Q: I am having financial problems and can no longer make ends meet. Can I keep my car if I file bankruptcy? A: With so many consumers filing for bankruptcy protection or thinking about doing so, a lot of people are worried about what assets they can keep and what assets they might have to […]
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Q: I have a question from someone who wanted to know about essentially the definition of paying yourself first. She wrote me saying, ‘… there’s never been an accurate definition. Does it mean that it that you should pay yourself first the money that’s going into your retirement, into a emergency fund, or should you
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Unlike Chapter 7, which can completely wipe out unsecured personal debts such as credit card bills and medical debt, Chapter 13 is a way to re-organize your finances and pay off some or all of your debts over a period of 3 to 5 years. Chapter 13 is also known as a wage earner’s plan,
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Right before and after the holidays you’ll probably get a lot of bank offers to transfer credit-card balances from one account to another. If you see balance transfers as an opportunity to go on a shopping spree, chances are you haven’t quite learned how to manage credit and debt wisely, and that balance transfer deal
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Chapter 7, also known as “liquidation” or “straight liquidation,” is typically the simplest and fastest form of bankruptcy. Individuals, married couples and businesses can use chapter 7 bankruptcy protection to wipe out all unsecured debts, completing eliminating financial obligations such as: * credit card debt * medical bills * collection accounts * civil judgments * back rent * overdue utilities *
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A 401(k) plan has lots of fees, and savvy investors may be aware of various investment-related charges – such as a management fee to a mutual fund manager’s or the sales commission paid when making a transaction. What most people don’t know, however, is that 401(k) plans also include several other hidden fees that can
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When federal authorities want to keep airline passengers informed about air safety, they use a color-coded system to convey various levels of risk. Red is the highest level – symbolizing a “severe” threat of a terrorist attack. An orange threat level means “high” risk; while green means “low” risk. What if there was a similar
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Q: “I’m going crazy trying to pay my husband’s student loans off. He got three loans in the 1980s at eight percent. He has done several deferments and has acquired thousands in interest. I was behind several times, but I have everything current now. I consolidated the three loans and want to get a lower
How Can I Get a Lower Interest Rate on my Husband’s Student Loans? Read More »
Q: I have a question from a reader who wanted to know what she should do from a loan she received from her job. “I requested and received a loan from my 403(b) plan to payoff credit cards. It was for $12, 800. I was told it would take 90 days to process, but the
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Q: “I do not have credit cards, but I do have loan obligations: monthly car note, insurance payments, rent and outstanding debt that I would like to get cleared up. I need help in getting my finances back on track and getting out of financial ruin. I am in debt trying to start over because
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Q: “I was paying my credit card bills through Consumer Credit Counseling Service. But when my husband lost his job, we could no longer afford to pay those bills. I talked to a lawyer to file bankruptcy, but my real question is: Where can I get help so that I don’t lose my home?” A:
Where Can I Get Help So That I Don’t Lose My home? Read More »
Thinking about buying a timeshare? Seems like a new wrinkle has been added to the process: In addition to forking over cash and paying annual maintenance fees, now you may have to pass a credit check as well. This requirement will also hurt sellers who have a hard enough time trying to unload their unwanted
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Q: I have a question from a reader who wanted to know whether or not she should file for bankruptcy protection. And her situation is a little bit complicated, so let me first lay out pretty much exactly what she wrote to me saying. She said, “Lynnette, four years ago I had really good employment,
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Q: I have a Discover card that is used for mostly all household expenses. I have had this card since 1985 and have been paying on time and I have an agreed status with the card, meaning ‘paid as agreed. ‘I normally pay off the full balance on the Discover card after the statement cycle
Why Timing Your Credit Card Payment Matters Read More »
Q: “I am 29 and I just borrowed money from my bank to establish credit. What else can I do to establish credit without hurting myself? I am not able to get any loans or hardly anything because of my lack of credit.” A: I understand how it is to be young and trying to
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