When people tell why they filed for bankruptcy, unemployment is often the number one reason given — layoffs and unemployment as being the primary factor of job-related financial stress. For most Americans, an interruption in income will create a pile of unpaid bills. We have been advised to have several months of savings for hard  … Read more

One of the most cited reasons for filing bankruptcy is unemployment or a reduction in income. The loss of income can come from death or divorce of the primary wage earner, layoffs, and cutbacks at work. Job-related financial stress is one of American’s significant factors for filing bankruptcy. Savings We’ve heard it before that you  … Read more

Unfortunately, people in dire financial situations are targeted by unscrupulous companies and scams. These scammers get your name from the foreclosure records or bankruptcy court records and disturbingly by purchasing lists from debt collectors. These companies are counting on you to make bad decisions regarding your debt and credit. Payday Loans These high-interest loans taken  … Read more

If you are considering filing bankruptcy and worry you may lose your retirement funds to pay your creditors, know that most states consider these accounts completely exempt. The Bankruptcy Abuse and Prevention and Consumer Protection Act of 2005 states that many types of retirement plans are exempt assets and may not be used to satisfy  … Read more

Being unemployed or having a drastic reduction in income is a common cause for people filing bankruptcy. Nearly two-thirds of Americans listed “job-related financial stress” as the major factor in filing bankruptcy. The majority of us do not have sufficient savings to carry us through our rough financial times. We rely on credit cards and  … Read more

As we begin a new year a look back at 2012 reveals some important changes in our nation’s economy. Although still far from a full recession recovery, we have seen continued improvement through the end of 2012. A recent analysis shows that bankruptcy filings dropped by 14.1 percent last year, a indication that even small  … Read more

In a time where there is much discussion about the rich, middle class and poor, you may not think that bankruptcy could be for everyone. While there are often huge differences in the numbers of people from any of these three categories filing for bankruptcy, the truth is that bankruptcy is a tool used by  … Read more

Today’s economy is certainly challenging many of us, and is impacting the entire family more than you might suspect. Children are always watching what we do as parents, which is why it is important to think about the message you are sending to your kids at all times. While a bankruptcy may seem scary, it  … Read more

It is well known that the attitudes held by consumers can impact the health of the economy. While consumer confidence is far from a major influence, it does play a role in how well many industries are doing at any given time. When attitudes suffer, consumers hold back; leading to a cycle of industry backlash.  … Read more

Since the recession began in late 2007, we have witnessed several history making economic events. The foreclosure crisis, record breaking underwater mortgages, personal debt burdens hitting all time highs and issues of debt default inching higher each year. While some blame the change in bankruptcy laws in 2005 for part of the economic turmoil, others  … Read more