. You will agree to a reduced sum to pay and you

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Change Your Mind and Need to Convert Your Chapter 13 to a Chapter 7 Bankruptcy

It takes discipline and planning to live within your means and stick to a budget, and it’s easy to get off track, especially if you experience an unexpected setbacks such as a job change or health challenge. Sometimes no amount of planning will eliminate sudden or gradual debt. Even if you’re doing “OK,” you may see that your finances need to change before you find yourself in trouble. If you have the income to keep up with some of your debts, but are unable to make full payments each month, it may be wise to look into a Chapter 13 bankruptcy. This would reconfigure your debts based on your income, which reduces your monthly payments. You’ll make these lower payments over the course of 3-5 years, and at the end of that period, remaining unsecured debts will be discharged. Filing a Chapter 13 can also help eliminate or reduce your debt while protecting your property and assets.

We’ll propose a reasonable payment plan to the court trustee, bu

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5 Benefits of Saving Money After Bankruptcy

While filing bankruptcy in the first place may not have been because you spent too much, saving money after filing is perhaps the best decision you can make. While it may seem obvious that overspending after a bankruptcy is unwise, many make the mistake of falling into old buying habits with clean credit cards and more cash.

You may have some trouble getting a loan or credit card. It takes time to rebuild credit after bankruptcy. But it can definitely be done and you can start buying soon enough. The only problem is that some take this to the extreme. Saving money is the answer. This article says saving money can be a challenge, but it’s one you have to take.

Don’t Make the Same Mistake…
What got you into the problem that caused you to file for bankruptcy? In other words, what did you spend money on, what medical bills did you get, what interest rates did you face, and what bills did you struggle with? Sometimes it’s not your fault you file

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Student Loans and Bankruptcy – Yes You Can!

Part of the American Dream is going to college and building a successful career. For most of us, that means taking out at least some student loans. We figure with all the money we’ll be making in our career, the loans will be no problem and completely worth the investment. In many cases, this is true. Education is one of the best investments a person can make. But sometimes following your educational and career dreams leads to a job you enjoy, but doesn’t necessarily make a lot of money. Or perhaps your chosen career is not as viable as you had hoped. Student debt can become crippling to the other aspects of the American Dream such as home ownership, vacations, and retirement.

So what do you do when your student loan debt becomes too much to deal with?

Traditionally, student loans have not been included in bankruptcy. But that is not always the case. It actually is possible to have these loans discharged in bankruptcy, but there are strict

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When Is It Time to Consider Filing Bankruptcy?

In today’s economy many Americans are still trying to avoid filing bankruptcy at all cost. Many people have this idea that recovery is right around the corner and everything will go back to normal. No one seems to think that this might be the new normal. Unemployment has now been close to 8% for five years and it doesn’t appear to be getting better anytime soon. Currently, 48 million American families are receiving food stamps. This has increased from 27 million back in 2008. As the government is talking about raising taxes, small businesses are talking about letting more people go and downsizing. To me this appears like we will be seeing many more people in line at the bankruptcy court. With QE infinity in full swing and the Dow reaching all-time highs the media keeps beating the drum of a full recovery. In reality, American families are struggling to make ends meet. With QE pushing money out of the banks, banks are once again increasing the available balances out to co

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What Information Do You Need to File Bankruptcy?

With the changes to the bankruptcy code, came a whole new list of information needed to file bankruptcy. It is much easier to file Chapter 7 bankruptcy than Chapter 13 and that is why there is so much proof needed to file. To qualify to file Chapter 7 a person will have to prove their annual household income and make sure it is below the state’s median household income. This is one area where a bankruptcy attorney is a huge help.

A person filing bankruptcy will be required to come up with their last six months paycheck stubs or proof of income if they are self-employed. They will need a copy of the last two years of taxes and up to two years of bank records depending on the situation. That is the documentation they will need to prove that they qualify to file Chapter 7 bankruptcy.

After qualifying to file Chapter 7, the individual will need to supply their bankruptcy attorney with an itemized list of all their property and the valuations. This list will include f

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What Can Bankruptcy Do For You?

Most people never imagine they’ll need the relief of filing bankruptcy, but sometimes debt builds up unexpectedly. A job loss or medical bill may lead to increased credit card debt, and you may only be able to make minimum payments. Other bills rack up, and before you know it, you’re in over your head. There are many benefits to filing bankruptcy, but it’s also important to weigh the consequences of filing before moving forward.

First Steps

Most people know that bankruptcy can discharge many of their debts, but you’ll need to make some important decisions to get to that point. First, we’ll conduct the Means Test to help us decide which chapter of bankruptcy is best for you. If you pass the Means Test, you’re eligible to file a Chapter 7, which discharges most unsecured debts, including medical bills, credit cards, utility bills, and back rent. If your income is too high or you have assets and property you need to protect, a Chapter 1

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If I File Bankruptcy, Do I Lose Everything?

Having debt hanging over your head can be stressful, but when even the minimum payments are impossible, the situation can be too much to handle. It’s time to take some serious action, starting with taking a hard look at your budget and cutting out things that aren’t necessary. You may also be able to work with your creditors for reduced payment plans or interest rates to make your monthly expenses more manageable. Still, you may get to the point where your best option is to file bankruptcy, which can be a welcomed relief. While bankruptcy can discharge many types of debts, you may worry about the immediate and long-term consequences of filing. You may have heard stories of people losing everything they own, just to get out of debt, but there are many safety nets in place to protect your assets and livelihood.

For Your Benefit

The purpose of bankruptcy isn’t to leave you destitute as a punishment for your debt; it was created to ensure consumers have a

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Improving Your Credit Score After Bankruptcy

Most people don’t pay much attention to their credit score, which is easy to do when you’ve always been able to pay your bills on time and haven’t acquired much debt. But even the most responsible consumers can be hit with unforeseen circumstances such as a job loss or medical bills. Credit cards may be able to float the expenses for a while, but eventually the debt can mount up to a point where payments are no longer manageable. Missed or late payments can lower your credit score, but you may avoid bankruptcy, hoping to stop any further damage. However, sometimes bankruptcy is the correct choice, and there are things you can do to rebuild your credit score after filing.

Your Credit Report

If you have a pattern of late payments, filing bankruptcy can discharge many of your unsecured debts and put an end to those late payments. A bankruptcy will lower your credit score, but after you file, you’ll be given a “Discharge of Debtor” docum

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