A consumer wrote to Bankrate's Debt Adviser, wanting to know if her failure to pay off a $1,500 payday loan was enough debt to consider filing for bankruptcy. The woman had taken out the high interest rate loan to cover emergency medical expenses, but was unable to...
Blog
Month: September 2016
Bankruptcy Isn’t About Shame — It’s About Leveling The Playing Field
There is no question that banks and credit card companies want to perpetuate the idea that filing for bankruptcy makes you a loser. Creditors have done all they can over the years to stack the deck against hard-working Americans who often find themselves in debt...
Small changes in spending patterns can bring positive results
With over 50 percent of Americans with credit cards carrying balances over each month, it's easy to see why there's a major consumer debt problem.The Urban Institute conducted some research that revealed effective ways to assist consumers with making better fiscal...
Is a short sale a better alternative than foreclosure?
Homeowners threatened with foreclosure sometimes try to arrange a short sale with a buyer to avoid having their homes being foreclosed upon.There are advantages to a short sale versus foreclosure, although neither is optimum. Short sales eliminate many costs and fees...
Is Chapter 13 bankruptcy an option for you?
If your debts have become truly unmanageable, you may want to consider filing for Chapter 13 bankruptcy. Sometimes referred to as a wage earner's plan, Chapter 13 allows individuals who have a steady income to come up with a repayment plan for a portion or all of...
I filed for bankruptcy — when can I purchase another home?
With mortgage rates so low right now, New Jersey residents who struggled through the recent recession and took hits to their credit ratings are in recovery mode and ready to purchase homes.But what about the couples and individuals who filed for bankruptcy — can...
