The fact that credit cards are so easily available to most of us when we need to spend a bit more than we actually have, is one of the reasons why so many people get into credit card debt. Such debts often mount up gradually and before we know it they have suddenly grown so large that it is beyond our ability to pay them off.

This is when people sometimes jump at the first solution they can think of, which in some cases can often make things worse. (more…)

Bankruptcy has helped many families out of overwhelming debt by giving them a fresh financial start. However, there are many situations in which bankruptcy is not the best solution available. Bankruptcy may be the wrong solution for you, and you need to study your situation closely. Here are five cases in which bankruptcy is not the best option: (more…)

The developed world’s population is indebted to a level never seen before, with the majority of people owing money to banks and other financial institutions. Mortgages and home loans account for a large part of this record debt - after all, with the recently ended surge in property prices, how on earth could the average person ever afford to buy without getting deeply into debt? (more…)

It’s always wise to carefully evaluate all of your options before making a financial decision. That’s especially true when it comes to bankruptcy because of the long-term consequences, and there are many options that people consider including reverse mortgages. What exactly is a reverse mortgage and is it a good idea for paying off your debt? (more…)

We live in a troubling time regarding consumer debt. For years (or perhaps for decades), Americans have become accustomed to spending more than they earn. Through the miracle (or curse) of a credit card and all its charging privileges, more and more people have come to join the financial club for those drowning in debt with no end in sight.

Bankruptcy may seem like a frightening scenario, but there are other scenarios that are more frightening, and they may already be part of your everyday experience. (more…)

Nobody wants to voluntarily declare bankruptcy. Doing so is like admitted you have failed financially and there is also the psychological stigma associated with it which can allow you view yourself in a very negative light. Bankruptcy is a major financial process and especially with the new laws in place, it is not something that you can do just because you are tired of the never-ending calls from your creditors. (more…)

Some are calling the Credit Card Reform Act of 2009 THE most significant legislation since
1968, and it couldn’t be more timely as consumers struggle under the weight of 950 billion in revolving
credit card debt. Last quarter alone credit card delinquencies of 90 days + rose 11%. If you have
consumer credit cards or are thinking about being approved for credit cards, here ’s what it means to you: (more…)

When I first met Andrea Dreesine in 1985, she could have been the cover girl for Yuppie Magazine. She and her husband, a prominent plastic surgeon, came to me for help in buying an apartment on Sutton Place—one of New York City’s most exclusive areas. A graduate of the Wharton School of Business and Finance, Andrea was a rising corporate star. Sacked in one of the most notorious boardroom battles of the 1980s, she was snapped up by a leading international financial services firm, given a $200,000 salary, and named executive vice president. (more…)

Ohio bankruptcy laws may differ from other states in terms of residential property exemptions, personal property exemptions and exemptible wages. Before you seek out your free bankruptcy form, you’ll need to know which type of bankruptcy you’re eligible for under state law (either Chapter 7 or Chapter 13). Many people hire legal professionals to help explain the technicalities of the local system, but here are some guidelines to give you a general understanding of Ohio law. (more…)

There are a few ways to view Bankruptcy, one widespread concept is that by filing for Bankruptcy the issues and liabilities that have been troubling you may now be all sorted and getting on with your life will be simple. This belief can be the fact that a large amount of people are cool when it comes to filing for bankruptcy, for folk like that it can become a regular occurrence. Or, there are many (more…)