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Category Archives: Bankruptcy

Teaching Kids About Math Not Money is the Key to Keeping Them Out of Debt

Much has been made following the last economic recession about how to educate consumers and prepare them to avoid debt. More than 43 states have mandated some form of financial readiness courses at the high school level, and efforts are being made to increase that number. However, studies suggest it’s not money skills that prepare… Read More »

Filing for Bankruptcy Again? Rules for Repeat Filing

Sometimes it may be necessary for someone who has already filed bankruptcy to file again later. Life can be unpredictable. Just when you’ve solved some major problems and put your life back on track, the world can hit you with a curveball. Maybe a divorce has left you with no money. Perhaps an illness has… Read More »

The Most Common Reasons for Filing Bankruptcy Aren’t What You Think

Many people believe that bankruptcy is only for those who are financially irresponsible. Bankruptcy is wrongfully portrayed by the media as being a get-out-of-jail free card for those who don’t want to work. In truth, bad financial habits are not the most common or even the second-most common reason for filing bankruptcy in the United… Read More »

When is the Best Time of Year to File Bankruptcy?

A common question for people in debt is when they should file for Chapter 7 bankruptcy. Often, filing for bankruptcy cannot wait for a specific time of year, as it often comes after a major, surprising life event such as unexpected medical bills. There are, however, a few ways you can time your bankruptcy to… Read More »

How to Deal with Wage Garnishments and Bank Account Freezes

If you start to fall behind on your debts, there is a chance your creditors could attempt to freeze your bank account or begin garnishing your wages. The garnishment process involves a certain sum of money being automatically withdrawn from your paycheck to be put toward your debt. Nobody wants to have these financial penalties… Read More »

How to Avoid the Pitfalls of Borrowing Money from Relatives to Pay Debt

Almost everyone can think of a time when they were in a financial pinch and they needed some help quickly. If you are saddled with a lot of debt and it is causing you stress and anxiety, you believe that getting a quick loan from relatives will give you a bit of breathing space. However,… Read More »

Life After Bankruptcy — How to Get Back on Track Financially

Declaring bankruptcy is never a fun process, but it is often the most responsible option when it comes to resolving outstanding debt. A bankruptcy will remain on your credit report for ten years. Initially, your credit score will be lower than you’d like it to be, but with a bit of diligence and discipline, you… Read More »

What’s Your Backup Plan for an Unexpected, Large Expense?

If you were hit with a big financial emergency, what is your backup plan for taking care of it? Do you have a sufficient emergency fund or will you have to turn to loved ones for help? Do you have relatives who could help you if you asked? Bankrate has released a new report that… Read More »

Consumers Beware: Avoid Debt Elimination Scams with Due Diligence

If you are experiencing financial difficulties, the last thing you need is to be taken in by a scam. Unfortunately, debt elimination scams are an increasingly popular way for fraudsters in Illinois to take advantage of people when they are most desperate. One of the most important things to look out for is the general… Read More »

How to Stop Living Paycheck to Paycheck — 5 Tips to Getting Back on Track Financially

Despite the news of economic recovery from the Great Recession, 43 percent of U.S. households would be unable to pay their bills if they went just one month without a paycheck, according to the Springleaf Financial Strength survey. These households are just a paycheck away from financial disaster. If you are part of one of… Read More »