Should I Use My 401(k) to Pay Off Debt?
Should I Use My 401(k) to Pay Off Debt? If you’re feeling overwhelmed by credit card debt, personal loans, or medical bills, cashing out your 401(k) might seem like the responsible thing to do. After all, it’s your money—and you want to pay what you owe. It also ensures you no longer need to make […]
Medical Debt and Bankruptcy: What You Need to Know
Medical Debt and Bankruptcy: What You Need to Know How bankruptcy can help eliminate medical bills—and what to consider before you file Medical debt is one of the most common debts that people list on their bankruptcy petition—and with good reason. Even with insurance, a trip to the emergency room, surgery, or a chronic illness […]
Is National Debt Relief Legitimate?
Is National Debt Relief Legitimate? What You Need to Know Before Signing Up If you’re overwhelmed by credit card debt or medical bills, you’ve likely come across ads for National Debt Relief. The promises sound appealing—cut your balances in half, avoid bankruptcy, and make one easy monthly payment. But is National Debt Relief legitimate? And […]
Do I Have to List Every Debt in Bankruptcy? (Yes—Here’s Why)
Do I Have to List Every Debt in Bankruptcy? (Yes—Here’s Why) When filing for bankruptcy, many people ask: “Do I really have to list every debt?”The short answer? Yes. Whether you’re filing Chapter 7 or Chapter 13, the law requires you to list all your debts—even ones you want to keep paying or think might […]
Why Dave Ramsey Gets It Wrong About Debt, Bankruptcy, and Credit
Why Dave Ramsey Gets It Wrong About Debt, Bankruptcy, and Credit—And What You Should Do Instead Dave Ramsey is one of the most well-known financial personalities in the country. He’s helped millions of people get on a budget, cut up their credit cards, and make smarter choices with their money. For some, his strict, no-nonsense […]
Can Bankruptcy Get Rid of SBA Loans or EIDL Loans?
Can Bankruptcy Get Rid of SBA Loans or EIDL Loans? The COVID-19 pandemic pushed many small businesses and self-employed individuals to seek help through SBA loans—particularly EIDLs (Economic Injury Disaster Loans). Years later, some borrowers are still struggling with the debt. If are struggling to pay any of your debt, especially business debt, it is […]
Top 10 Strategies to Manage Debt
Top 10 Strategies to Manage Debt Feeling trapped by debt? You’re not alone. Studies show that over 70% of Americans feel stressed about their finances, with debt being a leading cause of anxiety. Overwhelming debt can result in sleepless nights, strained relationships, and missed opportunities. However, the good news is that debt can be managed—and […]
What Happens If I Don’t Qualify for Chapter 7 Bankruptcy?
What Happens If I Don’t Qualify for Chapter 7 Bankruptcy? If you’re considering bankruptcy but were told you don’t qualify for Chapter 7, don’t panic—you still have options. Many people either do not pass the means test or choose to avoid Chapter 7 because of nonexempt assets they want to keep. In these situations, Chapter […]
Zombie Mortgages Are Back
Zombie Mortgages Are Back: They Pose Risks Even If Current on Your First Mortgage Between 2004 and 2009, millions of homeowners took out second mortgages—either as part of zero-down 80/20 loans or by tapping into their home’s equity with HELOCs (Home Equity Lines of Credit) and home equity loans. For years, these loans sat quietly—often […]
How Does Bankruptcy Affect My Spouse?
How Does Bankruptcy Affect My Spouse? Filing for bankruptcy is a significant financial decision, and if you’re married, you may be wondering how it will impact your spouse—especially their credit. The good news is that bankruptcy doesn’t automatically affect your spouse’s credit score, but the extent of its impact depends on whether you file individually […]