When it comes to credit, a lot of people find themselves in hot water. This may be due in part to the fact that many people simply do not understand how credit works and how having “bad credit” can affect their financial well-being.
In this bad economy, bankruptcy is increasingly becoming a fact of life for many Americans. Even very successful people have found themselves facing hard times after new ventures failed to perform as expected. Recently, it was announced that Olympic gold medal wrestler Rulon Gardner has filed for bankruptcy. According to his filings, he owes creditors……
Most college students graduate from their universities with a significant amount of student loan debt. Many consider this a necessary part of pursuing higher education. But, if these students experience financial woes after graduation and file for bankruptcy, there is a good chance they will not see their student loans discharged with their other debt…….
Building your credit is an important part of gaining financial independence as an adult. Without a solid credit history, it is hard to qualify for low rates on a home mortgage or auto loan.
The cancellation of debt can be of great benefit to people who are in over their heads with unmanageable financial obligations. After years of struggling, getting rid of old debt can allow people to make a new fresh start. However, it is important to remember that canceling debt isn’t a free pass. The IRS views……