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Category Archives: Debt

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 »

Is it Possible to Discharge Student Loan Debt in Bankruptcy?

If you feel mired down in student loan debt, you are in good company. According to the Institute for College Access & Success, in 2012 the average debt for graduating seniors from private, non-profit colleges was $32,300. Those graduating from for-profit colleges had, on average, $34,950 in student loan debt, which is up 26% from… Read More »

Bankruptcy and Why You Shouldn’t Be Relying on Your Tax Refund

If you’re like many Americans, you’re looking forward to using your annual income tax refund to make a once-per-year payment on your debts. It’s always a positive step to pay down debt, but it’s a big mistake to treat your tax refund like some sort of “annual bonus.” Your tax refund is not a bonus;… Read More »

Bankruptcy and Retirement — How to Create a Sound Financial Future

Many baby boomers are struggling with credit card debt, most likely because their income is much lower than when they were working, but their expenses may not have decreased much. They may be facing high prescription and medical care costs, and any financial emergency seems magnified when you are living on a fixed retirement income…. Read More »

Overwhelmed by Debt? Stop Ignoring Your Mail & Do This Instead

Are you feeling overwhelmed by a mountain of debt? If you have reached the point where you feel hopeless about your ability to ever pay it off, then read on to discover some vital action steps you can take to get back in control. Stop ignoring your mail. A common reaction to large amounts of… Read More »

As Debts Threaten Home Ownership, More Retiring Baby Boomers Turn to Bankruptcy

Living with large debts makes it hard enough to keep up with mortgage payments during your working years. But what will happen to your home once you retire? A growing number of seniors are about to find out. By 2030, the population of people over 65 in the U.S. will more than double to 73… Read More »

When Delinquent Debts Sneak Up on Consumers, Bankruptcy Comes to the Rescue

More than one third of Americans have delinquent debts, according to a new study – and the only thing scarier than that statistic might be the fact that many don’t even realize they have debts in collections. A recent Urban Institute survey found that 77 million people, or about 35 percent of U.S. adults with… Read More »

Many Americans Worse Off Than Before the Recession, Says New Survey

Nearly seven years after the Great Recession reared its ugly head, a new economic report paints an unpleasant picture of American finances. According to the Fed’s Report on the Economic Well-Being of U.S. Households, 34 percent of survey participants are either” somewhat worse off” or “much worse off” financially than they were back in 2008… Read More »