Just like Oscar tells his boss Michael Scott on an episode of The Office, “you can’t just say the word bankruptcy and expect something to happen.” Michael then uses the great ambiguity of the English language by saying he didn’t say it; rather, he declared it. While telling your best buddy or a fellow employee you are bankrupt doesn’t mean anything legally, it can actually be a start to the process. You can’t keep being in denial; if your liabilities are greater than your assets, you must accept the fact in order to get help. Filing a Chapter 7 bankruptcy is a process that takes some time and a lot of information gathering. Continue reading
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Error reporting your income tax information? File Form 1040X
With the country’s tax code as jumbled as a plate of spaghetti, it’s an inevitability that you will make a mistake. Whether it’s a forgotten W-2 or the wrong number of dependents, your completed 1040 form may have something you want to fix. You need to get the information right because incorrect financial information could trigger an audit. Who knows, you might be owed more than you expected in refunds. In the case of an error in your tax forms, you need to make an amendment by filing Form 1040X. Continue reading
Debt settlement software is not perfect but better than hiring debt settlement company
When you’ve inquired about a debt settlement, you’ve asked for the help of an outside party. The company is trying to negotiate a lower price to pay, and ultimately you will get a lump sum amount to be paid on a deadline. There are many different factors to negotiating a settlement, and some of them might make you feel uncomfortable. If you’re not good at dealing with people, you might be swayed to take the first offer, which will not be the best offer. Negotiating a settlement in person could come with extra fees, and this can hinder your ability to pay the settled amount. Maybe you want to do it yourself and not have someone tell you what you should be doing. If any of these criteria fit you, you might look into debt settlement software as an option. Continue reading
After the tax deadline
It’s a week after the income tax deadline, and many of you may not have filed. Many of you may have also not paid your taxes in full or a portion of your taxes. There are penalties for both, but don’t go pulling out your hair just yet. First, almost half of Americans owe no federal income taxes because of having a low income or a large amount of deductions. Second, the penalty amount is not even that high (in the beginning, at least). And third, you may have an opportunity for a deadline extension. This article will show you why not to fret if you are late with filing taxes. Continue reading
Find debt relief with the National Foundation for Credit Counseling
In the world of debt relief, there are six options you may choose from: strategically making more than the minimum monthly payment on one or more of your credit cards, credit counseling, debt consolidation, debt settlement/negotiation, refinancing your mortgage, or filing for bankruptcy (Chapter 7 or Chapter 13). None of the options are easy, but they can be successful if you have the right attitude and the right people helping you. In this article, I want to focus on credit counseling, specifically those organizations who are accredited with the National Foundation for Credit Counseling. Continue reading
How to Take Advantage of Teaser Rates
If you are getting any type of loan, you are probably well aware that you will be paying back more than the principal amount. Interest rates may vary for different loans, so if you’re looking to save a bit of money, you need to shop around. One of the gimmicks lenders use to get you to purchase their loan is a teaser rate. Continue reading
The NINJA Loan
Whenever you apply for a loan, one idea always needs to be in the back of your mind. Eventually, you will have to pay it back. You need to have a reliable source of income to prevent a default and further penalties.
The current housing crisis looks grim. Houses are foreclosing left and right, and families are being displaced. Economists are unsure when it will end, or even if the worst has already passed. But just a few years earlier, home ownership was booming. How did it spiral downward so quickly? Continue reading
Should I close my unused credit card accounts?
The average American carries, well, let’s just say multiple credit cards. (The number ranges between five and ten, so it might be best to say multiple.) Having multiple credit cards means multiple balances, multiple interest rates, and the potential for multiple fees. This could also result in higher debt and a lower credit score. If you’re at this point, you might wish to consider getting rid of some of your accounts. Continue reading
Soft Inquiry: Does it Affect your Credit Score?
In the world of electronics, data is available to everyone. Your personal information, where you live, and your occupation may be known to people you don’t even know. And people are inquiring about you more than you think. This is true when it comes to your credit history. People are asking about your credit accounts and how you have managed them, and they can find this information online. Continue reading
Insolvency and Bankruptcy
The technical term for being unable to pay back your debt is insolvency. It sounds like something you might have been taught in high school chemistry, but it doesn’t take a genius to understand. If you have a large sum of debt you can’t pay back in a timely fashion, you’re insolvent. Continue reading
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