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What Is the Means Test in Bankruptcy?

In 2005, the United States enacted the Bankruptcy Reform Act. Under the new guidelines, the courts are able to make a determination about whether or not you would be able to afford payments under a reorganization of your debt – in accordance with a Chapter 13 filing. One of the largest differences between Chapter 7……
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Cross-Collateralization: When Unsecured Debt Ends Up Costing You Your Car

When seeking the services of a financial institution, many choose credit unions because they generally offer certain advantages over banks. You might get a better interest rate on a loan, a higher credit limit, fewer fees, or more personalized attention. But credit unions also commonly practice cross-collateralization – a term most have never heard of……
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5 Ways Footing the Bill for Adult Children Puts Your Retirement at Risk

When preparing for retirement, saving as much as possible can fast-track empty nesters to their goals. To calculate a budget, it’s typical to consider expenses such as mortgage payments, food, utility bills, and maintenance costs. But more Americans are also covering living expenses for their adult children long after they should. This practice, while well-meaning,……
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3 Strategies for Getting Debt-Free and Avoiding Debt Problems in the Future

It’s not always easy to keep up with bills. One thing to keep in mind is that staying current with bills is something that many people have to deal with. It’s not your fault if circumstances have put you in a position where you have to make choices between paying one bill and not paying……
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Disadvantages Of Going Through Foreclosure Without An Attorney

It’s always discouraging to fall behind on your mortgage payments, especially when you’re working so hard to meet them each month. If you fall far enough behind, the lender may begin the foreclosure process. This means your home will be sold at public auction, with the proceeds meant to cover some of the unpaid loans…….
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