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Understanding Your Risks and Rights with Unsecured Debt

There is a simple and easy way to understand the difference between secured and unsecured debt. Secured debt is backed by some type of property, such as a car or house. Defaulting on this type of debt typically means the forfeiture of the property in question. Unsecured debt is backed simply by a promise of… Read More »

Strategies for Building and Growing Your Emergency Fund

Sometimes it takes going through a financial emergency to understand the vital importance of having an emergency fund on hand. Life is expensive. Sometimes things happen that are beyond the realm of your control, such as a roof repair, a mechanical problem with your car, an out-of-town funeral or any other expense that is outside… Read More »

Bankruptcy, Divorce and Credit Card Debt — His, Mine & Ours

Bankruptcy and divorce often go hand in hand because making the transition from a single household to two separate ones is an expensive one. When a couple amasses credit card debt over the course of the marriage, it becomes the responsibility of both parties to pay it off. Unfortunately, when all of the bills have… Read More »

5 Steps to Get Out of Debt in 2015

Did you make any New Year’s resolutions about getting a handle on your finances, saving more money or finally getting out of debt? Paying off debt is a worthy goal because mounting debt can cause significant stress, which is one of the leading causes of many health conditions. If you’d like to be happier and… Read More »

What Debts are Discharged in Chapter 7 Bankruptcy?

When you file for Chapter 7 bankruptcy, certain debts are cancelled, or “discharged.” Once a debt is discharged, the debtor is no longer responsible for repaying it. A creditor can no longer collect on discharged debts. A discharge is usually automatically granted at the end of a case, unless an objection is filed by a… Read More »

What is the Chapter 7 Bankruptcy Means Test?

In order to file for Chapter 7 bankruptcy in Georgia, your income must be low enough to show that you cannot reasonably pay your debts. The bankruptcy means test determines if you qualify or if your income is too high for this type of bankruptcy. The test compares your income to that of a family… Read More »

Can I Keep a Credit Card While Filing for Bankruptcy?

Bankruptcy offers debtors the chance to wipe out many forms of unsecured debt, including credit card debt. But does that mean you’ll have to give up your credit cards entirely during bankruptcy? It depends. While it is often possible to maintain a credit card to use during bankruptcy, you may decide that you don’t want… Read More »

What happens to joint debts when only one spouse files bankruptcy

Just like when filing taxes, married couples have a choice to file for bankruptcy jointly or separately. But if your spouse opts for bankruptcy and you don’t, what will happen to the debts you hold together? The good news is that, in most cases, your partner’s bankruptcy filing won’t significantly impact your financial situation. Perhaps… Read More »

Online Payday Loans More Likely to Lead to Devastating Debt, Bankruptcy

Payday loans have always been bad news. But when cash advances are obtained online, they can be especially dangerous, according to a new survey. With a payday loan, a borrower pays a fee to take out a short-term, high-interest loan against his or her paycheck, typically for a two-week period. Problem is, by the time… Read More »

Study Shows Bankruptcy Really Is the Most Effective Way to Stop Foreclosure

Nobody looks forward to filing for bankruptcy. But when it comes to saving your home from foreclosure, bankruptcy really can be your best friend. A recent study by the University of North Carolina concluded that homeowners in foreclosure reduced their chances of losing their homes by 70 percent when they filed for bankruptcy protection. Bankruptcy… Read More »